Financial Advice NZ forums to tackle details
Financial Advice New Zealand’s role in providing consumer education and information will be one of the most important topics to be discussed at an upcoming series of forums, the PAA’s president says.
Monday, January 30th 2017, 6:00AM 
8 Comments
PAA president Bruce Cortesi and IFA president Michael Dowling are heading the working group to develop the new adviser association.
A series of forums starts on January 31 in 11 centres around the country, with the aim of gathering more feedback from advisers.
There has also been online consultation conducted.
Cortesi and Dowling said the feedback so far had covered a lot of the broader themes of the development of the association.
The forums would enable the working group to get into some of the details that required more conversation, such as what role Financial Advice NZ could play in consumer education.
“That is one of the most important questions on the agenda,” Cortesi said.
The pair said advisers had shown strong levels of support for the new organisation, and most who had offered feedback so far had had similar views and expectations for it.
Dowling said he had been surprised at how similar a lot of the responses from the adviser community had been. “I was expecting vast variation that we would have to tiptoe through but that has not been the case.”
“There is a general consnsus within the different subjects and issues that have been presented for discussion. We haven’t seen widely differing opinions,” Cortesi said.
“That’s consensus across RFAs, AFAs, QFE advisers, it goes to show the majority are after a better industry and a better way of doing things, with greater transparency, and are interested in placing the consumer at the focus of what the inudsty is doing.”
Five hundred advisers have registered for the forums so far. Dowling and Cortesi urged others who were interested in attending to register ahead of time.
READ MORE:
Cortesi courts current members
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did you go to one of the 11?
I went to one this week. Was very good. It was explained that the massive quantity of feedback received means the Fred/Rod machine has some processing to do before some sensible and useful results can be published.
In a sense it may well be a merger.
But it's also not.
And either way it doesn't matter and nobody really cares about the point, because they are focused on the end result.
It is time for the 'dinosaurs' in this industry, with all their baggage, to step aside and make way for a new positive venture.
Firstly, I did not attend (nor was invited as a 'budding' adviser) any of the meetings.
Secondly, if I read that there are 'up to' 4,000 advisers, yet only a few hundred members (of any worthwhile organisation) I would have to question why, especially when remembering that years ago, most advisers belonged proudly to the organisation of the day?
Thirdly, 'dinosaurs' as you put it, often do need updating with 'younger blood' with the related new ideas.
However, I would not be too hasty in abolishing the knowledge that comes with the experience of our 'elders'.
eg; I have known Murray for around three decades, both professionally & personally, and I would not be rushing to discount any of his ideas and views in any more of a hurry than that of other 'elders' around us.
Otherwise, it appears that this on-going debacle of advisers failing to be offered a suitably acceptable organisation, capable of truly sensible guidance forward will continue, and at the expense of their respective clients?
Maybe it could be useful to have some good 'baggage' to share, instead of the alternative of finding yourselves 'there' without the necessary 'change of undies and a toothbrush.'
Michael (psittacosaur) Donovan
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I would have thought the IFA/PAA PR machine would have worked overtime over the last two weeks and put out a press release after every meeting.
I am pretty sure if I had been organising the roadshow, I would have been shouting out to the world how well attended the meetings were, how many great proposals like [A] and [B] and [C] had come forward and how excited we were about the future - it wouldn't really matter whether the statements were actually true or whether they were the "alternative truth."
Accuse me of being in a different universe if you will, but I haven't changed my view that all we are seeing is a merger of IFA and PAA slowly unfolding.
Now hopefully this accusation will evoke some response and passion from (in alphabetical order) Bruce and/or David and/or Fred and/or Micheal and/or Rod.
That's my deliberate intention, folks!