Financial Advice New Zealand launch date set

Financial Advice New Zealand will administer a quality service mark for its adviser members as it works to boost public trust and confidence in the profession, it has been revealed.

Thursday, October 26th 2017, 6:00AM

In a statement to PAA members, Financial Advice NZ chair Sue Brown said the association had been established and would commence formal operations on July 1 next year. The founding associations’ members will then decide whether to wind up their operations.

Members of the founding bodies will be able to join the new association from March 31.

“The new organisation will focus on standards, advocacy and promotion of advice to the New Zealand public for the mutual benefit of advisers, consumers and other key stakeholders. It will bring new levels of governance to manage the future challenges of being a professional adviser body in this fast-developing area,” Brown said.

A fact sheet about the association said the fees for membership would be broadly in line with rates currently set by the founding bodies.

Brown said the establishment board was embarking on a six-month plan.

It is developing a quality mark for financial advisers, which will be presented to the market with a related website early next year.

The association also has terms of reference for member advisory groups and is setting up an establishment budget and funding stream. PAA chief executive Rod Severn said rumours that the PAA's legacy trust would be used were incorrect.

“We acknowledge feedback from some stakeholders that getting the new body up and running has taken too long. But we are confident the major groundwork has been done over the past several months and that Financial Advice New Zealand is in good shape to hit the ground running,” Brown said.

Its constitution says Financial Advice New Zealand’s objective is to provide an advice-centric professional association for practising financial advisers and planners that leads and mandates an ethical profession, promotes the quality service mark, encourages high standards, supports education including CFP certification, builds awareness and trust in financial advisers, and requires its members adhere to values including client-first, integrity, objectivity and competence.

The board will appoint a chief executive.

Tags: Financial Advice New Zealand financial advisers PAA Rod Severn Sue Brown