Advisers invited to join Financial Advice NZ
Financial Advice NZ is taking the next step in its development – attracting members.
Tuesday, April 24th 2018, 12:00PM 
8 Comments
The new association is two months away from being operational.
Its launch date is July 1.
The PAA, IFA and NZFAA have today given their members information about the “membership transfer process”.
From May 18, members of those founding associations will be able to transfer their membership to the new association, at a special “founding member” subscription price of $759 a year for practitioner members and $412.50 for associates.
Other members will be charged $862.50 a year for practitioners and $512.50 for associates.
Chair Sue Brown said: “To support a smooth transition for members we are creating a dedicated web tool. As well as the online declaration and sign-up form, this will include practical information such as the constitution, bylaws and handy FAQs. We’ll also be supporting member queries with an online chat function and a queries line.”
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Comments from our readers
On 25 April 2018 at 7:39 am Pragmatic said:
Its unfortunate that neither Fred nor Rod can be retained in some way to guide FAANZ forward - as both have immense knowledge and contacts that is simply irreplaceable.
Both of these gentleman have put a huge commitment into shaping the industry, and are assets to any organisation.
Whilst a reboot is appealing (at least on paper), I hope that FAANZ doesn't lose sight of what a bit-of-grey-hair and experience can provide.
On 1 May 2018 at 6:36 am Murray Weatherston said:
I've waited a week to re-comment. I continue to be amazed that in the week since this story appeared no member of the IFA PAA or NZFAA has been motivated to put fingers to the keyboard and comment on this story, either for or against. Do they not care? Or is it like royalty, the King is dead, long live the King! Right now is a time of immense change in our industry. Your ambition is to be the acknowledged leader in the adviser space. Are you guys and girls actually involved? If so, where? Now is surely the worst time to be silent on behalf of advisers on the front-line. On 1 May 2018 at 9:13 am Pragmatic said:
I strongly agree with Murray on this one.
Membership of any industry body is discretionary, with the industry body representative and protective of their member's issues (I guess that you could argue that the CFP designation binds you to a particular acronym, but outside of those few, the balance of members can come & go as they please)
All of the acronyms have been deafeningly silent on their views on many of the industry issues before us now.
I would encourage [insert acronym here] members to contact their industry bodies to inquire about their perspectives - and importantly - ask what they have been doing to represent their membership base.
On 1 May 2018 at 2:07 pm wildwest said:
As a new adviser and member of the PAA I feel its crucial to have a united adviser workforce forum and to have experienced leaders to work through the future legislative changes. I take comfort from Rod's endorsement of moving forward with FANZ at the meetings I have attended. As with any organisation, it wont be perfect from day one, but I feel its a step in the right direction to combine smaller groups to give us a strong and well supported Association. On 1 May 2018 at 2:55 pm retired blogger said:
Its time to lobby lobby lobby
Look what another sector in NZ has done by everyone participating
The General Aviation Advocacy (GAA) network has called for a public enquiry into the Civil Aviation Authority (CAA) and the establishment of an independent authority to handle complaints about it, after an industry survey revealed serious distrust of the government safety agency.
The GAA, which describes itself as a "voluntary social network," said its 2000 supporters covered a wide swathe of the aviation industry including recreational and commercial pilots, skydive operators, helicopter companies, engineers and flying schools.
Spokesman Brian Mackie said there were 700 responses to the survey about the CAA, which scored badly in terms of its performance, which was described as "incompetent" and "toxic."
All the GAA people pulled together and participated
Why aren't we advisers doing the same and pulling together ?
On 1 May 2018 at 3:42 pm Chris Hardcastle said:
I’m disturbed that there appears to be some foregone conclusion that the IFA and PAA WILL be wound up, and everyone will flock to Financial Advice New Zealand.
The question of winding up is to be put to a full membership vote. I’m a member of the PAA, and cannot understand why the organisation would or should be wound up. Amongst other things, we would lose our excellent P/I scheme, which from what we have been told in the past is the best in the industry.
Then there is the issue of the funds from the sale proceeds of the Holiday Homes scheme, and the future of that.
From a discussion I had with the PAA hierarchy recently, PAA has put $100,000 into Financial Advice New Zealand. I wonder how much the IFA has put in as well.
As Pragmatic says, membership of any industry body is discretionary.
On 2 May 2018 at 8:05 am Murray Weatherston said:
Chris Hardcastle raises an interesting point.
Has anyone seen notice of SGMs for IFA, PAA or NZFAA called to discuss a specific resolution to wind up the relevant organisation and distribute all its surplus to Financial Advice New Zealand?
If the aim is to windup 30 June 2018, given its now 2 May, the clock must be ticking pretty aggressively against that deadline.
Maybe there is a deliberate strategy to minimise debate by keeping the deadlines tight and create a "mini-crisis" that needs all members to co-operate to achieve the aim?
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That is that neither existing CEOs of IFA or PAA respectively Fred Dodds or Rod Severn will be appointed CEO of the New Financial Advice New Zealand.
[I wonder if they had both thought this would be the outcome at the outset, would they have been so keen to promote the merger?]
Sceptical ol' me always thought they were on the long-list for interview out of respect for their incumbency only. A new board normally wants their own people.
So the interest now turns to who the annointed one will be - my money in the underground sweep is a female under 50 - I have no name in mind BTW.
My guess is that Fred and Rod have been told with all the other unsuccessful interviewees at the penultimate round, and that the Board is probably down to a final two or three.
A lot of experience will depart when Fred and Rod depart the building. Can I be the first to thank them for all that they have done in their respective roles.