Financial Advice NZ appointment rallies support

Advisers are welcoming the appointment of Katrina Shanks to the Financial Advice NZ chief executive role, and say she has a chance to galvanize the industry.

Monday, May 14th 2018, 6:00AM

by Susan Edmunds

It was revealed last week that Shanks, who is former chief executive of the Funeral Directors Association, had been given the role.

She was was on the Select Committee which heard submissions on what is now the Financial Advisers Act.

Advisers said she would have the support of members.

Stephen O'Connor, who has had long ties with the Institute of Financial Advisers, said she seemed to be a "great appointment".

He said while he had been hesitant about the new association in its early days the association had "gone ahead in leaps and bounds" in recent months, particularly with its submission to the Code Working Group.

"Now things are starting to take shape, I'm pretty confident they should be successful in their ambitions."

Shanks would have to engage with advisers early on, he said, and show that she understood the nuances of advice and adviser business models.

"There's no one size fits all with advice businesses."

O'Connor said amassing a solid membership base would be key to Financial Advice NZ's success.

'There's lots to get done for Financial Advice NZ and I feel sure you will have the full support of members and maybe some non members alike," another adviser said.

Institute of Financial Advisers chief executive Fred Dodds said Shanks would offer a fresh set of eyes.

"Sometimes it’s tough to keep yourself distanced enough from issues that you have been battling away against for years – thinking legs and regs in particular - a new addition to a team brings that distance.

"So as Sue Brown and Kate Morrison, the two independent directors of Financial Advice NZ, have brought impartiality and objectivity I am sure Katrina will also challenge us to think, create and act differently – I wish her well."

Rod Severn, chief executive of the PAA, said that association was set to be would up by the end of September, provided that it could hold three SGMs before that - one for the holiday homes scheme, a second to commence the wind-up and a third to finish it.

He said he was working through his options for a next step but hoped to remain in the industry.

The IFA will be quicker to wind up. Dodds, is believed to also be considering employment opportunities within the sector.

Tags: Financial Advice New Zealand Katrina Shanks