IFA looks to Asia for inspiration
He found in a visit to institutions in Hong Kong, China and Korea that membership fees were substantially higher than in New Zealand and that they do a lot of work in terms of providing continuing professional development (CPD).
Tate says The Institute of Financial Planners of Hong Kong (IFPHK) is generating revenue outside of membership fees by providing professional development opportunities, both within their institute and outside, by commercially marketing their courses.
"It's a clean, tidy model, but they also have reasonably high numbers and a lot of supporting corporations so they can provide those courses economically, efficiently and effectively."
Tate believes CPD courses for members and non-members need to be considered going forward by the IFA as it has experience, knowledge of what constitutes best practice and CPD and it can provide structured credits.
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