P O Box 91-420 Phone: (09) 302-2655

AUCKLAND Fax : (09) 302-7700

<Date>

<Name & Address>

Dear <Name>,

: Application for membership of SIFA

Thank you for your enquiry about membership of SIFA. The following documents are attached for your review:

• SIFA Application Form

• Statutory Declaration

• The Rules of SIFA

The initial Joining Fee for new members is $112.50 (GST inclusive) and the Annual Subscription Fee is $112.50 (GST inclusive). New members are not required to pay the annual subscription fee during their first year of membership.

Once you are satisfied that you meet SIFA membership criteria and that you want to become a member, please forward us the following:

• Completed SIFA Application form & Statutory Declaration
• Copy of your Disclosure Form
• Cheque made payable to SIFA for an amount of $112.50

Kind regards.

Secretary/Treasurer

Full Name:……………...........................................................…................……..........

Postal Address:..……...................................................….........................….…............

……………………...…………………………………………………...……………………..

Physical Business Address:……………..........................................................…...........

BusinessPhone:(.......).....…………....................Fax: (…....)...............…………….......

Cellphone:………………………………………

Can we contact you after hours? ……..And the number? …………………………….

E-mail:………………………………………………….…..….…....

Company or Trading Name:…............................................................................…........

Position held: ….……................................................Is this a Franchise operation?….

How many years experience do you have in providing :

1. Financial Planning Advice .........……………………………….…...
2. Investment Advice ………………………………………………….
3. Risk Management & Life Assurance Advice ….................................
4. Estate Planning Advice ………………………………………………

…………………………………………………………………………………………………………….

…………………………………………………………………………………………………………….

Name of your sponsor :..........................................................................................

Business Phone:...................................................E-mail: ………………………………………….

I ……………………………………………….… declare that my application for membership of the Society of Independent Financial Advisers can be accepted with the knowledge that I meet all the requirements of membership, especially those identified below as 4.1.c.

4.1.c. Membership Criteria

• Membership to be restricted to individual practitioners within independently owned and operated financial advisory and/or insurance businesses but excluding franchised organisations.
• The member must be able to provide the client with a selection of financial products and services from within the industry.
• The member must be directly involved in the provision of financial planning, investment advice or insurance services to the public and clients.
• Members must operate their business across a broad spectrum of investment and/or insurance products.
• Members must deal directly with individual clients.
• Members cannot earn a salary or retainer from a Bank, Insurer, Trustee Company or other product supplier.
• The member must be able to provide freedom of choice in the selection of products for clients.
• Employees of industry service providers i.e. fund managers, insurers and research companies are not eligible for membership.
• Members must have a suitable qualification or a minimum of 3 years experience.
• Members must be of good standing within the community.
• Membership is terminated if the member misses two consecutive conferences unless this has been caused by illness, travel overseas or personal circumstances that the committee agrees is reasonable to not enforce this rule

I hereby agree to abide by the rules of the Society of Independent Financial Advisers. I state that I have no contractual or binding requirement to place business with any of my product suppliers and I can offer prospective clients a wide choice of products from a variety of product suppliers.

I accept the definition of independence and the rules of the Society of Independent Financial Advisers and I will notify the Society immediately should I fail to continue to meet the membership requirements.

Signed: ................................................................... Dated: ....................................

Witnessed by: Name: ..................................................................................

Signature: .............................................................................

Please note: The witness must be a Justice of the Peace, a Solicitor or anyone else authorised to hear Statutory Declarations.

1. Definitions and Interpretations
2. Name
3. Objects
4. Membership
5. Termination of Membership
6. Entrance Fees; Annual Subscriptions
7. Officers
8. Duties of the Committee
9. Additional Power of the Committee
10. Meetings
11. Service of Notices
12. Common Seal
13. Control and Investment of Funds
14. Application of Profits
15. Borrowing Powers
16. Auditor
17. Registered Office
18. Where No Rule Applies
19. Regulations
20. Alteration of the Rules
21. Winding up and Disposition of Surplus Assets
22. Confidentiality
23. Indemnity
24. Liability of Members

Schedule of Objectives

Mission Statement

1. words referring to persons include firms, partnerships, companies and corporations;
2. where the context permits, words referring to the plural and vice versa and words importing one gender refer to the other gender.

4.1.c. Membership Criteria

1. Membership to be restricted to individual practitioners within independently owned and operated financial advisory and/or insurance businesses but excluding franchised organisations.
2. The member must be able to provide the client with a selection of financial products and services from within the industry.
3. The member must be directly involved in the provision of financial planning, Investment advice or insurance services to the public and clients.
4. Members must operate their business across a broad spectrum of investment and/or insurance products.
5. Members must deal directly with individual clients.
6. Members cannot earn a salary or retainer from a Bank, Insurer, Trustee Company or other product supplier.
7. The member must be able to provide freedom of choice in the selection of client products.
8. Employees of industry service providers i.e. fund managers, insurers and research companies are not eligible for membership.
9. Members must have a suitable qualification or a minimum of 3 years experience.
10. Members must be of good standing within the community.
11. Members who miss two consecutive conferences will have their membership terminated unless the Committee determines that extenuating circumstances exist, such as health issues or absence overseas.

1. Every member of the Society is deemed to have notice of the Rules and regulations of the Society and will be bound by those documents as if the Member had been an original subscriber to them.

1. To co-operate with all interested parties in public relations in promotion of the objects of the Society.
2. To enter into any arrangement with any institution or organisation which has objects similar to those of the Society.
3. To solicit donations, gifts and bequests to the Society for promotion of the objects of the Society.
4. To expend any money in pursuance of and incidental to any of the objects of the Society.
5. To recommend the printing of publications and their issue to Members of the Society and others.
6. To do all things as are incidental or conducive to the attainment of the above powers and authorities or any of them.

10. MEETINGS

1. Annual General Meeting

1. To receive from the Committee a report, balance sheet and statement of accounts for the preceding year.
2. To elect the Committee for the ensuing year and to appoint an auditor.
3. To fix the annual membership subscription and entrance fee (if any) for the ensuing year.
4. To decide on any resolution which must have been duly submitted to the Secretary in writing not less than 21 days prior to the date of such meeting.

1. Special General Meeting

The Chairman, or in the Chairman’s absence or inability, any other Member of the Committee, may at any time for any special purpose call a Special General Meeting and the Chairman must do so forthwith upon the requisition in writing of any 10 Members stating the purposes for which the meeting is required. Fourteen clear days notice must be given of any such Special General Meeting

2. Procedure at Meetings

1. At all General Meetings the Chairman, and in the Chairman’s absence, any other duly elected Chairman, must take the chair and every financial Member is entitled on every motion to 1 vote exercised in person, by proxy or in writing. In the case of an equality of votes the Chairman has a casting as well as a deliberate vote. The mode of voting on all questions other than elections is by voices or if the Chairman or any Member so requires by a show of hands. On all elections voting is by secret ballot for which purpose no less than 2 scrutinisers are to be appointed at the meeting.
2. At all General Meetings 10 financial Members constitute a quorum.

1. Notice of Business

1. Every notice required to be given to the Members or any of them is deemed to have been duly delivered if faxed or posted to the Member in a prepaid letter addressed to the Member at the Member’s last known address.

1. To provide an industry body that identifies independent financial planners and brokers.
2. To promote to the public the benefits of using an independent planner or broker.
3. That member will follow a recognised Industry Code of Practice.
4. To provide service to its members in a cost effective, minimal administration environment. The emphasis is on promotion and identification, not administration.
5. To enable independent planners to meet and exchange ideas and develop industry exposure to independent planners.
6. To liase with existing professional bodies in areas of ethics and education.
7. To encourage members to participate in the broad areas of the industry and support other organisations such as FPIA.
8. The fostering of goodwill between members.
9. To give members the freedom of choice as to their education goals and support them in their endeavours.
10. Education of members is encouraged through the use of existing courses, Massey and Waikato Universities Dip.B.S. (Financial Planning), Dip.B.S. (Life), L.U.A.T.C. courses and Open Polytechnic NZ Certificate of Business.

Subtle and some not so subtle, incentives were being offered to advisers who would agree to sell only a particular company’s products or to place the majority of their business with a particular supplier. As a reward, those advisers would be provided with that company’s support, which included company conferences, research, which supported that company’s products, bonuses and trips overseas.

A group of 12 independently owned advisory practices felt uncomfortable with this direction and decided to bond together to share the costs of obtaining independent research, analysis of financial products and investment opportunities, plus development advice and practice management.

Over the years, owners and advisers of other independently owned practices, who did not wish to be swallowed by a large product distribution chain, began to join the group.

With a target of 100 members from throughout NZ, new members have come from financial planning, insurance, investment and estate planning areas. The qualifications of members now include degrees in law, commerce, economics and business studies. These advisers, who value their independence, see the advantage of belonging to an independent collegiate organisation.

For the practice owners and advisers, SIFA ‘s provision of two conferences annually fulfils the role of the in-house conferences provided by the large product distribution companies. Because our conferences require information to be contributed and shared by all members for the benefit of their clients, the SIFA continued membership criteria requires that no member miss two consecutive conferences. A code of ethics is in place to encourage the maintenance of best practice methods for the benefit of clients.

Sound knowledge and skilled advice delivered ethically to New Zealanders allows for informed decisions to be made. Poor advice can be extraordinarily harmful to our economy and to the lifestyle choices available for current and future generations.

SIFA conferences are designed to provide members with an extensive range of information across wide ranging issues that are likely to have an impact on clients.