The plans for the new association, Financial Advice New Zealand are set to be revealed in June, pending approval and marking a year since the concept was first proposed in June 2016.
The 100 working day development process concluded last week and the Working Group today has said with the input from members, advisers, providers and many other industry participants gathered over this time "we have arrived at what we strongly believe is an association that is fit for the future of advice.
"The consultation process clearly highlighted key priorities – advocacy, public awareness and standards – which has formed the basis of the Financial Advice New Zealand Constitution and Bylaws."
The IFA, PAA and NZFAA Boards will now review the Working Group recommendations and proposed Financial Advice New Zealand Constitution and Bylaws.
"We are confident our recommendations will be met with approval, which we anticipate will be announced at the end of May, or at the latest early June," the Working Group stated.
"It has been a comprehensive process; and necessarily so. When you’re re-imagining how an entirely new association can best support members and an industry that plays such an important role in New Zealand, it is essential to challenge current thinking and structures that exist largely by default.
"For example, how to ensure that an association that represents advisers as a whole, does not lose sight of the specific needs of different types of advisers – mortgage, insurance, investment and financial planning. A crucial structure to get right – and get right the first time – and one that we have determined by listening to the industry and dispensing with outdated ways."
The Approval of the Establishment Board is set to occur in June also and IFA, PAA and NZFAA special general meetings are to be held in July.
Working Group anticipates the new association to be in operation in tandem with the annual advisers conference.
"If you haven’t registered for the National Advisers Conference yet, do. As our annual get-together enmasse, and the anniversary of members voting 'yes' to the creation of Financial Advice New Zealand, it’s the ideal time to bring your new association to life."
The 100 working day development process concluded last week and the Working Group today has said with the input from members, advisers, providers and many other industry participants gathered over this time "we have arrived at what we strongly believe is an association that is fit for the future of advice.
"The consultation process clearly highlighted key priorities – advocacy, public awareness and standards – which has formed the basis of the Financial Advice New Zealand Constitution and Bylaws."
The IFA, PAA and NZFAA Boards will now review the Working Group recommendations and proposed Financial Advice New Zealand Constitution and Bylaws.
"We are confident our recommendations will be met with approval, which we anticipate will be announced at the end of May, or at the latest early June," the Working Group stated.
"It has been a comprehensive process; and necessarily so. When you’re re-imagining how an entirely new association can best support members and an industry that plays such an important role in New Zealand, it is essential to challenge current thinking and structures that exist largely by default.
"For example, how to ensure that an association that represents advisers as a whole, does not lose sight of the specific needs of different types of advisers – mortgage, insurance, investment and financial planning. A crucial structure to get right – and get right the first time – and one that we have determined by listening to the industry and dispensing with outdated ways."
The Approval of the Establishment Board is set to occur in June also and IFA, PAA and NZFAA special general meetings are to be held in July.
Working Group anticipates the new association to be in operation in tandem with the annual advisers conference.
"If you haven’t registered for the National Advisers Conference yet, do. As our annual get-together enmasse, and the anniversary of members voting 'yes' to the creation of Financial Advice New Zealand, it’s the ideal time to bring your new association to life."
