An Update from the ChairMonday 06 November 17
On behalf of the establishment board of Financial Advice New Zealand and the many people who have made valuable contributions to the creation of its constitution and its incorporation this month, I am pleased to confirm that Financial Advice New Zealand has been established as the new professional body for New Zealand’s financial advisory sector. It will commence formal operations on 1 July 2018.
The new organisation will focus on standards, advocacy and promotion of advice to the New Zealand public for the mutual benefit of advisers, consumers and other key stakeholders. It will bring new levels of governance to manage the future challenges of being a professional adviser body in this fast-developing area.
Following its incorporation, Financial Advice New Zealand is now executing a six-month plan. The establishment board is developing a quality mark; has set terms of reference for member advisory groups; and is setting up an establishment budget and funding stream. There are ongoing discussions with all stakeholders towards achieving the larger objectives of the new body.
The quality mark for financial advisers will be formally presented to the market with a related website early in 2018; members of founding bodies will be eligible to join from 31 March; and formal operations will commence on 1 July.
Joining me on the establishment board are Kate Morrison as another independent director, and Michael Dowling, Bruce Cortesi and John Bolton. As experienced professionals, Michael, Bruce and John represent the interests of investment, risk and mortgage advisers. The board has been working on finalising incorporation and setting up the infrastructure to bring the new association to life, and we are pleased to now be able to demonstrate our progress to you. We appreciate the considerable support we have received from many advisers and other industry members during this process.
We acknowledge feedback from some stakeholders that getting the new body up and running has taken too long. But we are confident the major groundwork has been done over the past several months and that Financial Advice New Zealand is in good shape to hit the ground running.
Financial Advice New Zealand has as its founding document a well-considered constitution that was finalised by the establishment board working group in consultation with the boards of the founding association as well as advisers and stakeholders throughout the financial services sector.
It is my undertaking to you that this trend of consultation toward action will continue. Financial Advice New Zealand will facilitate member advisory groups to set bylaws for the Association and develop practice standards for members under the umbrella of the existing regulatory structure.
You will hear from us regularly: from November, Financial Advice New Zealand will provide a monthly update to potential members and stakeholders on its progress toward the 1 July commencement date.
This is a collaborative and inclusive body, and we welcome your feedback on any aspect of our work.
Financial Advice New Zealand