December Update

Friday 22 December 17

Since our November update, we’ve made great progress on a number of key priority areas. Particularly, finalising membership of the Member Advisory Committees – more about that later.

As we look forward to the year-end, this is a good time to reflect on how much has been achieved in the last 12 months and to look forward to the work that will be done next year.

Gathering views
As 2017 began, the working group – led by Fred Dodds and Rod Severn – travelled the country, meeting advisers, group heads, product suppliers and other stakeholders to solicit their views on the role of a professional association – now and into the future. Their findings highlighted three key priorities, which were consistent themes throughout the consultation phase: advocacy, standards and promotion of advice.

Set up
Building on these themes, the working group then set about drafting a constitution with these as the cornerstone objectives. More discussions, feedback, drafts, review and a joint board meeting of all founding bodies led to a final draft of the constitution in June.

This final draft became the basis to seek a mandate from members of the founding bodies to set up and fund Financial Advice New Zealand as an independent entity. The response from members (you) was a resounding YES!

At the end of June, an appointments committee was formed to search for, and appoint, the establishment board of the new association, and the results were announced at conference.

The establishment board‘s first job was to work with the boards of the founding bodies to finalise the constitution and to seek their support to incorporate the new association – Financial Advice New Zealand. A job that was completed in October.

Since then, the establishment board has created our plan to make sure Financial Advice New Zealand is ready for operational launch in July 2018. The teams from IFA, NZFAA and PAA are working closely with us to develop and deliver the plan and the 9 projects that are essential to success.

We’ve heard, and acknowledge, frustration that it has taken some time for you to see progress towards full establishment and operations. But I do want to assure you that much has already been achieved – in aligning the various parts of the industry behind this vision through consultation and conversations, in planning the work needed for a successful launch and in getting underway with that work.

We will continue to engage with key stakeholders throughout the establishment phase. This ensures sound and considered decision making.

With the planning phase now complete, 2018 will be the year when Financial Advice New Zealand, and the benefits membership will bring both for advisers and for the people of New Zealand, will become real for you.

Just a few years ago, an initiative such as Financial Advice New Zealand would have been impossible – it is now within a few months of becoming a reality. You can be proud of the vision and foresight and tenacity that has led to this point.

Next steps towards launch
One of the key projects that form part of our launch plan is to create the Member Advisory Committees that will provide a strong member voice and representation for each of the key industry sectors which make up the membership of Financial Advice New Zealand.

They are a crucial element of our focus on standards, advocacy and promotion of advice to the New Zealand public for the mutual benefit of advisers, consumers and other stakeholders.

I would like to thank all of you who applied for positions on these committees. The calibre of the applicants made the selection process very challenging. For those who were not selected this time around, or who didn’t apply, there will be plenty of opportunities to contribute to the success of Financial Advice New Zealand – please do stay involved!

Here are the names of the inaugural MACS:

Financial Planning
David Mason
Charlene Overell
Paul Sewell
Nigel Tate

Joe Byrne
Michael Courtney
Tim Fairbrother
Liz Koh

Suzanne Isherwood
Joel Oliver
Hamish Patel
Sandra Spence

Risk Insurance
Bree Catterall
Cecilia Farrow
Peter Rickards
Regan Thomas

We’ll be getting together to kick off the work of the MAC’s in early February, and you can expect to hear more news about their work, and about progress on the journey towards launch, every month through the first half of next year.

So, 2017 has been a year of vision forming, of planning and of getting underway. 2018 will be a year of action – bring on the future of your profession!

And in the meantime, I wish you – and those you love – a happy and peaceful Christmas.

Kind Regards,

Sue Brown
Chair, Financial Advice New Zealand.