First thoughts on a new adviser association

The IFA and PAA have wrapped up its roadshow to get ideas and feedback on the proposal to form a new association, Financial Advice New Zealand. Apparently the feedback was "vast".

Having attended the Auckland event this week here are a few observations which struck me.

Firstly, there were about 60 people there and that number swelled to around 80 as the event went on - no doubt a reflection on trying to get around Auckland's congested roading network if my experience that day was anything to go by.

One of striking observations was the mix of advisers compared to other industry participants. I reckon a third to half of the audience were not practicing financial advisers. Our table was an interesting one. There were two advisers out of eight people. The other related observation was that, by my guess, the majority of comments from the floor came from people who weren't practicing advisers.