Copycat association for RFAs

Meanwhile, the IFA has said it is open to working with the new entity, which is to be named the New Zealand Financial Advisers’ Association (NZFAA) if TNPPA members vote in favour of the merger at a special meeting on November 9.

TNPPA chairman (and former Professional Advisers Association chief executive) Dave McMillan said despite operating largely in the Registered Financial Adviser (RFA) space, the merged vehicle wouldn’t be a direct competitor to the PAA, which has “quite a different value proposition” to what the NZFAA will offer.

Instead he compared it to another industry organisation, the IFA, saying it would aim to provide similar services in terms of professional development except targeted mostly at RFAs.

“That’s a really good comparison; what we’ve really done is taken the standards of the code of professional conduct [for AFAs] in terms of professional development and made it compulsory for an RFA,” he said.