Details of Financial Advice NZ yet to be worked out

Michael Dowling

The IFA and PAA have revealed plans to work together to develop a new organisation, Financial Advice New Zealand.

PAA president Bruce Cortesi said more needed to be done to promote the value that financial advice and advisers could offer New Zealanders. He said, with the industry structure as it is, that was not being done.

Dowling said he had come to realise that it was not enough for the IFA to promote its own members. Consumers could not understand the difference between financial advisers as a whole and IFA advisers, he said. More work was needed to change consumers’ perception of the industry.

Cortesi and Dowling said it was hoped that Financial Advice New Zealand would end up with more members than the just under 2000 who are currently members of the PAA and IFA.