The working group developing the association said it had reached the end of the Financial Advice New Zealand 100 Working Day Development Process.

It has now finalised the recommendations for the new representative body, which will be released to the respective boards of the PAA, IFA and NZFAA on Wednesday.

After IFA, PAA and NZFAA Board approval, each association will commence their constitutional processes, which includes presentation of the Financial Advice New Zealand plan to members and special general meetings.

The working group has recommended the formation of an establishment board to immediately commence work on the strategic objectives identified during the consultation process: Advocacy, standards and promotion. The structure of the establishment board will be agreed by the working group on May 10, which will form part of the required approval by the respective boards.

Appointees will be then sought for the positions.

Chairs of the working group Michael Dowling and Bruce Cortesi said: “We are not waiting until the current bodies are closed before we start to do the work. The memberships of the PAA, IFA and NZFAA will continue to operate independently of the establishment of Financial Advice New Zealand for a period during the establishment phase.”

An outline of the next steps and  timelines will be available next Thursday.