However, TNP said the new designations would not be in direct competition with other acronyms offered by the likes of the IFA.  

The dealer group has brought in three new designations as part of the launch of its own professional association, TNPPA.

According to the media release, TNPPA Certified is "predominantly a business practice designation that recognises business practice standards, educational standards and professional tenure."

Associate Risk Adviser is an "education-based designation [that] has been developed specifically for RFAs who have completed the Certificate in Financial Services in order to recognise their educational achievement and professional tenure."

The Chartered Risk Adviser designation "recognises educational achievement at a diploma level."

IFA chairman Tony Vidler said the institute held a "neutral" view on TNP's decision to enter the professional association market but was concerned about the prospect of new designations.

"It has the potential to be confusing for consumers," he said.  "There are already too many acronyms; there's been a proliferation of acronyms and it needs to be tidied up."

Vidler said the IFA, which awards the CFP (Certified Financial Planner) and CLU (Chartered Life Underwriter) designations in New Zealand, had been raising the issue for a long time.

"We've been in that space for over 15 years and to be honest we've talked about it and explained it a heck of a lot over the years.  The more you look into it, you can see it's really not helpful to go out and have a raft of acronyms."

But TNP director of development Dave McMillan denied the new designations would confuse consumers, saying they covered an area not well-served by any other acronym currently available.

"The first thing is to look at the risk space and say, what alternative do they have?  Not a lot," he said. 

McMillan said there was a gap in the market for risk advisers who didn't want to become AFAs but wanted some sort of recognition for their qualifications.

"This is for risk advisers who want to do something more than the minimum and want to be recognised for it."

He said the designations were introduced at the request of TNP's advisers, most of whom are RFAs.

"From what I understand about 95% of IFA members are AFAs; well, we would be almost the reverse."