News

TNP launches its own professional association

Monday 20th of February 2012

TNP director of development Dave McMillan says the decision to launch TNP Professional Association (TNPPA), which will be open to all advisers, not just TNP advisers, was driven by requests from TNP advisers.

"Our primary motivation for introducing TNPPA is as an added service to our existing members," McMillan says.

While a number of professional associations already offer CPD programs, TNP advisers "see a gap between what they're receiving from those organisations and what they want to receive," he says.

TNPPA will charge $50 a month or $550 a year as well as a $250 application fee to non-TNP advisers while TNP advisers will pay no application fee and $30 a month or $300 a year.

The announcement comes just one week after the New Zealand Mortgage Brokers Association (NZMBA) and the Professional Advisers Association announced the NZMBA will be wound up and its existing services and infrastructure, including the NZMBA brand and its CPD services, will be transferred to the PAA from the beginning of April.

PAA, which doesn't currently offer CPD services, charges members $46 per month or $552 a year while NZMBA members were charged $695 a year for the year ending March this year, down from $895 previously.

McMillan says the existence of TNPPA may encourage advisers to join TNP "but that's not the primary motivation."

TNPPA will comply with the Code of Professional Conduct for Financial Advisers and meet the definition of a professional body. As well as CPD programs, it will offer compliance support, including a compliance helpdesk, advice process templates, forms and checklists and updates on regulatory matters as they arise.

It will also provide members with evidence of their education, excellence in business practice and professional tenure, something it says hasn't previously been available to registered financial advisers (RFAs) until now. Most of TNP's advisers are RFAs rather than authorised financial advisers (AFAs).

TNPPA will offer members three designations, TNPPA Certified - a business practice designation which recognises business practice standards, educational standards and professional tenure, Associate Risk Adviser - an education-based designation for RFAs who have completed the Certificate in Financial Services, and Chartered Risk Adviser - which recognises educational achievement at a diploma level.

McMillan was previously the PAA chief executive and the head of TNP's home loans division, Darren Prattley, resigned as NZMBA president and CEO on Friday.

Read the full TNP press release here

Comments (10)
Daryl McAlinden
Is TNP short for tinpot?
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12 years ago

Simon Rule
So McMillan's previous departure from the PAA & Pratley's recent resignation from the NZMBA all becomes clear. Nothing changes in this industry. Well said Vinny.
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12 years ago

The Editor
You can read the full TNP press release here http://bit.ly/wf32R2
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12 years ago

Stephen O'Connor
Somebody needs to put a stop to this FARCE before it gets out of control!! You can't just have every Tom, Dick and Producer Group setting themselves up as a "Professional Association" issuing so called "Professional Designations". This is contrary to the key principle of the Financial Advisers Act and will only serve to undermine the confidence of the financial services consumer.
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12 years ago

Clayton Coplestone
These recent actions demonstrate that a unified common sense approach has given way to delicate egos. The resulting fragmentation of the industry’s voice confirms that we remain a long way off from being dubbed professional
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12 years ago

Simon Rule
NZMBA Member - You hit the nail on the head with that comment.
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12 years ago

Craig Pope
I think TNP will damage their credibility with this move and should have known better. It will be interesting to hear Darren's side of the story however. But for him to advocate to us NZMBA members that we should embrace the working together of the PAA and NZMBA, then be part of an organisation that wants to work in competition with both of them, is inappropriate. It's also interesting to see what name(s) pop up as Directors of FSCL on the Companies office site...
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12 years ago

Simon Rule
http://www.business.govt.nz/companies/app/ui/pages/companies/2303993/directors Thanks CP. Interesting indeed! Lots of people with self interests in this industry that's for sure...
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12 years ago

Ron Flood
TNP Member. Sounds like you have been sold the 'party line'. The IFA have offered the Chartered Life Underwriter (CLU) designation for the past 15 years or so. This is available to any member, you do not need to be authorised. I personally joined the IFA (even though I am an LBA member)to obtain the qualification. As the CLU is an Internationally recognized designation,I would suggest that any other like named designation will not carry the same weight.
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12 years ago

Simon Rule
TNP member. Your comments illustrate that the phrase "one born every minute" rings as true as ever. As Ron says you appear to have been sold the party line. Hook, line and sinker!
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12 years ago

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