Too many professional bodies: Advisers

The issue flared up last week when the  NZ Financial Advisers Association (NZFAA) sent an email to advisers, offering to waive the joining fee if they joined before September 6.

The Professional Advisers Association (PAA), responded with an email to members. It said some had raised concerns, believing that the NZFAA was a disputes resolution service.

“It would appear that many members may not realise that NZFAA is a small professional body, and is closely associated with TNP, and is run out of their offices in Auckland. While we believe that ‘choice’ is a good thing for all consumers, we have some serious concerns about any professional body being so closely entwined with a commercial entity such as a dealer group.”

General manager Jenny Campbell did not want to comment when approached by Good Returns.