Creating one body to represent advisers makes sense, but it can't just be three associations coming together as one with the same people doing the same old things.

That's just a waste of time and doomed to failure.

It has to be new and it has to be different.

The IFA, and its predecessor organisations have been in existence around 30 years now. I have watched how it is evolved from something like a glorified social club (those who went to conferences in the early 1990s will know what I mean) to an organisation and members who have become far more professional in they way they conduct themselves.

This will always be a slow evolution and today is another important milestone in that process.

I wrote previously on the critical importance of getting governance right, and that still remains one of the biggest factors to success.

There must be the right skill sets on the board to drive this organisation forward. Too many associations whether it be sports groups, charities, special interest member groups have board which are made up of well-intended volunteers. A professional body like Financial Advice must get this right.

Lobbying is important, but it is not the number one issue.

But to be successful the new association has to be focused on the consumer. And this isn't just creating some website and talking about advice. It has to be about ensuring the consumer is getting good advice.

The holy grail for Financial Advice New Zealand would be some form of self-regulation. It's an achievable goal, especially with the current leadership in the regulatory environment.

But it isn't going to happen overnight, this is a long journey of maybe five to 10 years to get there. But you can't get to your destination without starting.

The creation of Financial Advice NZ is the start.