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FPIA To Buy Education Provider


Press Release
For Immediate Release

FPIA To Buy Education Provider

The Financial Planners & Insurance Advisers Association has negotiated an agreement for the management and possible long term purchase of financial services training organisation Adviserlink.

Adviserlink is a company currently controlled by former FPA Australia Chairman, John Godfrey. Godfrey said that the transfer of management and potential sale of Adviserlink to FPIA was a natural fit for the two organisations and provided him with an exit strategy from this investment.

FPIA Chief Executive Phillip Matthews said that the Adviserlink association gave a whole range of benefits to FPIA. "Principally it gives us control of our own internal training programmes but it also allows us to be the education standard setter for the financial advisory profession".

"Adviserlink is a company that has tremendous potential" Matthews said. "A range of international owners have managed the company prudently but have perhaps not tapped the potential that the FPIA can as a more hands on manager."

The agreement sees the association take a contract for management of Adviserlink with the operations of Adviserlink coming under the direct control of FPIA.

In addition the agreement allows FPIA to progressively purchase shares in Adviserlink with the ultimate outcome potentially being full ownership.

"This agreement gives the FPIA day to day control of the company allowing us to improve its profitability and we will use that profitability to purchase further equity in the company as FPIA will receive all of the tax paid profit of Adviserlink as a management fee" Matthews said.

Matthews stressed that the structure of the agreement is such that FPIA will not spend any of its members' funds on the purchase as that will be funded by the future profits of the company. "In addition the pace at which FPIA is to make further purchases of equity in the company will be at the sole discretion of the FPIA Board" he said.

This new arrangement will be a central component in the FPIA's stated objective of playing a key role in the potential development of a self regulating model for financial advisers in New Zealand.

"The FPIA now has respected education standards which are under its control, a robust Code Of Ethics, a consumer complaints service and a disciplinary structure to enforce the Code. As well as that FPIA has the internationally respected professional qualifications, Certified Financial Planner (CFP) and Chartered Life Underwriter (CLU). This agreement further enhances the FPIA's position as the pre-eminent organisation representing financial advisers in New Zealand" Matthews said.

ENDS

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