IFA Refocuses on Members Professionalism

16 February 2012

IFA Refocuses on Members Professionalism

The Institute of Financial Advisers (IFA) has today announced its decision to step down as a member of the Financial Adviser Association of New Zealand (FAANZ).

The Financial Adviser Associations NZ (FAANZ) was established in 2008 to assist the regulators during an initial period of change when it was important for the regulator to gain knowledge from a diverse range of industry participants.

IFA president Nigel Tate says now that the initial period of regulatory consultation has concluded and the Financial Advisers Act established, the Institute has decided that it is more appropriate for the Institute to focus on the areas that are most relevant to our members and which help them move towards “excellence beyond competence.” The Institute will maintain its focus on creating a distinct financial advising profession in NZ.

“FAANZ has functioned well over the past five years and is a credit to the participating organisations. We wish the remaining member bodies well and will happily work with them on an adhoc basis if required.”

The Institute of Financial Advisers will continue to focus on developing Professionalism amongst its members and the advisory industry at large, drawing on its international connections to be a key driver of the current regime.

IFA Vision
To be the trusted and vital professional body for financial advice in New Zealand.

IFA Mission
To help our members achieve their potential as professional financial advisers for the benefit of the New Zealand public.

IFA Background

The Institute of Financial Advisers is the professional body for some 1,100 members, representing financial advisers in New Zealand. All members are individual members, not corporate members. We estimate that our members provide advice to some 200,000 New Zealanders each year, many of whom would be couples rather than individuals, with an overall client base of around 600,000.

Our members provide advice to their clients in the areas of insurance, investments, financial planning, work-based savings and insurance, retirement planning, estate planning and financial services generally. Their professional practices reflect the broad spectrum of New Zealand businesses – they operate as local SME’s, are part of large regional or national dealer groups, are associated with strong financial organisations, services companies in banking, funds management, or insurance, work in employee benefits organisations, or sometimes practice as lawyers, accountants and other professional advisers.

The Institute reinforces compliance with a code of ethics and practice standards, runs a Professional Conduct Committee and Disciplinary Tribunal that are independently chaired, offers education pathways that can lead to professional designations and the attainment of internationally recognised adviser marks, maintains and ensures compliance with a continuing professional development programme, and provides networking, education, development, and business practice forums at a national and regional level for members.

ENDS

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