IFA honours Graham Rich with industry award

18 July 2012

IFA honours Graham Rich with industry award

Financial services stalwart Graham Rich has been named the inaugural recipient of the Institute of Financial Advisers' “Outstanding Contribution to the Profession” award.

The industry award was made at the Institute's annual conference in Auckland by IFA chair Tony Vidler.

Vidler says the award is designed to recognise individuals who have made an outstanding contribution to the development of the financial services industry. Criteria include personal character, respect and esteem from others, contribution, innovation and development, voluntary contribution, leadership and vision. While sponsored by the IFA, recipients can come from any part of the financial services arena and do not need to be IFA members.

Graham Rich has contributed over 30 years to industry during which time he achieved a number of firsts including becoming the youngest regional manager in insurance in 1975. Nearly three decades ago, in 1983, Rich established New Zealand's first financial planning practice, followed by the establishment of New Zealand’s first retail investment research firm FPG Research.

Rich was also the first Kiwi to join the International Association of Financial Planners (IAFP) and the first chair and life member of the New Zealand division of IAFP – an industry body which became one of the IFA's forerunners. This led to Rich collaborating with the Australian IAFP, chairing the joint committee that established the initial professional practice standards on both sides of the Tasman, and initiating the negotiations that ultimately led to the CFP mark being introduced in New Zealand.

Rich continued to innovate and lead the financial planning profession throughout his career, being the first to provide dedicated financial planning and financial advice training in New Zealand, initially under FPG and then via Adviserlink.

Rich was also at the forefront of developing software for research and reporting for financial advisers, later establishing news service Financial Alert in 1990. By 1993 he had expanded to Australia, where he has continued to thrive - whilst continuing to be heavily involved in the New Zealand financial advisory industry. Today his presence and mana in the financial services industry straddles the Tasman.

In announcing the award Tony Vidler says, "Graham has been primarily responsible for creating financial planning as a discipline in New Zealand. This is on the basis of the number of firsts he had initiated in his thirty years of incredibly active involvement in New Zealand financial services. It's great to be able to formerly recognise Graham's outstanding contribution with our inaugural outstanding contribution award.”

IFA Background

The Institute of Financial Advisers is the professional body for some 1,000 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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