Financial Advice NZ Announces Member Advisory Committees

Media Release December 2017

FINANCIAL ADVICE NEW ZEALAND ANNOUNCES MEMBER ADVISORY COMMITTEES AND CALLS FOR CVS

The newly incorporated professional body for the financial services sector, Financial Advice New Zealand, is moving full steam ahead on its plans for the industry by forming four Member Advisory Committees that will give voice and representation to specific sub-sectors of the industry: lending, risk insurance, investments and financial planning. Each advisory committee will have a chair and two or three member representatives who will represent the interests of Financial Advice New Zealand members in that sector.

Financial Advice New Zealand is now calling for CVs from interested and qualified members of the founding bodies who wish to apply for a role (chair or representative) in one of the committees (see “Member Advisory Committee: How to apply” below).

The Financial Advice New Zealand establishment board is responsible for all committee appointments and will make the final decision on the make-up of the four committees. Appointments will be publicly notified by 23 December 2017, and the scheduled first meeting of all committees will be on or before 1 February 2018.

Sue Brown, the chair and independent director of Financial Advice New Zealand’s establishment board, says the Member Advisory Committees will play an important role in helping to ensure that each sector has a meaningful voice and representation in the new association. “These committees are a crucial element of our focus on standards, advocacy and promotion of advice. Those in specialist advisory fields are working in a fast-developing environment, and these committees will provide an extra level of knowledge, expertise and support.”

The terms of reference for the Member Advisory Committees can be accessed here. Under these terms, the purpose of the committees is to represent and support Financial Advice New Zealand members “who share a particular special interest in a specialist area of advice and also to provide the Board with technical support.”

The formation of the Member Advisory Committees is one of the key steps in the new organisation’s six-month plan. As previously outlined, Financial Advice New Zealand is on track to unveil plans for a new quality mark for financial advisers, together with its new website, during the first half of 2018. The organisation will open for membership applications on 31 March 2018 and formal operations will commence on 1 July 2018.

Member Advisory Committees: How to apply
You can apply by sending your resume and a short letter highlighting what you can bring to the role to macs@financialadvice.nz. Applications close at 5pm on Wednesday 13 December. All applicants must be current members of one of the founding bodies.

NOTE: These are unpaid positions and are effective for two years.

Key dates – the story so far:
August 2017
• Financial Advice New Zealand announced to the National Advisers Conference
• Working group established
• Working group discussed with regulatory bodies commenced (ongoing)

September 2017
• Constitution developed and finalised by boards of founding bodies

October 2017
• Incorporation
• Board appointed
• Six-month plan finalised
• Quality mark work stream established
• Terms of reference set for member advisory groups
• Establishment budget developed and funding sought from founding bodies

November 2017
• Development of terms of reference for Member Advisory Committees
• Launch roadmap developed
• Key projects initiated and under way for launch
• Member Advisory Committees opened for representative applications

ends

About Financial Advice New Zealand
Financial Advice New Zealand is the professional body for financial advisers. The organisation will bring new levels of governance, advocacy and standards to New Zealand’s financial advisory sector, for the mutual benefit of advisers, consumers and other key stakeholders.

Financial Advice New Zealand was incorporated in October 2017 and will commence operations on 1 July 2018. Members of founding bodies will be invited to begin transitioning to Financial Advice New Zealand from 31 March 2018. Its establishment board consists of independent directors Sue Brown (chair) and Kate Morrison, along with experienced industry professionals Michael Dowling, Bruce Cortesi and John Bolton.

© Scoop Media