The association which is an amalgam of three former associations is five years old, and like any five-year old has big changes.
The body has been ably led by its inaugural chief executive Katrina Shanks. However, she has just a week left in the role before taking up a gig in Melbourne as the chief executive of ANZIFF.
Whoever, the board appoints to replace Shanks will be a determining factor for the survival of Fin Advice NZ, which after all is a voluntary membership association.
A lesson from history is that whoever assumes the reigns will, in all likelihood be the make or the break for the association. Over my decades in the industry I have seen poor appointments (along with some good ones).
But it is not just Shanks’s departure which has thrown the association’s future into sharp relief.
As we report here, Australian mortgage broker association FBAA, has plans to set up shop in New Zealand. This is a direct threat to the mortgage adviser cohort within Fin Advice NZ.
I have argued before that this group could benefit from having its own association, like the old NZ Mortgage Brokers Association (NZMBA). Mortgage advisers need a body to stand up to lenders – banks in particular, who have far too much control over is distribution force.
This is even more important now that more than half of home loans are now originated via advisers these days – growing and showing no signs of declining.
Added into this there is the restive body of CFP members. Many, if not the large majority of them, belong to Fin Advice NZ as it is the only way they can maintain their premier marque. Yet Fin Advice NZ, like its predecessor the Institute of Financial Advice, has done diddly squat to promote CFP and its insurance equivalent CLU.
Just last week I had a call suggesting CFPs should have a new home.
Then of course there is the Financial Service Council which has had its eye on taking over Fin Advice NZ – although they will deny this.
Clearly, the body which represents product manufacturers, has been encroaching into the advice space. Some of its members have confirmed to me that FSC has had designs on Fin Advice NZ.
The of course there is ANIIF - while it has a low profile in New Zealand, maybe things could change?
The Financial Advice NZ board has only one shot at making the right appointment to replace Shanks - and clearly articulating a roadmap for its future existence. The association’s future depends on them getting it right.
