The NZ Financial Services Council (FSC) has recorded a small loss over the 12 months to June 30 amid slightly increased costs and a minor drop in revenue.
According to the FSC annual report released last week, the industry body racked up a deficit of almost $46,000 before tax in the financial year compared to a $114,000 surplus in the previous annual period: after tax the loss narrowed to just $7,000 against a surplus of $164,707 for the 12 months to June 30, 2023.
Revenue fell to just under $3 million from a touch over $3 million the previous year in almost exact mirror image of costs.
FSC membership fees rose a little year-on-year to more than $2.8 million in line with an increase of member numbers to 117 (114 in 2023). However, conference and event income decreased from almost $793,000 last year to about $577,000 in the latest reporting period even as delegate numbers at the marquee FSC annual conference hit a record high of 653 (up from 645 in 2023).
The industry organisation saw a number of other changes during the reporting year including the departure of long-time chief, Richard Klipin, who was replaced by former BusinessNZ chief, Kirk Hope, post the June 30 reporting date.
And the FSC absorbed another long-standing industry body after a merger with Women in Super to create the Empower Women sub-group.
Over the last few years the FSC has folded in both Workplace Savings and the Health Funds Association to broaden its membership base from the original insurance-focused cohort.
“Efficiency will remain at the forefront of our approach,” Hope says in the report. “Every decision and initiative we undertake must align with our core mission: delivering value to our members while advancing key policy and industry leadership objectives.”
The FSC board, still chaired by Rob Flannagan, has also notched up a couple of changes with deputy chair and Partners Life founder, Naomi Ballantyne, as well as former BNZ Investments chief, Peter Forster, stepping down.
Forster left the BNZ funds house in September following its re-homing as part of Harbour Asset Management under the FirstCape conglomerate.
Meanwhile, Financial Advice NZ (FANZ) has opened up bookings for its annual conference in Christchurch next April while revealing a few keynote speakers.
The FANZ event has confirmed Financial Markets Authority chief, Samantha Barrass, as a headline speaker along with three Australian guests: former Financial Planning Association Australia chief, Dante de Gori, and two associates of the Graham Rich-founded Portfolio Construction Forum – independent asset consultant, Tim Farrelly, and Katherine Hunt, director of the Finology Institute.
FANZ chief, Nick Hakes, said in a release: “We are at an important inflection point for the financial advice industry, advisers are operating in an environment of significant change and distraction, consumer expectations are changing, and the identity of advisers is being challenged by the need to adapt their business models and advice delivery styles.”
The ’Shaping the future of advice’ conference is set down for April 1-3 next year in the Te Pae Christchurch Convention Centre.
Also last week, financial services training firm, Strategi Institute, has had its high-end NZ Qualifications Authority (NZQA) status reaffirmed after the government educational standards body retained the firm’s ‘Category 1’ ranking.
NZQA assesses the almost 3,300 non-university educational outfits in the country in a four-category system with those firms judged by the authority as ‘highly confident’ across at least two attributes earning the top 1 accolade.
Strategi achieved the ‘highly confident’ rating for both educational performance and capability while NZQA rated the company’s “training, teaching, content, and student support” as ‘excellent’, according to a release.
David Greenslade, Strategi executive director, said in the statement: “The industry and regulators recognise the importance of quality education, which is why we’re seeing strong student enrolments. With additional government funding for 2025, we’re able to offer more affordable course options, accept international students, and provide ‘Fees Free’ courses to eligible students.”
As well as the education arm, the Strategi group also includes a compliance service.
Greenslade founded the business in 1999