The Financial Services Council (FSC) locked in another industry association merger last work just as a new adviser body arrived on the scene after a long period of unity in the sector.
Under an arrangement confirmed last week, Women in Super NZ (WIS) has agreed to officially join the FSC, ending a 23-year stretch as a stand-alone organisation.
In a statement, FSC chief, Richard Klipin, said: “This merger is a great opportunity to combine our efforts under one roof in representing the sector, collaborating with Government and regulators and to shift the dial on financial literacy and wellbeing.”
The FSC has fused with two other industry bodies over the last five years: formally merging with Workplace Savings NZ in 2019 and the Health Funds Association a year later.
WIS formed in 2001 to lobby on female-specific financial issues and boost the influence of women in the NZ financial services industry.
The local organisation was “inspired at the time by its Australian counterpart, which is now a powerful lobby group representing Australian women in financial services”, according to its website.
WIS chair, Tracey Cross, said the FSC merger offers the group “an opportunity to be stronger, continuing our focus on action in supporting the enhanced financial confidence and wellbeing of women while promoting more women into the industry and leadership positions within it”.
As at the end of March last year, WIS reported 115 members.
The 2023 annual report notes the WIS committee had “identified the need for an organisational refresh, particularly in relation to our name, with ‘Super’ no longer effectively representing our wider objectives (and in fact being a block for many who wish to join us but whose employer is not focused on superannuation)”.
“Significant time has been spent by your Committee in exploring this further and in considering the future sustainability of WiS,” the report says.
The FSC and WIS have scheduled a merger celebratory event for March 27.
Elsewhere last week, an Australian finance and mortgage broker association blew into town with the launch of a NZ branch.
The Finance and Mortgage Advisers Association of New Zealand (FAMNZ) was founded by the Finance Brokers Association of Australia to lobby for industry-specific goals on this side of the Tasman.
Former Financial Advice New Zealand professional development manager, Leigh Hodgetts, has joined FAMNZ as its first country manager.
Hodgetts said in a statement: “Advisers have never received the education, support and benefits that FAMNZ will provide, because we are a committed association by advisers for advisers.”
Financial Advice NZ formed more than five years ago as whole-of-industry organisation merging investment, insurance and mortgage broker bodies into one.