Another financial adviser organisation has formally emerged from two ‘legacy’ groups amid a proliferation of niche industry associations.
In a move flagged last year, the Triple A Advisers Association – a life insurance-related group with roots dating back to 1949 – and Plus4 Insurance Solutions have joined up to create a body that will “initially be known as the Independent Financial Advisers Association Limited (IFAA)”.
Chris MacKay, chair of the now wound-up TripleA, said in a release that “the newly merged entity provides a platform for client-centric advisers who are committed to ethical and professional standards and put the needs of their clients first and foremost”.
The long-standing TripleA, originally associated with National Mutual then Axa and AMP following successive corporate takeovers, faced an existential crisis last year amid a board stoush over professional indemnity (PI) cover.
Former TripleA board members Jason Kilworth and Royden Shotter were involved in establishing a new adviser professional indemnity venture, QuadrantPI, that competed with the in-house offer.
TripleA members approved a wind-up motion at the group’s AGM last November with a Plus4 merger deal on the table.
Peter Standish, Plus4 general manager, said in the statement that “both legacy organisations shared similar objectives and values, there was a compelling case to combine forces to better and more efficiently provide comprehensive support services to adviser businesses”.
The tentatively named IFAA would develop a “strategic plan, review services, and establish a cohesive brand” over the next six months ahead of a Queenstown conference pencilled-in for September.
Access to affordable PI cover is perhaps the most sought-after benefit of insurance adviser group membership but the IFAA aims to “provide a comprehensive suite of support services”, the release says.
The IFAA board comprises six members, three each from the predecessor organisations.
But while the IFAA combines existing advisory bodies with more commercial-targeted goals, the move underscores an industry split along niche business lines.
For example, in February this year 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.
Leigh Hodgetts, former Financial Advice New Zealand professional development manager, was named as inaugural FAMNZ country manager.
Financial Advice NZ formed in 2018 to unite investment, insurance and mortgage adviser industry groups under a single banner.