Member FAQs
Q: Will Financial Advice New Zealand have a PI scheme for members?
A. Yes. If you are currently insured under your founding body scheme, these covers will initially transfer to Financial Advice New Zealand. At the end of September your PI cover will transfer to the new Financial Advice New Zealand scheme. Specific details of the scheme are still being finalised.
Q: What happens to my Fellow membership?
A. Your Fellow status will be recognised in Financial Advice New Zealand.
Q: I am a LIFE member of IFA, PAA or NZFAA – will this be carried over to Financial Advice New Zealand?
A. Yes, your LIFE membership will be recognised in Financial Advice New Zealand.
Q. What are the benefits of becoming a Founding Member?
A. By becoming a Founding Member you will receive preferential member subscription pricing, being a $100 discount on the standard subscription rate, for the duration of your membership.
Q. What are the criteria to become a Founding Member of Financial Advice New Zealand?
A. To become a Founding Member you must complete the online sign up declaration and arrange payment of your membership subscription by 31 July 2018
Q. I'm not currently a member of any of the founding bodies - can I still join?
A. Absolutely, please get in touch to discuss.
or call Andrea on 0800 275 722 or Karen on 0800 404 422
Q. I am a member of more than one founding Association (IFA/PAA or NZFAA) what will happen to my multiple memberships?
A. Your joint memberships will roll into just one membership in Financial Advice New Zealand. You don’t need to do anything as we will handle this transition for you including any benefits or professional marks that you have.
Q. I have a direct debit for my membership subscription or member benefits - what will happen with this?
A. Your direct debit information has been transferred to Financial Advice New Zealand subject to your completion of the sign-up declaration. Once you have done this – your direct debit will be activated with the first payment coming out on 2 July.
Q. I don't currently have a DD in place - how do I organise?
A. Please contact the PAA or IFA office to discuss:
0800 275 722 admin@paa.co.nz
0800 404 422 admin@ifa.org.nz
Q. Can I pay by credit card or direct credit from my bank?
A. Yes. Both options will be available to members.
Q. I hold the CFP and/or CLU professional designation – will this be recognised?
A. Yes, those members that hold the CFPCM or CLUCM designations will continue to hold these in Financial Advice New Zealand.
Q. Will Financial Advice New Zealand have the licence from FPSB to award the CFP designation?
A. Yes. FPSB have been very supportive of the formation of Financial Advice New Zealand and have agreed to the transfer of the license from IFA to Financial Advice New Zealand.
Q. When will the Find an Adviser search function be available to the public?
A. The Find an Adviser search function will be available to the public from 1 July when the website goes live. However, your profile and information will only be viewable once you have completed the online sign-up and declaration process, this will “activate” your membership and the Find an Adviser function for you. Please ensure your details have been checked and updated
Q. What are the new membership classes?
A. The following classes of membership will be recognised:
- Practitioner Member – for those giving financial advice
- Associate – for those who are involved in the financial services industry but who do not give advice.
- Student Associate – for those studying and not yet working in the industry.
- Life Member – for those who hold Life Membership with one of the founding organisations.
- Fellow –for those who hold Fellow Membership with one of the founding organisations.
Q. What will the membership subscription rates be?
A. The subs will depend on when you join.
- Practitioner Members that join within the Founding Member window (prior to 31 July 2018) $759 incl GST per annum
- Practitioner Members that join after 1 August 2018 – $862.50 incl GST per annum
- Associate Members (non-Advisers) that join within the Founding Member window – prior to 31 July 2018 – $412.50 incl GST per annum
- Associate Members that join after 1 August 2018 – $512.50 incl GST per annum
Q. Where will the offices of Financial Advice New Zealand be located?
A. At this stage Financial Advice NZ will operate from both Wellington and Auckland with the existing staff that you know.
Q. I need to update my business cards and website branding – what are the member guidelines for the use of the Financial Advice New Zealand branding.
A. Branding guidelines will be available soon.
Q. What happens with my PAA Professional Indemnity (PI) cover?
A. This will be transferred across to Financial Advice New Zealand and you will, upon your membership being made active, receive a new PI certificate reflecting Financial Advice New Zealand.
Q. I have Group Life with the PAA, what happens to that?
A. Any Group Life and/or TPD will be automatically transferred across to Financial Advice New Zealand and included in your annual/monthly invoicing in the same way it has in the past.
Q. What do I need to do if I do not want to become a member of Financial Advice New Zealand?
A. Please contact us in writing and we will cancel the transfer of your membership accordingly. This will also include the cancellation of all additional member benefits such as the PI scheme. Any direct debits that are in place will be stopped effective 30 June 2018. Should you wish to join the Association at a later date, you will have lost the opportunity to get foundation member status.
Q. Other questions?
A. You can contact us on:
0800 275 722 admin@paa.co.nz
0800 404 422 admin@ifa.org.nz
09 445 0111 davidy@nzfaa.org
Join Financial Advice New Zealand
Complete the Member Declaration form and join before 31st July to become a Founding Member and receive preferential pricing for the lifetime of your membership ($100 discount off the standard membership rate – each and every year)
Our Commitment to You, Our Members
Our commitment to you is this: we will work tirelessly to help build a thriving future for financial advice. An environment that understands and supports what you need as an adviser, and a New Zealand in which getting advice is a given – a tool for life that Kiwis naturally look to.
As your association, you can count on us to champion the role of quality advice, and you – the individual that helps Kiwis thrive. You can count on us to invigorate pride and trust in your profession, and to drive widespread awareness of the value you offer. You can count on us to help you navigate the changing environment – be that regulatory change or technological advances.
As a member of Financial Advice New Zealand, amongst many benefits, you’ll be part of an association that’s constantly out in the public informing Kiwis about quality advice; you’ll stand out from the crowd as an adviser committed to quality advice and good outcomes for Kiwis; you’ll be supported by a decisive and active voice that advocates for your needs and always seeks opportunities to make a positive difference.
Join us to forge a new era for financial advice in New Zealand.
Standards
Together, we’ll build public confidence and trust in financial advice. Our members will be known as trusted advisers, committed to quality standards and advice.
Advocacy
We’re your voice and advocate. We’re dedicated to a fundamental goal: to build the best framework that supports you in providing quality advice to more New Zealanders.
Promotion
Through both promotion and public discussion, we’ll actively and consistently drive awareness of the value of advice and the role our members play in helping Kiwis thrive.