Financial Advice New Zealand Represents a New Era for Governance, Independence & Standards as a Professional Body
A new professional body is set to bring an unprecedented degree of collaboration, governance and independence to New
Zealand’s financial advisory sector. Financial Advice New Zealand has been incorporated and will commence formal
operations on 1 July 2018.
Since the announcement of the organisation to the National Advisers Conference in early August, the constitution has
been finalised, the association incorporated, and the establishment board appointed. The establishment board has set,
and begun implementing, a six-month plan to bring the association to life – including developing a quality mark for
members; setting terms of reference for member advisory groups; and setting up an establishment budget and funding
stream. There are ongoing discussions with all stakeholders towards achieving the larger objectives of the new body.
The establishment board consists of independent directors Sue Brown (chair) and Kate Morrison, along with experienced
industry professionals Michael Dowling, Bruce Cortesi and John Bolton, who respectively represent the interests of
investment, risk and mortgage advisers. Members of founding bodies will be invited to begin transitioning to Financial
Advice New Zealand from 31 March 2018.
The organisation will focus on standards, advocacy and promotion of advice to the New Zealand public for the mutual
benefit of advisers, consumers and other stakeholders. It will bring new levels of governance to manage the future
challenges of being a professional adviser body in this fast-developing area.
Sue Brown says, “The New Zealand financial services market is experiencing an unprecedented rate of change and expects
much more change over the coming years. A new, inclusive professional body is needed to respond to this. We acknowledge
feedback from some stakeholders that getting the new body up and running has taken too long. But we are confident the
major groundwork has been done over the past several months and that the new body is in good shape to hit the ground
“The board has been working on finalising incorporation and setting up the infrastructure to bring the new association
to life, and we are pleased to now be able to demonstrate our progress to stakeholders across the industry.”
The new membership body sets a high bar for governance and a precedent in the industry for standards, advocacy and
promotion of advice in the interests of all parties to financial advisory services.
Ms Brown says, “Financial Advice New Zealand has as its founding document a well-considered constitution that was
finalised by the establishment board working group in consultation with advisers and stakeholders throughout the
financial services sector.”
Following its incorporation Financial Advice New Zealand is now executing a six-month plan. A quality mark for financial
advisers will be formally presented to the market with a new website early in 2018; the organisation will open for
membership applications on 31 March; and formal operations will commence on 1 July. From November, Financial Advice New
Zealand will provide a monthly update to potential members and other stakeholders on its progress toward the 1 July
Key dates – the story so far:
• Financial Advice New Zealand announced to the National Advisers Conference
• Working group established
• Working group discussed with regulatory bodies commenced (ongoing)
• Constitution developed and finalised by boards of founding bodies
• Board appointed
• Six-month plan finalised
• Quality mark work stream established
• Terms of reference set for member advisory groups
• Establishment budget developed, and funding sought from founding bodies
About Financial Advice New Zealand
Financial Advice New Zealand is the professional body for financial advisers. The organisation will bring new levels of
governance, advocacy and standards to New Zealand’s financial advisory sector, for the mutual benefit of advisers,
consumers and other key stakeholders.
Financial Advice New Zealand was incorporated in October 2017 and will commence operations on 1 July 2018. Members of
founding bodies will be invited to begin transitioning to Financial Advice New Zealand from 31 March 2018. Its
establishment board consists of independent directors Sue Brown (chair) and Kate Morrison, along with experienced
industry professionals Michael Dowling, Bruce Cortesi and John Bolton.