Members agree to expansion at national AGM
Members of the FBAA have given the green light to a bold plan to extend the organisation’s reach across the ditch to New Zealand, providing brokers there with a stand-alone peak industry body.
The proposal won the backing of FBAA members at its national AGM held on the Gold Coast on Thursday, November 2.
While Kiwi mortgage brokers, known as mortgage advisers in New Zealand, are currently represented by Financial Advice New Zealand, the organisation also represents financial planners, investment advisers and insurance advisers.
FBAA managing director Peter White said that the FBAA would provide a dedicated membership organisation for New Zealand mortgage advisers.
“At this point in time, what we’re focused on is providing specialist support and guidance and advice for mortgage advisers,” White said.
It would draw on its skill set developed in Australia, focusing on local needs and requirements.
“We plan to bring a whole host of events and value-add educational components, as well as new opportunities New Zealand advisers may not have seen in the past, that will help them grow their business and grow their opportunities with their customers,” White said.
The FBAA AGM vote to establish a business presence in New Zealand exceeded the required minimum 75% threshold.
Under a separate resolution, members voted in favour of the Finance Brokers Association of Australasia Limited to be named as the corporate entity. The New Zealand-based operation is to operate under a separate brand, with the details still to be confirmed.
White said that the FBAA had established a positive working relationship with New Zealand’s Financial Markets Authority and would look to support key initiatives and maintain a strong regulatory focus.
He said the New Zealand member organisation would focus on building awareness, maintaining appropriate levels of promotion, engaging with politicians and regulators and increasing adviser market share.
“When we’ve started discussing this with members, there are many things that have come to us that create greater opportunities for advisers in New Zealand,” White said. “The end result of this is to grow the market share of New Zealand mortgage advisers.”
Initial expansion funded by existing FBAA members
White confirmed that the initial expansion into New Zealand would be funded by existing FBAA members and said that it had taken a “conservative approach”.
He said the expansion would “greatly exceed expectations”, and come in under budget.
“We’re very fortunate in that we’re leveraging off the infrastructure, technology, process and systems that we already have,” White said.
The New Zealand membership organisation is expected to be operational in early to mid-February 2024, with a local country manager to be appointed.
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