Engage with the Force - the Task Force that is

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Wednesday, June 1st 2005, 10:14AM 1 Comment

by Philip Macalister

The Task Force held its first two public meeting in Auckland and Hamilton today. I understand there was a reasonable turn out in Auckland - around 40 people and mainly advisers.

My sources tell me that mainly financial planners and insurance advisers attended the meetings - mortgage brokers weren't to be found and there were only a few members of the public.

I guess many of the more senior mortgage broker figures are in Australia and the Mortgage Industry Association annual gabfest.

The Task Force is in Tauranga tomorrow so will whip over there to hear what they have to say and report back. Good to see the FPIA's BoP branch encouraging its members to attend.

Sticking with the Task Force I was interested to read this piece the other day http://www.stuff.co.nz/stuff/0,2106,3297172a11,00.html regarding what the government is doing with builders.

Think about it in terms of financial advisers. Read the story and change builder to financial adviser and think: Would I be happy with this sort of regulation of my business?

As I suggested in an ASSET editorial a while back the government is looking at regulating a number of occupations and what it does in other areas may give us a clue where it may head with the advisory industry.

It seems to me there is a far bit of complacency about the Task Force report at the moment.

Again I understand ING has been asking advisers at its mid-winter roadshow how many of them have read the Task Force's Options Paper. In each of the first few locations only a handful of people have put up their hands.

Consequently ING's distribution manager Boris Becker has given advisers a good old wind up and told them to engage.

Of course you can engage here http://www.assetmagazine.co.nz

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