ARA backs down on boycott of peak adviser association
Therepresentative body of advisers inAXAdealer groups, the Authorised Representatives Association (ARA), has backed down on threats to withdraw from the peak industry council of adviser associations.
The ARA flagged its intention to withdraw from the National Council of Financial Advisers Associations (NCFAA) in September after it claimed the body represented institutional rather than adviser interests.
NCFAA chairman Steve Bruce later claimed ARA chairman Leo Menkins was withdrawing as the peak association would not support a nomination for him to theFinancial Planning Association(FPA) board.
Menkins says the decision to back down on the withdrawal is the result of the nomination of Mark Lewis, head of theMLCadviser association, to the FPA board, a decision acceptable to the ARA.
“We don’t want to stall the momentum we are getting. Rather than withdraw, we would prefer to work from within,” Menkins says.
Bruce says although there have been disagreements and differences of opinion with the ARA, “it is all water under the bridge now”.
As a result, the ARA will be attending the next meeting of the NCFAA scheduled for November.
Since the ARA claims, the NCFAA has said it does not pander to institutions but instead gives adviser representatives, from dealers such as AMP, MLC, Norwich and Australian Financial Services, a voice.
At the time, ARA chairman Leo Menkins also attacked the FPA, saying that the association was “toeing the line” of institutions.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
