Aussie Industry Body Expands into New Zealand

News that the Finance Brokers Association of Australia has plans to launch a new adviser membership body in New Zealand next year caught the attention of Riskinfo readers this week…

The Finance Brokers Association of Australia (FBAA) is to open an office in New Zealand aimed at serving the country’s mortgage advisers – but may cast the net wider in time.

The organisation’s Managing Director Peter White – who has been in the industry for 45 years – says the opportunity to launch a new industry body has been made possible due to a number of “new entrants” opening up in the country. However, he wouldn’t name the companies supporting the FBAA’s expansion.

“These companies want to align themselves with us because they have known us for quite a few years, and we have also been asked by brokers for many years to set up an organisation here,” says White.

“The continuing commentary we get from mortgage advisers is that they aren’t happy and want us to come and give them something more.”

White says membership fees will be around $660-plus GST and expects to attract around 500 members “very quickly”. He predicts membership will rise to between 1,000 and 1,600 over the next few years.

He says the new organisation, which is yet to be named, will focus on advocacy and training.

“Advisers don’t feel as though they are being represented well and say there is not enough in-person professional development events. A lot of people are asking for face-to-face training,” he says.

White says offering training without an industry body backing it won’t work.

“We’ll hold professional development days, conferences, and back it up with the advocacy support we are told is needed,” he says. “There will also be interactions with regulators, politicians, and media.

“At some stage in the future we may absorb into other areas, especially as insurance is the common coupler. But right now we are not going into those markets.”

White is currently recruiting a New Zealand country manager and says he has already been approached by contenders “coming out of the woodwork”.

The new organisation is to launch in February 2024. The FBAA has more than 11,000 members in Australia.