Special Meeting Outcome a Win for Members, Says PAA


Members of the Professional Advisers Association have voted to approve the Association’s Holiday Home Legacy Trust.

In what PAA CEO, Rod Severn, described as a win for the Association and its members, the member vote to create the Trust enabled a $2.2 million asset to be re-purposed for the reason the Trust was established.

Had its members not voted to establish the Trust, the PAA would eventually have experienced a significant taxation burden that would have been applied to its members’ funds.

Severn, said he was delighted with the outcome, where the member vote was 98 for the proposal and two against.

PAA CEO, Rod Severn

“The committee formed to oversee the creation of the Trust Deed …put in a lot of time and effort into getting this Trust Deed right,” he said.

“The Legacy Trust has an excellent board of directors with a deep understanding of what the legacy means, strong governance credentials, and a willingness to ensure the money is used to reflect the purposes of the Trust. I want to thank the PAA members for their strong support,” Severn added.

The next step for the PAA board will be to approve the transfer of funds into the Trust and commence the wind-up process of the PAA as the transition to the new Financial Advice New Zealand association continues.

This wind-up process is expected to take between two to three months.