Financial Advice NZ and the Financial Planning Institute of Southern Africa have formed a new international partnership designed to “…strengthen professional standards, share expertise and create new opportunities for advisers across New Zealand and Southern Africa.”
Financial Advice NZ says the partnership was formalised through a Memorandum of Understanding signed at its inaugural Advice Policy Summit in Auckland.
It says the MOU establishes a five-year framework for the two professional bodies to collaborate on professional development, thought leadership, policy issues, international best practice and the advancement of the global financial planning profession.
Financial Advice NZ’s CEO Nick Hakes says the partnership creates an important pathway between the financial planning professions in both countries.
“Financial advice is increasingly part of a connected global profession. While each country has its own regulatory and operating environment, the principles that underpin quality financial advice, including professionalism, ethics, competence and acting in clients’ best interests, are universal,” he says.
“This partnership gives our professions an opportunity to learn from one another, share knowledge and strengthen professional capability. It connects New Zealand advisers with international thinking and creates a pathway for collaboration that will benefit professionals, their clients and the wider communities they serve.”
FPI Chief Executive Officer Lelané Bezuidenhout, says the partnership highlights the growing importance of international collaboration in financial planning.
“Current financial planning trends point to the need for closer collaboration in areas where professional overlap and the cross-border movement of South Africans and CFP professionals is increasing. Clients are also more likely to hold assets, family interests and financial obligations across several countries,” she says.
The organisations will also work towards developing a framework for greater recognition of professional credentials between the two jurisdictions.