The Board had its last meeting in Wellington on 7th September, the same day as our AGM. It was great to see a couple of old AXA stalwarts at the AGM as well as some new faces. There were lots of good questions and banter, so it was a very pleasant couple of hours spent with some of our members. Still, attendance wasn’t huge, so next year we may give Auckland a turn to host our AGM. Links to both the Chair’s and the CEO’s reports on the AGM are below:
The AGM also elected two new directors – Royden Shotter and Jeremy Cole. They were warmly welcomed to the Board and will attend their first meeting in November. John Robinson left the Board after four years of service and the Chair formally thanked him for his service, as part of the AGM.
This newsletter has a good article on the notification and claim trends out of our PI scheme over the last 13 years. It’s well worth a read and probably the two critical lessons from this data are:
- Claims can have a very long lag time. Claims are still coming through from the global financial crisis and the Christchurch earthquake.
- All areas of adviser activity generate claims.
The dreaded FSLAB has now passed its second reading in Parliament so the shape of the future is certainly becoming clearer. We are still waiting on the next round from the Code Working Group. At least 2019 will likely be more focused on responding to the new regime as opposed to advocacy. Certainly, the TripleA has responded with its new scholarship programme which is designed to help and support RFAs, as they transition to the new regime. The Board approved the first two TripleA scholarships over the quarter and we expect a handful more before Christmas.
The director’s bio this time around is for Malcolm Papworth our Chair. We will progressively be introducing all our directors with their bios in future newsletters.
Our work raising the profile and attracting new members to the TripleA continues apace! We must be doing something right because as Malcolm, our Chair, reported to the AGM, we have processed 51 new members through in the first eight calendar months of this year. A great result. There have been a few more in September as this eZine is sent out. Inquiry levels are high due to our new scholarships, and I have a range of meetings with advisers and adviser groups planned between now and Christmas.
The roll-out of an upgraded database planned for December will also help underpin a range of other marketing initiatives we have planned for 2019. So as one of my nameless directors has coined it, we are “good busy” but the future is looking reasonably bright as the TripleA enters its 70th year of operation.
Wayne Smith
Chief Executive, TripleA Advisers Association
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