March 2020                  

First Grants Made

The Trustees considered and approved two applications of $20,000 each for project assistance in line with the PAA Legacy Trust objectives.

• Financial Advice NZ to fund a research project to explore the awareness and value of financial advice. The report called ‘Trust in Advice’ from this research is now released and can be viewed here. 

• Life Info requested funds to continue the not for profit work developing the consumer website life-info.org.nz which promotes the need for advice.

The Trustees felt it was appropriate to make these first two grants using some of the funds received over and above the initial anticipated capital of $2,000,000 which has been added to from Call Account interest and an unexpected tax refund to the PAA during its wind-up process. Independent Chair of the Trust Trevor Slater said “in light of current regulatory changes facing Advisers, both of the applications are ones which will benefit and endorse the work of Financial Advisers in New Zealand”.