In a significant move, TAP is expanding to offer it services at a national level to any adviser even if they use another aggregator.
TAP managing director Ryan Edwards says essentially it is removing the emotional or psychological pull around whether an adviser needs to abandon their existing aggregator relationship to take advantage of TAP’s services to make their business stronger.
Edwards believes there are at least 500 adviser businesses that would be a good fit for accessing and benefiting from working with TAP.
“We want the expanded business to stand on its own two feet in terms of advisers seeing the tangible benefits of plugging into a support system rather than having to worry about the intangibles around loyalty, personal relationships or historical alignment with another aggregator.”
He says what TAP is offering removes the politics from the industry. “It just comes down to: ‘Do I see value in working together? Is this going to help my business? Is this going to help me get in front of more clients?’”
The move reflects TAP’s belief that the future of advice lies in collaboration and capability, not exclusivity, Edwards says. “We want to make it easier for advisers, associations, groups, and licensees to work together without alignment being a barrier.
Our goal is simple: strengthen advisers, strengthen the profession, and ensure more New Zealanders can access quality advice.”
Past practices no longer relevant
In the past if an adviser wanted to change their CRM system, for example, they would have to change their aggregator allegiance. And for a lot of advisers those relationships would have been historical or based on strong personal associations. The old model forced an adviser to pick and choose.
TAP operated in that system as a traditional aggregator when it first started business in 2018, which suited how the adviser market operated.
“The market model was forced alignment with one aggregator. If an adviser wanted the services of a particular aggregator, they had to align with that business.
“Putting that emotional, or an artificial, barrier around group alignment wasn't helping the industry move forward. It was quite tribal and factional but it made sense to go down that path.”
Edwards says that model doesn't really exist anymore in terms of the traditional historical aggregation, particularly on the insurance side.
What the business found as the industry matured, the way groups were remunerated was becoming a barrier to entry for people who wanted to use TAP’s services but didn’t want to necessarily align with the aggregator at a group level.
Now the financial flow of revenue has reverted from groups back to advisers that enables advisers to decide where to invest in their business rather than a chunk of money going to the actual group, he says.
“That's where we're changing the model because five-10 years ago, financially it made sense for everyone to align with a particular aggregator.”
Putting the adviser first
“What we have decided to do is put the adviser at the centre of the conversation again by acting as an industry infrastructure partner.
“We're here to help anyone from any group. If and adviser sees value in what we do, great, plug us in. And if an adviser sees value in working alongside another group or another association, they don't have to have that forced alignment.”
He says TAP is offering complimentary services. “Obviously advisers are not going to run two separate CRMs at the same time. It is making the conversation about value that can be added and outcomes to the adviser business rather than making it about which group that business chooses to align with and whether that is restricting or enhancing its access to services.
Edwards says TAP exists to back advisers, not control them, supporting independence, professionalism, and long-term success.
“Through technology, data insights, and specialist support, TAP helps advisers modernise, scale sustainably, and stay compliant and client focused.”
He says when advisers operate more efficiently and confidently, more New Zealanders can access quality advice, benefiting clients, the profession, and the economy.
Wider move in sector
TAP Group chairwoman Naomi Ballantyne says this shift reflects a wider move across the sector toward greater openness and shared infrastructure.
“Historical competition around alignment with one aggregator is ending and that’s a good thing for everyone. The next phase is about empowerment. It’s about platforms and providers working together to give advisers what they need to thrive - systems, data, and support that are independent of alignment or control.”
TAP says its competitive advantage lies in combining technology and data capability with hands-on operational delivery, making transformation achievable without the pain typically associated with change.
More than 100 specialist staff support data management, administration, and operational transformation.
“We’ve built a model that removes the friction from change, Edwards says.
“Advisers shouldn’t have to choose between modernising their business and protecting the day-to-day client experience – especially because of any loyalty conflicts. They should be able to do both,” Edwards says.
TAP supports more than 550 advisers nationwide.
“Everything we're doing is around trying to raise the bar in New Zealand. There is such an opportunity for the country to benefit from people getting financial advice and, and the industry is still crying out for some efficiency and some scale.
“We want to focus on value and not politics.”
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