REMEMBERING FRED DODDS

The financial planning community has lost a true legend.

Philip Macalister pays tribute.

Fred Dodds passed away on Monday, November 9.

Not many people knew Fred was battling cancer. But that is what Fred was like.

One of the many loveable things about Fred was his humour. Decades ago he was involved in industry debates and I still remember them because of Fred. More recently when he accepted his Financial Advice New Zealand Outstanding Contribution to the Industry award he gave a wonderful, off the cuff, hilarious speech.

As a Dad, I loved to see how he publicly showed true affection for his daughter, Toni. I know he was very proud that Toni worked in the same industry as him and, like Fred, she is determined to help lift professional standards.

Fred was passionate about financial planning and understood the many issues. Often he would hit me up with some questions seeking my thoughts. One of the more recent was returning on a bus from some conference dinner in Christchurch. He asked me about the IFA and PAA getting together. Little did I know at the time things were progressing on what was to be Financial Advice New Zealand.

It was a good discussion we had. Looking back Fred had the bit between his teeth on this one and he, along with others, succeeded.

Fred joined the industry in 1977 working for the likes of Prudential and Tower.

As an adviser manager Fred recruited, trained and supervised many successful advisers over the years – he was highly respected within the profession.

Besides his roles within companies, Fred made massive contributions to the various adviser organisations over the years; including the Life Underwriters Association, International Association for Financial Planning, Insurance and Investment Advisers Association, Financial Planning Association and Institute of Financial Advisers. His commitment to these organisations demonstrates his passion to give back to the industry.

This was also summed up in his nominations for the outstanding contribution to the industry award: "It is his passion that sets him apart from the crowd." "His passion for the profession, his ability to encourage others to achieve and become part of the story is outstanding, whether it be personal phone calls to discuss what is going on, to addressing meetings to obtain advisers' thoughts and issues. It is this inclusiveness that sets him apart."

"His passion shone through as the realisation that a new combined body was required for institutes and associations."

"He cajoled, annoyed and helped corral the three associations form what has become Financial Advice New Zealand."

In his leadership role, as the chief executive of the Institute of Financial Advisers, he was instrumental in forming the sector engagement group, presenting a united voice of stakeholders to regulators and officials.

Fred took on this role at a time when the industry was in a state of turmoil given the GFC and subsequent regulation creating uncertainty for advisers. This translated into membership declines across all associations and institutes as members questioned the effectiveness and validity of their associations.

Fred’s willingness to step up and engage with members and act as their advocate with authorities was beneficial in retaining members, he was constantly available to members and local committees to assist wherever needed, purely for the good of the profession.

It is this passion that set Fred apart, so much so that he performed his chief executive role at a significantly reduced salary.

A number of years ago we interviewed Fred about his time in the industry:

Fred Dodds, in his own words

Who are you and what do you do?

I am Fred Dodds and I am the chief executive of the IFA – a position I have had now for some 15 months. It is challenging but there are some real neat people in this game. I am lucky to have been involved in most of the disciplines and have built some real good friendships with a lot of them.

How did you get into the advisory industry?

In 1977 I was a marketing manager for a farm equipment company in Gore!! Part of living in rural Southland was joining a service club – for me that was the Round Table. It had as member a National Mutual agent, MDRT-qualifier who said I should become a life agent. He was persistent and so I decided I would give it a go but would do so in my home town of Dunedin.

My insurance agent was Ian Clark who was a Government Life agent and he got me into the Dunedin office where I was “recruited”. Then spent three days listening to Earl Nightingale tapes and learning how to drive a rather small rate boom and then put out on the street!! Well it was not quite that basic.

In those days along with the other mutuals you were sent away for a 10-day induction course before you were let loose on the public – not quite sure we do that today – FSPR, Disputes Resolution Scheme – primary disclosure statement and away you go

For most of your career you’ve worked on the corporate side of the industry. Have you every wished that you’d rather have been an adviser?

Well I was an adviser for four years 1977 to 1981 when I was encouraged to become an agency manager and the rest is history really. I thoroughly enjoyed the agency years – helping advisers get established and successful – many are still good friends today. Looking back now though – yes staying an adviser would have been a good choice. I say that because the role of an adviser today is so wide ranging and whilst not there yet we will be recognised as a profession one day – advisers do a great job over all the life cycles in a person's life

You’ve got a pretty good reputation for getting up in front of groups and being an MC. Where do you get all your gags from?

Not sure really – I suppose my makeup has a good lacing of humour built in. I am a good listener though and you would be surprised how many gags and one-liners just get produced out of matching conversation with individuals, companies and life situations. I also have been a bit of a conference junkie and have therefore heard some great gags from a lot of presenters.

If there is one thing you would like to change about the financial advice industry, what would it be?

To have the career and the job advisers do in financial services recognised by advisers, product producers, the public and other professions as a “profession”. Now that requires a raising of standards and attitudes by a lot of players – I might hang around for a while to see if I can help that happen!!

What’s the best advice you have ever received?

I can remember attending a LIMRA (Life Insurance Market Research Association) course to turn me into an amazing agency manager. One of the lecturers said two things that have stuck in my mind:

• attitude counts far, far more than talent and

• being negative doesn’t help others.

I have pretty much got them into my DNA I think.

Outside of work what do you do?

I live in Waikanae – Kapiti Coast – neat place. I am on the executive committee at the Chartered Club and that keeps me pretty busy with meetings.

I am also, along with Mavienne, a keen gardener and we have had a property in a promotional Garden Walk – like 2,000 people trampling over my groomed grass and asking dopey questions – no jokes there!!

And the odd game of golf – left hander – I have the best controlled banana slice on the coast.

And with a son living in the UAE we get up there quite frequently – Mavienne and I love it up there. There is a financial planning fraternity up there – growing. I could go up and establish a business – I would only need one Sheikh!!

What’s one thing people may be surprised to know about you?

I was, in another life, a pretty keen snooker and billiards player – like NZ champs, etc. I have been playing again in recent years in local competitions with some success. Not quite Pot Black territory but I do have a handful of 100 plus snooker breaks to my credit.

If you weren’t in this job what would you be doing?

Two things spring to mind.

Trainer – motivational speaker, or – a career in trade and industry promoting this wonderful country we are lucky to live in.

You're off to your son's wedding in Kenya. What's been easier to organise: a wedding in Africa or a joint conference in Auckland?

Now there’s a question. You can pretty much get advisers and product suppliers on side around a conference – they clearly see the end game.

A Kenyan wedding is fraught with tradition, culture and an attitude of – “it’s your marriage but our wedding”. Things like “what do you mean a guest list?” – “we always invite the whole village!!”

So – off Mavienne and I go next week to Lake Naivasha – about 120kms outside Nairobi where we will join daughter Toni for the marriage of our son Bevan to Abby Momanyi – it will be a great occasion.

Oops – I have to give a speech –better head off and find some gags!