Advisers have their say…

Thursday 01 December 16

The Latest Question – updated fortnightly – is your online opportunity to share your views on a range of topics. We’re off to a great start; keep it coming.

As food for thought, we’ll be posting a handful of comments provided by those who have responded to the Latest Question, every few days. A paper of all comments will be available at the end of the Consultation Process.

There are some patterns emerging, as well a lot of individual thoughts and suggestions. Please join the conversation and give us clear guidance on what you want from Financial Advice New Zealand. 

Thanks to everyone who has taken the time to share their thoughts to date; we look forward to your comments on the topics we’ll be posting over the coming weeks (the latest set of questions were made available on Friday, 2 December – see the Latest Question).

And if you haven’t had a chance to share your thoughts as yet, we encourage you to grab a cup of coffee and spend a few minutes sharing your views. You can view the Latest Question by clicking here; and if you missed the first set of questions, you can access those by clicking here.

Latest Question Comments from Advisers…

“We want to be part of an organisation that takes professionalism very seriously and values experience and education. Such an organisation should keep us up to date with international trends and best practice to benefit our clients. Financial advisers need to be seen for the value they can add to the well-being of society in general, as well as being seen as a viable and rewarding career option for new entrants into the industry.”

“This new body needs to promote the ethical advisers, and this isn’t by the volume of business they have written, it should be based on their book retention. Because happy clients stay with a good adviser generally. There needs to be more stories about the work we do, that many clients don’t see unless they are affected and need their policy to pay out.”

“An effective professional body that: (a) has sufficient voice to lobby on behalf of the profession of financial advice; (b) has sufficient funds and capability to build consumer awareness of the importance of financial advice to help reduce barriers to consumer participation; (c) has sufficient resources to uphold the standards within the sectors; (d) is able to effectively meet the needs of the diversity of each of the sectors while bringing the appreciation of the value that each sector plays within financial advice to all members.”

“In my view, what the Adviser fraternity needs, and long overdue is a body that endorses the value of advice, and what Advisers do and the difference they make in the lives of many New Zealanders. It needs to do this through media channels and other resources – we need Financial Advice New Zealand to do this and it is important it is a focus that is not lost in translation through other standard industry matters. If we can help New Zealanders understand the benefits of getting advice, then we help ourselves and ensure our existence has a bright and successful future. The key however is for Financial Advice New Zealand to ensure they do not lose what is also important to members – and I would suggest that is collegiality.”

“The industry needs to communicate with Consumers not on what good advice looks like – as this would be hard to quantify as every consumer’s needs are different, but what about what a good process is to ensure proper advice is able to be provided relevant to each individual’s circumstances. It needs to show the difference of what happens if you do not get advice, what the different channels within the industry can and cannot do – example a bank can only provide information and advice on their products versus an Adviser who may be able to provide the same on a variety of products and brands. That being able to compare the difference between different strategies can impact the outcomes.”

“Very clear information that spells out, in plain English, how different sorts of advisers work and are remunerated.”

“Do a ‘Do you know campaign?’ Talk about what advisers are doing right; question those who make broad statements that contain no relevance or specifics, and hold them to account.”

“I want Financial Advice New Zealand to promote the benefits of Financial Advice. I’m not talking about any products here, I’m talking about the benefits that come from sitting down with a qualified professional, talking through their situation, and coming up with a Plan to effectively move forward with. I want Financial Advice New Zealand to promote this idea that you’re much more likely to be successful in life if you have a Plan and I want Financial Advice New Zealand to constantly be talking about the importance of having a Plan in place around financial well being because health and wealth are two key areas of one’s life that people need to get right. Missing either one isn’t good yet while most people have a professional that they consult about their health, the same can’t be said for most people when it comes to their wealth. This needs to change and people need to understand the difference between financial advice and product selling as part of this process. I want Financial Advice New Zealand to be constantly talking about financial advice. If Financial Advice New Zealand do this well, I’ll have people approaching me wanting to know more as opposed to me approaching them and trying to sell the concept to them.”

“Keep it simple. The current paperwork requirement makes it far too complicated for people to be able to get a full understanding.”

“Our body needs to represent what is best about the industry and set itself above others in regard to qualifications and ethical-client first advice.”

“A tough question! We individually, then collectively, have to be able to demonstrate a value add in everything we do for our clients. If we cannot do this, then close the office doors permanently. This begins with every adviser examining what they do, and how they do it including exhibiting high ethical standards. IFA can help by finding then sharing successful advice practice standards and structures existing today in NZ. Also encourage and promote a gradual move to independent financial advice that truly serves the client first. Encourage open transparent communication between both members, government, and the public that has both a positive intelligent forward looking focus. Then embrace change as it coming like it or not.”

Other news from December 2016

Kiwis and advice

Thursday 01 December 16

There are countless stories about how advisers have helped Kiwis to achieve their financial goals, and to gain greater knowledge and awareness of their options. To celebrate the role of advice in the lives of New Zealanders, we thought we’d share some words from advisers’ clients about their experiences.

Read More

Latest views from advisers

Thursday 12 December 16

In Round Two of the Latest Question, we’re asking advisers how Financial Advice New Zealand can best support the needs of different types of advice and advisers. Below are a few of the responses we’ve received so far.

Read More