Consultation: A focus on advocacy

Monday 27 February 17

Advocacy (lobbying) and Regulation emerged as key areas of focus during the Adviser Forums and other Consultation events. Below are some of the many views expressed. While the Consultation Stage has concluded, we welcome any additional feedback and views. Click here to have your say.

Q: The world we operate in as advisers has changed. What should the role of a financial adviser association be in the future?

“Regulation – no matter how many regulations, the individual needs to be responsible for their client’s best interests. You can have all the education and standards etc. but can still give poor advice to clients who don’t know the difference. Consumer awareness is important.”

“Regulation and advocacy – yes. This is one of the prime reasons a group like this exists, to advocate for members.”

“For regulation and advocacy act as a voice for financial advisers throughout New Zealand and work more closely with government.”

“Regulation to guide members to conform with regulation and support how to have best practice around this. To be a voice for regulation and to lobby for what’s in members (and consumers) best interest.”

“The core purpose of Financial Advice New Zealand in my mind, is to a) represent the industry on regulatory and advocacy issues – keeping the rules workable for the practical “coal face”; b) be a respected voice to regulators and government on issues facing our industry and the consumer – compliance/regulations NOT the only answer; c) provide leadership to the industry on best practice, trends, issues providing quality “generic” non provider/product raining to practitioners on all aspects of the full financial advice spectrum; d) work overtime to build consumer awareness of the value of good, quality advice and the benefits of using member services. Strong media profile on all issues regarding Financial Advice. Comments on regulation, trends, consumer issues, investment environment etc. – this area needs significant improvement!”

This is just a small sample of the views expressed during the Adviser Forums. The Working Group is currently compiling all views and suggestions to build a comprehensive picture of the priorities and perspectives. We look forward to sharing more information as the Development Process progresses.

Other news from February 2017

Strong turnout and contribution

Monday 12 February 17

Eleven events nationwide, hundreds of advisers, and hours of discussion – the Financial Advice New Zealand Adviser Forums drew to a close last Thursday.

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Consultation: Strength in numbers

Monday 27 February 17

“Strength in numbers” was the general consensus of providers, groups and other industry participants when asked whether financial advisers would be better represented by a larger body or by small specialist bodies.

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