Latest views from advisers

Monday 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.

If you haven’t yet had the time to provide your input to the Latest Question Round Two, click here to get started. We’ll be closing Round Two and posting Round Three of the Latest Question Series on Monday 19 December.

Mortgage Advisers
“Updates on the market, key changes with banks, compliance help – templates.”

“Be specific about requirements for this type of lending proposals.”

“Be the buffer between the individual and Regulator; keep the adviser up to date with policy changes and provide guidance towards a more regulated environment.”

“Have strong relationships with lenders so our views are expressed as an industry. Provide guidelines specific to the mortgage industry regarding compliance and best practice.”

“Keep them informed of compliance and promote to NZ.”

Insurance Advisers
“Demonstrate to the public that advisers offer good value to clients, and how much good insurers do in terms of meeting claims.”

“Provide a strong voice to the industry and regulators.”

“Try to get the over use of paperwork out of the system and get people to engage with the needs that they have if there was an event that could disrupt their lives.”

“Keep us up to date with compliance changes – simplified.”

“Help to ensure the benefits of professional advice offered by brokers is well marketed to the New Zealand public.”

“Provide strategic planning ideas and combine expert advice to encourage established firms to introduce new advisers to the industry.”

“Keep us up to date with changes to products/policies. Hold more seminars for advisers that are new to the industry and to help support in a prompt manner to get lives insured when the client is eager to get cover in place sooner than later.”

Investment Advisers
“Education, representation at government level.”

“Providing interesting and timely CPD material that not only reinforces but extends the body of knowledge that advisers first acquired.”

“Campaign for stability in regulation and law creation. It is time to stop making changes and to allow advisers to get on and advise and to allow the public a chance to start understanding what investments are about and why they are important long term to security. It is also time for there to be an education of the public about the value of an adviser and also about financial matters both from an industry body and, importantly, from both the regulator and the Government.”

“Market and promote the advantages of seeking investment advice from specialised and competent sources.”

“With the changing dynamics of standard sets, clarification and roadshows about what we need to do to remain legal.”

Financial Planners
“Promote the benefits they provide such as addressing all comprehensive advice components including competent specialists when appropriate /reinforce the benefits of holding the CFP designation.”

“As a true Financial Planner I think the best thing that a representative body could do to support me would be to constantly advocate the benefits of financial advice. Not financial advisers as that can be seen as self serving and it will inherently follow anyway but it’s more about promoting the benefits of financial advice and personally I think it would be great to see an active body like this take all and any opportunities to promote the benefits of financial advice to the public. A real media presence would be fantastic as that’s probably the best way to build people’s awareness and educate them about financial advice, the benefits, and what it actually does. They will see that it’s not all about insurance or investment, products etc. but it’s actually about life and enjoying life. That’s my vision and then off the back of that would be the inference of ‘who wouldn’t want to be enjoying life?’ Get some help if you don’t know what you’re doing or have better things to do with your time.”

“Influence regulations.”

“Support advisers to comply with regulations and client needs.”

“Promote advice to the market.”

We also asked our respondents it they had any views on how Financial Advice New Zealand should be structured to be support the needs of different advisers. Here’s a range of responses.

“Facilitate, endorse and assist in the marketing of shared resources and training opportunities available to insurance advisors in the marketplace.”

“Maintain a communication portal that centralises regulatory information, simplifies it to identify core points and create a forum for sharing views to encourage more participation by more advisors on the current and future state of the industry. Similar to the news and comment section on Good Returns.”

“A board with representatives from each specialty plus at least one person not engaged in financial services seems the obvious solution.”

“By being advocates for advisers and promoting what we do to the public opposed to direct and bank channels.”

“I am happy to be noted/designated as an AFA/RFA/QFE/Adviser (whatever title) specializing in insurance risk for personal business and group needs from ten suppliers.”

“I would like to see a structured training/induction process for new advisers nationwide plus on-going insurance specific education requirements once adviser has reached competency.”

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