Stage Three – Planning – Is Underway

Monday 27 February 17

Stage Three of the 100 Working Day Development Process is now underway. The Development Process will be complete in just over two months, by 5 May 2017, at which time the role, functions, objectives, structure and constitution of Financial Advice New Zealand will be outlined.

Stages and Progress:
Stage One: Preparation – Complete
Stage Two: Consultation – Complete
Stage Three: Planning – Underway, to be completed by 4 April 2017
Stage Four: Operations – 5 April to 5 May 2017

Stage Three: Planning
Consultation has been extensive. While it has highlighted different points of view on a number of topics, more importantly the Consultation Stage highlighted key areas of commonality on the big and important themes amongst advisers, as well as other industry partners.

– We need to focus on increasing public awareness and understanding of advice, and the role of advisers in helping New Zealanders be better off.

– We need to focus on Advocacy (lobbying) and Standards.

– We need to tightly define our role in the wider industry and focus on a smaller number of core areas to better support advisers and the publics’ access to advice.

Over the past two weeks following the conclusion of the Adviser Forums, the Working Group has compiled all views and comments from all of the Consultation events held since November 2016 to build a comprehensive picture of the priorities and perspectives. These are now being drawn on to build the Financial Advice New Zealand Plan.

What is the Plan?
In short, the Plan will outline the role and functions of Financial Advice New Zealand to achieve the key objectives highlighted during the Consultation Stage. These will underpin the Constitution – the principles, rules, and aspirations – of Financial Advice New Zealand.

This is the Stage that we get into the detail: what Financial Advice New Zealand will do to support members in the changing world of financial services; the clearly defined and relevant value of membership for advisers; how the new body will achieve key outcomes; the functions the new body will perform in key areas such as Public Awareness, Advocacy (lobbying) and Standards; the best structure to support the needs of advisers and more. In short, the detailed Roadmap for Financial Advice New Zealand.

What’s next?
By 4 April 2017, the Financial Advice New Zealand Plan will be complete. For the remaining 20 working days of the Development Process, the Working Group will concentrate on Operations (Stage Four), for example, personnel, systems, location etc. This stage will be completed by 5 May 2017, and will bring the Development Process to a close.