About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Sunday, February 1st, 6:18PM
rss
Latest Headlines

CFP growth stymied

A lack of CFPs in New Zealand is slowing the growth of the financial planning industry.

Tuesday, February 20th 2001, 7:03AM

by Philip Macalister

The growth of financial planning, particularly the top level, is being hampered in New Zealand by the changing face of the advisory industry.

To achieve the top-flight Certified Financial Planner (CFP) status a planner has to spend a period of time working with a mentor. However, there are insufficient mentors, or advisers willing to be mentors, in New Zealand.

This problem has been accentuated in some of the big organisations, such as banks, where there is a desire to move their growing band of advisers to the CFP status, but there is no one in the organisation to undertake the mentoring role.

Not surprisingly people in other organisations aren't willing to be mentors for their competitors.

Financial Planning and Insurance Advisers Association (FPIA) chief executive Phillip Mathews acknowledges the problem is a major impediment to the growth of the CFP designation in New Zealand.

"There aren't enough CFP's," he says.

The association is looking at changes to reduce this bottleneck and will move "quite quickly" on the problem.

He also assures existing members that the association "won't reduce its standards or hurdles."

Added to this problem is the automation of the financial planning process. Within a number of the big organisations advisers do interviews with clients, then a standard plan is generated by computer.

Because the plans are developed based on a formula, rather than being tailored individual plans, there is an argument that they don't need to be reviewed by a mentor.

Another possible change is that the association may do away with the provision, in some cases, for financial planners to do an introductory course on planning as many of the big organisations have in-house courses.

While the CFP brand has been almost invisible in the market place since it was introduced several years ago things will start to change this year.

Mathews says the financial planning college of the association has built up "a bit of a war chest" and will do some promotion of the brand later this year.

He says there is a good opportunity to do this in April when the International CFP council meets in Auckland.

You can read Philip's blog here: http://www.goodreturns.co.nz/blog/

« News Round UpGet your tax questions answered online »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • DIMS conditions clarified
    “What am I missing? I agree with MPT Heretic's questioning of the importance of NTA when the client or the custodian holds...”
    2 days ago by Murray Weatherston
  • DIMS conditions clarified
    “It is the final paragraph from MPT Heretic's response that caught my attention: Perhaps it is time for the playing field...”
    2 days ago by Pragmatic
  • DIMS conditions clarified
    “Well Minister Goldsmith does not have to look far to find unnecessary costs being piled onto adviser businesses and ultimately...”
    3 days ago by MPT Heretic
  • Demand for simpler trauma policies
    “Maybe Milton and the other Head Honchos should maybe suck the Sav a bit and dial down their profit margins eh! And dont give...”
    4 days ago by billy the broker
  • Demand for simpler trauma policies
    “The Lifecare product that Fidelity offer is a good way around the problem. I think a lot of people do not understand it. Appreciate...”
    10 days ago by Wall
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AMP Home Loans 7.24 5.69 6.19 6.55
AMP Home Loans $200k+ 7.14 5.59 6.09 6.45
AMP Home Loans LVR <80% - - 5.75 6.09
ANZ 6.74 ▼5.95 6.09 6.39
ANZ Special - ▼5.45 5.55 5.99
ASB Bank 6.75 5.99 6.09 6.39
ASB Bank Special - 5.59 5.55 5.59
BankDirect 6.75 5.99 6.09 6.39
BankDirect Special - 5.59 5.55 5.59
BNZ - Classic - 5.69 5.75 5.59
BNZ - GlobalPlus 6.74 5.89 6.19 6.29
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Std, FlyBuys 6.74 5.89 6.19 6.29
BNZ - TotalMoney 6.74 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 ▼5.95 ▼5.99 -
Credit Union North 6.45 - - -
Credit Union South 5.75 - - -
eMortgage 6.04 6.15 6.69 7.19
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 6.45 - - -
Lender Flt 1yr 2yr 3yr
General Finance 5.95 6.25 6.50 7.10
HBS Bank 6.65 5.69 5.74 ▼5.79
HBS Special - 5.59 5.49 ▼5.49
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 6.70 6.00 6.30 -
Housing NZ Corp 6.74 5.70 6.09 6.29
HSBC Premier 6.84 5.45 5.65 5.79
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 6.75 5.99 6.39 -
Kiwibank 6.65 5.69 6.09 6.29
Lender Flt 1yr 2yr 3yr
Kiwibank - Capped - - - -
Kiwibank - Offset 6.55 - - -
Kiwibank LVR > 80% - - 5.55 5.89
Liberty - - - -
Napier Building Society 5.80 6.00 6.70 -
Nelson Building Society 6.95 6.15 6.60 -
NZ Home Loans 6.85 6.09 6.40 6.65
Perpetual Trust 7.70 - - -
Resimac 6.59 6.03 6.10 6.19
SBS Bank 6.65 5.69 5.74 ▼5.79
SBS Bank Special - 5.59 5.49 ▼5.49
Lender Flt 1yr 2yr 3yr
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 5.99 6.19 6.39
Sovereign Special - 5.59 5.75 5.59
The Co-operative Bank 6.70 5.59 5.59 5.74
TSB Bank 6.74 5.95 6.19 6.30
TSB Special - - 5.79 -
Wairarapa Building Society 6.20 5.75 5.95 -
Westpac 6.59 6.09 6.39 6.65
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.59 - - -
Westpac Special - - 5.79 5.89
Median 6.70 5.95 6.09 6.29

Last updated: 31 January 2015 5:00am

News Quiz

A well-commented on story last week mooted that many authorised financial advisers are out of their depths discussing what with their clients?

bonds

death

divorce

piles

birth control

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by PHP Developer and eyelovedesign.com