IFA surprised by low Money Week turnout
The Institute of Financial Advisers has been left searching for answers after its offer of free financial advice during Money Week attracted only 30 enquiries nationwide.
Tuesday, September 11th 2012, 6:43AM 
7 Comments
by Niko Kloeten
About 100 advisers had volunteered to provide up to an hour of pro bono advice last week.
Enquiries to a central hotline were directed to advisers based on their areas of expertise as well as their geographic location; due to regulatory constraints they could only offer class advice.
However, the lack of public response meant many of the advisers didn’t end up fielding any inquiries at all.
The IFA’s initiative was one of more than 100 money-related events took place as part of the Commission for Financial Literacy and Retirement Income’s inaugural Money Week.
The goal of the week was to improve the financial literacy of New Zealanders and financial advice is an important part of that, according to Neville Caird, who was in charge of the IFA’s pro bono programme.
“Normally people talk to advisers when they are in trouble; if you get to them before that you can actually develop a strategy.”
He said he was surprised at the low turnout and there would be enquiries made as to how to boost that number for next year’s event.
“I’m just a little bit disappointed because of the sheer numbers,” he said. “I thought there would have been 30 calls not just from Dunedin, where I live, but from Mosgiel. I was expecting hundreds of calls.
“However, with those advisers that were involved their general view was they were very happy with how those discussions went.”
Retirement Commissioner Diana Crossan said she couldn’t make any definitive comments on Money Week before a full debriefing, which is being held today.
However, she said there may have been issues around the promotion of individual events, which was to be done by the groups running each event.
“Some of the groups will be disappointed with what happened because they didn’t realise just how much they needed to promote them.”
Niko Kloeten can be contacted at niko@goodreturns.co.nz
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Comments from our readers
Perhaps the Commission can take a more “active” role in helping promote similar events in the future? Shouldn't just be left up to the IFA etc. themselves as Retirement Commissioner Diana Crossan seems to be implying with her comments.
Honestly, you do have to question sometimes what some of these Government organisations do all day? Not impressed.
The whole point of AFA status and the regs was to promote public confidence in advisers and the industry.
But it seems govt departments dont have that confidence their own rules and regs are supposed to promote. They still wont align with the industry, perhaps out of some ridiculous fear of association with the next big scandal?
Even class advice or pro-bono work has value. Most advisers in that initial meeting will do something to add value. It could financial literacy, tips, some sage advice that would be common sense to us but a revelation to Joe punter.
The sceptics be damned - their cynical outlook doesn't let them get anywhere in life anyway.
Most advisers would be happy to meet you for an hour and discuss your situation (a second opinion etc), just ask if they offer the first hour without charge. You could either phone a reputable Adviser or the Institute of Financial Advisers could put you in touch with an appropriate adviser. Before choosing an adviser to work with, take a look at the Financial Markets Authority website which gives you some important points to discuss. http://www.fma.govt.nz/help-me-invest/getting-financial-advice/choosing-an-adviser/
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