Missing clients a problem for advisers
NZ Funds senior counsel Mike Gray told the conference that the “difficult task of getting to all your clients” is a necessary one due to the Financial Markets Authority’s desire for advisers to have met all their clients since the regulatory regime came into effect nearly two years ago.
He said at their current pace, many advisers will take two more years to speak to all their clients but in reality the pace will slow down.
“Why? Because you’ve already gone to all the high-value clients and people you can get hold of relatively easily. From there it’s going to get harder and harder and harder,” he said.
“There’ll be people you write to six times who never reply, people you can’t find. These people are still your clients. If you continue your current approach you’ll never actually complete it as there will always be those clients that are completely non-responsive or you can’t find.”
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