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Disclosure like choosing a builder

The Institute of Financial Advisers (IFA) has put out primary and secondary disclosure document templates for its members combining the IFA’s Code of Ethics and the requirements of the Financial Advisers Act.

Wednesday, February 9th 2011, 6:52AM

by Jenha White

IFA chief executive Peter Lee says advisers need to be thinking about disclosure documents sooner rather than later, even though they are not required to use them till July 1. The IFA has also provided disclosure templates for non-AFAs.

Lee says he likens the disclosure process to a consumer choosing a builder.

"The first decision anyone makes is the builder they choose, so people ask around their mates to find out about the options.

"Then the second decision is around how much it will cost that builder to do the renovation, getting a quote for the cost."

He says in the same way the primary disclosure document is about choosing the adviser and the secondary one is about the actual cost of doing business.

Lee says there is the ability to give a client to give both primary and secondary documents at the same time, which he believes would be more feasible for risk advisers because they don't normally charge a fee.

However he says financial advisers won't have enough information when they sit with the client the first time round to give them both, unless the secondary disclosure gives information in terms of the scope of advice and price.

Jenha is a TPL staff reporter. jenha@tarawera.co.nz

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