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Video targets bank advice

A group of European financial advisers has made a satirical video warning consumers about the quality of bank advice – but we shouldn’t expect to see anything similar in New Zealand, one industry commentator says.

Thursday, January 16th 2014, 6:00AM

by Susan Edmunds

The European Federation of Financial Advisers and Financial Intermediaries (FECIF) has produced a video that makes the case for non-bank financial services.

Better Without Rose-tinted Glasses shows a banker telling customers he has the “right product” for them and asking them to “sign here”, while a young girl asks why every customer is being presented with the same product.

Former PAA president Peter Leitch said he didn’t think a New Zealand version was imminent.

“I would doubt any New Zealand-based adviser has the time to do that sort of thing. People have got enough on their plates with their own clients to be too concerned about doing that sort of thing.”

He said banks had a different focus to advisers and were able to deal with mass advice in a way that IFAs could not. “Banks are able to provide information and products to the population, advisers can’t afford to do that.”

Leitch said while some bank advice would be perceived by advisers as poor, advisers were also often critical of the advice of other advisers.

You can view the video here.

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