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Advisers offer free service

IFA advisers will be manning the phones to provide free advice during Money Week this week, but the association’s chief executive isn’t expecting them to be run off their feet.

Tuesday, August 11th 2015, 6:00AM 2 Comments

by Susan Edmunds

From August 31 until September 6, IFA advisers will be on hand to provide up to an hour’s free advice between 9am and 4pm daily via phone.

The advice can cover things such as KiwiSaver, retirement planning, investment, insurance and cash management.

Last year, there were about 80 phone calls to the free financial advice line during Money Week.

IFA chief executive Fred Dodds said there were plenty of advisers in the IFA who were willing to provide free advice to those who wanted it.

“They’ll do their best but how do we move a million people to make a phone call? We’ll do our thing and wave our flag. We just want to help the Commission for Financial Capability be seen to be doing the right thing, we’re doing our bit.”

Many people would probably want help with questions such as whether to fix their mortgages, he said.

“It’s a time for giving financial literacy a bit of focus, I don’t think people will wake up and rush off and say I must see a financial adviser but it’s the right thing to do.”

The demand for this type of service would grow as KiwiSaver member balances did, he said.

“There are 2.5 million people in KiwiSaver, lots will go ‘I’ve never saved this much before. As the years go by and the CFC builds financial literacy you will get more and more inquiry. It’s up to advisers to get out there. Sometimes it’s not about making a sale.”

Tags: Commission for Financial Capability financial advisers FSC

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Comments from our readers

On 11 August 2015 at 11:53 am Brent Sheather said:
At last, advice at the right price.
On 14 August 2015 at 3:40 pm traveller said:
do we have any record of how many enquiries were received by phone?

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