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Just under 50 free advice calls

IFA advisers fielded 49 inquiries when they manned the phones offering free advice during Money Week last week.

Wednesday, September 9th 2015, 6:00AM 2 Comments

by Susan Edmunds

From August 31 until September 6, advisers were available to offer one hour’s free advice between 9am and 4pm via phone.

Last year, there were 80 calls but this year the number dropped off again.

In 2014, there were 58 callers, up from 30 in 2013.

IFA chief executive Fred Dodds said the 49 calls were about what he would have expected.

He said most of the calls related to KiwiSaver or mortgage concerns.

While advisers were not rushed off their feet, Dodds said Money Week seemed to have achieved its broader aims.

The goal of Money Week is to improve New Zealanders' financial literacy.

Dodds said: "Overall, Money Week seemed to have a lot more meat to it, this year."

He said it was tough to get New Zealanders thinking and talking about money.

But he said the Commission for Financial Capability had done a good job and raised the profile of the financial services sector.

Dodds said advisers would offer the free service again next year.

"It's something we have to do as part o our financial literacy work, also promoting the value that advisers bring to the market."

Dodds had earlier said it was something advisers should be seen to be doing.

"It's a time for giving financial advice 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 is the right thing to do."

Tags: IFA

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Comments from our readers

On 11 September 2015 at 5:09 pm traveller said:
I would have thought that 49 calls in a week, 10 a day across New Zealand, could hardly be considered as having achieved its broader aims, whatever they were, given that most were about Kiwisaver and mortgage concerns.This hardly sits with the comment that Money Week had raised the profile of the financial services sector.
On 12 September 2015 at 9:58 am w k said:
the comment in the article did stunned me. i believe if i were to work for a private sector and got this outcome, i would have been gone by lunch time.

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