tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Thursday, July 9th, 9:29AM

News

rss
Latest Headlines

Do advisers need an ad campaign?

A campaign to lift public awareness of the financial advice industry is being suggested as a possible solution to improve financial advisers' standing in the eyes of the public.

Wednesday, October 21st 2015, 6:00AM

by Susan Edmunds

A recent Ministry of Business, Innovation and Employment survey found only just over half the consumers who offered input on financial advisers felt confidence in their professionalism and integrity.

Janine Scott, director of financial planning at Massey University, said there was a big problem of a lack of understanding about the industry.

She said consumers were largely unaware of advisers and those who knew about them were confused and overwhelmed by what they were told, such as about the different adviser designations.

"I sincerely believe that a public awareness campaign may be a partial solution to promoting adviser services," she said.

"The CFP board in the US has launched a public awareness campaign over the past five years and knowledge and recognition of CFP professionals now surpasses that of other financial professionals, even CPAs. Of course, the CPA board has a lot more resources than the professional bodies in New Zealand. But over the past few years, even on social media platforms I see CFP ads."

Blair Vernon, director of advice and sales at AMP, said there was not a lot of point in an education campaign until it was known what changes were to be made to the Financial Advisers Act.

He said it would be hard to get any traction with a campaign if it was to be bogged down in discussion of the differences between an authorised and registered adviser, and someone working for a QFE.

"I'd question whether that would be a case of throwing good money after bad decision-making... you're hoping for a miracle if you want people to understand the current regime."

He said it would be beneficial for the industry to have a single regulatory standard for issues such as disclosure.

There would then be potential for a campaign that informed consumers of what they should expect from an adviser in terms of  transparency and disclosure, he said, which could work to build consumer confidence. "That depends on whether we get a consistent benchmark in terms of disclosure, conflicts of interest.. that is as critical as whatever the designation is."

Tags: financial advisers Financial Advisers Act

« No fears of bear market, AMP Capital saysLVR restrictions to be reviewed »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Commission disclosure: What's material?
    “To Murray. Exactly - got it in one...”
    17 hours ago by LNF
  • Commission disclosure: What's material?
    “One thing I have yet to hear the regulators opine about is this. When a Bank "adviser" recommends her client buys the bank's...”
    17 hours ago by Murray Weatherston
  • Commission disclosure: What's material?
    “They aren't saying it. But some in there are thinking it, and it has been a long and gradual process to get to the fairly...”
    18 hours ago by All hat no cattle
  • What I'm seeing at the moment
    “There were 28 life insurers when I entered the industry. Given NZ's insurable population base today you could say that five...”
    23 hours ago by Matron
  • What I'm seeing at the moment
    “What makes it more interesting is that basically there are only five , serious Life Insurance companies and now , two of...”
    1 day ago by Elephant1
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 3.19 3.19 3.49
AIA Special - 2.69 2.69 2.99
ANZ 4.44 3.15 3.25 ▼3.39
ANZ Special - ▼2.55 ▼2.69 ▼2.79
ASB Bank 4.45 3.19 3.19 3.49
ASB Bank Special - 2.69 2.69 2.99
Bluestone 4.44 4.44 4.44 4.44
BNZ - Classic - 2.65 2.69 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.25 3.29 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union South 5.65 4.75 4.75 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.60 2.65 2.80
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 3.99 2.58 2.68 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.40 3.54 4.00
Kiwibank - Capped - - - -
Kiwibank - Offset - - - -
Kiwibank Special 3.40 2.65 2.79 3.25
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.49 3.45 3.39 3.69
SBS Bank 4.54 3.29 3.19 3.49
SBS Bank Special - 2.79 2.69 2.99
The Co-operative Bank - Owner Occ 4.40 ▼2.69 ▼2.75 ▼2.99
The Co-operative Bank - Standard 4.40 ▼3.19 ▼3.25 ▼3.49
TSB Bank 5.34 ▼3.35 3.49 3.79
TSB Special 4.54 ▼2.55 2.69 2.99
Wairarapa Building Society 4.99 3.75 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - 2.65 2.69 2.79
Median 4.55 3.19 3.22 3.39

Last updated: 9 July 2020 5:00am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com