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Focus on what's important in 2016

Advice industry needs to start the new year on the right foot, writes Institute of Financial Advisers chief executive Fred Dodds.

Wednesday, December 30th 2015, 6:00AM

Recent surveys from the Commission for Financial Capability and the Financial Markets Authority about the small number of New Zealanders using advisers and a lack of public faith int he industry are not a great read for adviser world and it is getting a bit tiresome

What we don’t have enough of are surveys from advisers’ businesses on their clients – which, I am sure, would tell a quite different story.

The recent global FPSB survey confirms that: Having a plan and a professional adviser puts consumers in control of their financial lives and consumers with a comprehensive, written, financial plan are three times more likely to feel confident they will achieve their life goals

A greater sense of pride in our profession is needed - to that end, the Institute of Financial Adviusers is promoting a value proposition to advisers that confirms their vision statement of “inspiring trust and confidence in financial advice” and covers these points:

An adviser’s job is to find, serve, satisfy and ideally build a business by keeping clients.

We should offer:

•        ORGANISATION – "I will bring order to your life" – there is so much involved in financial advice when one considers the mortgage, the necessary life cover programme and what is in it, income protection, trauma, TPD, health, fire and general insurance, children’s education programme, retirement planning, KiwiSaver, trusts, wills etc – people initially need order.

•        ACCOUNTABILITY -  "I will work for you to prioritise your goals" - a natural follow-on to the first point.

•        PROACTIVE – “I will work with you to transition through various life stages so you can be ready for them” – This is also "I will not sell you and forget you." The criticism from many consumers is that advisers say “I’ll keep in touch – yeah right!!”

•        EDUCATION – "I will be educated and knowledgeable" – say no more!

•        PARTNERSHIP – often described as a “an association for the benefit of two people – you win because you get me- I win because I get you”  the important aspect of this “partnership” is that having proven your value proposition, real referrals will flow from a client base that has adviser value all over it – your clients will become your marketing team.

Let’s not get bogged down with Issues, Options and a 2016 full of Implications – let’s get a sense of pride in our profession and perhaps have a New Year’s resolution of a bit of self-promotion to change some of these statistics.

Tags: Fred Dodds IFA

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AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.14 6.75 6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.14 6.79 6.65
ASB Bank 8.64 7.14 6.75 6.39
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.14 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.74 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.49 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.89 6.55 6.35
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.69 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.74 7.35 6.99
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.65 7.25 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.09 7.59 7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.09 8.59 8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.74 ▼7.09 ▲6.95
SBS Bank Special - 7.14 ▼6.49 ▲6.35
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.84 7.35 6.99
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.24 6.75 6.39
Median 8.64 7.19 7.17 6.65

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