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Associations swerve Money Week

Adviser groups are giving Money Week a miss this year.

Wednesday, August 31st 2016, 6:00AM 5 Comments

by Susan Edmunds

Fred Dodds

In previous years, the Institute of Financial Advisers has offered a free financial advice line during the week organised by the Commission for Financial Capability.

The number of calls received has usually been fairly low but has increased year-on-year – in 2012 it received about 30 calls. In 2013, the number was 58 and 80 were received in 2014.

But this year the organisation is not offering the service. The Professional Advisers Association is not offering a formal Money Week initiative, either.

That is despite both organisations working on the establishment of Financial Advice NZ - which aims to boost New Zealanders' financial literacy, among other goals.

IFA chief executive Fred Dodds said the association was busy with other things and was working on a pro bono scheme through the Citizens Advice Bureaux.

He said a vibrant scheme was under way in Southland and there was work under way on another in Wellington.

David Boyle, group manager of investor education at the Centre for Financial Capability, said he could understand that the associations had a lot to work through, with the Financial Advisers Act review and the establishment of Financial Advice New Zealand.

But he said Money Week seemed like a natural thing for them to get behind and it was “bemusing” that they were not. “The whole idea is to get everyone linked to the industry behind it.”

Individually, some advice firms are involved in the week, which starts on Monday.

Financial Planning NZ is operating a retirement planning seminar for Chinese migrants, Craigs Investment Partners is holding an investment seminar, enableMe is running a presentation on “kill your mortgage and sort your retirement” and Asia Insurance Advisers are running a life insurance seminar in Mandarin.

This year’s Money Week theme is “Show Me The Money” – and the focus is what the cost of everyday items can add up to over 30 years of retirement.

There are 43 public events planned and 312 private events registered.

Tags: Commission for Financial Capability IFA Professional Advisers Associations

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Comments from our readers

On 31 August 2016 at 9:16 am smitty said:
Call me a cynic, but "Financial Planning NZ is operating a retirement planning seminar for Chinese migrants, Craigs Investment Partners is holding an investment seminar, enableMe is running a presentation on “kill your mortgage and sort your retirement” and Asia Insurance Advisers are running a life insurance seminar in Mandarin" sounds like business as usual but under the guise of doing something charitable and spreading the word...
On 31 August 2016 at 7:49 pm John Milner said:
You're right Smitty, you are a cynic. It's Money Week not Palm Sunday.
On 1 September 2016 at 3:42 pm AFA Muggins said:
Interesting if Enable Me may be talking about retirement planning, when most of their staff appear to be RFAs not AFAs.
On 2 September 2016 at 10:11 am smitty said:
@ AFA Muggins, just wait till they get rid of the AFA / RFA designation. At least now there is a line in the sand and can be semi policed.
On 2 September 2016 at 11:20 am Steven Popodopolus said:
AFA Muggins, its alright they only talk about direct residential property and as that is not classed as investment advice they can just say whatever they please as there is no risk of anything bad happening in that asset class.

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