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

NZ's Financial Adviser News Centre

GR Logo
Obituary - Highly respected adviser moves on READ ON Dismiss
Last Article Uploaded: Saturday, September 25th, 8:04AM

News

rss
Latest Headlines

Some advisers in for a shock: Trainer

Bigger financial advice firms are starting to upskill their staff ahead of the Financial Advisers Act changes, but small operations are still burying their heads in the sand, one training provider says.

Monday, September 5th 2016, 6:00AM

by Susan Edmunds

David Greenslade, of Strategi, said last month was the best his firm had had, as a number of financial advice businesses moved to get their staff started on a level five certificate.

“The surge has been massive. But it’s ironic it’s not the one-man bands, it’s the entrepreneurial networks who’ve identified what is required and are encouraging their advisers to move forward.”

Some who were planning to become financial adviser firms, employing agents, under the new structure were considering the level five certificate as a way to ensure those under their license had appropriate knowledge, competency and skill.

The recommendations from the Ministry of Business, Innovation and Employment, which will form the basis for the new-look Financial Advisers Act do not set a minimum qualification standard. That will be dictated by the code of conduct which will now apply to all advisers.

But Greenslade said the smaller businesses, with just one or two advisers, could be in for a shock. Some had suggested that because MBIE had not made it clear what the standard would be, they were off the hook.

Greenslade said that was not the case – it would be up to the code committee to determine what an acceptable qualification would be and the level five certificate was already a well-defined educational pathway for the industry.

“What will end up happening is they might not have the same personal liability an AFA has at the moment but there is no reason why they should not be required to have level five.”

The new level five certificate was a lot bigger than its predecessor, he said, and advisers would benefit from having time to work through it.

“There are some areas you could debate whether they will be required or not but you could start with the core product specialty and worry about the financial advice standard closer to the time once the ambiguity has been ironed out. If you start doing it now you are not going to have a major financial impact in the way of your work or a productivity hurdle – if you leave it to the 11th hour, which is typically what happens, you’re going to have a massive amount of work to cram into six months and your revenue will suffer.”

Strategi offered advisers the chance to just do the assessments without the course work if they were confident their experience would see them through. But Greenslade said none had yet done so.

“The problem is they don’t know what they don’t know in some instances.”

Tags: compliance Financial Advisers Act qualifications

« Best interest 'unworkable'LVR 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
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 2.85 3.25 3.55
ANZ 4.44 3.20 3.59 4.00
ANZ Blueprint to Build 1.68 - - -
ANZ Special - 2.60 2.99 3.40
ASB Back My Build 1.79 - - -
ASB Bank 4.45 2.85 3.25 3.55
Basecorp Finance 5.49 - - -
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - ▲2.85 ▲3.25 ▲3.55
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 4.55 ▲3.45 ▲3.85 ▲4.15
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 2.25 1.85 2.35 2.65
Heretaunga Building Society 4.99 3.80 3.90 -
Lender Flt 1yr 2yr 3yr
HSBC Premier 4.49 2.19 2.45 2.69
HSBC Premier LVR > 80% - - - -
HSBC Special - 2.25 - -
ICBC 3.69 2.35 2.75 3.05
Kainga Ora 4.43 2.88 3.28 3.59
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.75 ▲3.80 ▲4.00 4.34
Kiwibank - Offset 3.75 - - -
Kiwibank Special 3.75 ▲2.95 ▲3.15 3.49
Liberty 5.69 - - -
Nelson Building Society 4.95 2.99 3.24 -
Lender Flt 1yr 2yr 3yr
Pepper Essential 4.79 - - -
Resimac 3.39 2.98 2.79 3.29
SBS Bank 4.54 2.99 3.39 3.59
SBS Bank Special - 2.49 2.89 3.09
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - ▲2.65 - -
The Co-operative Bank - Owner Occ 4.40 ▲2.85 ▲3.25 ▲3.49
The Co-operative Bank - Standard 4.40 ▲3.35 ▲3.75 ▲3.99
TSB Bank 5.34 3.35 3.75 4.05
TSB Special 4.54 2.55 2.95 3.25
Wairarapa Building Society 4.99 3.55 3.49 -
Lender Flt 1yr 2yr 3yr
Westpac 4.59 ▲3.45 ▲3.85 4.09
Westpac - Offset 4.59 - - -
Westpac Special - ▲2.85 ▲3.25 3.49
Median 4.54 2.95 3.25 3.49

Last updated: 23 September 2021 8:11am

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