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: Wednesday, April 17th, 6:37PM

News

rss
Latest Headlines

Advisers need advertising campaign

Financial advisers may need a large-scale consumer education campaign to help the general public understand what they offer.

Wednesday, October 5th 2016, 6:00AM

by Susan Edmunds

Fred Dodds

Improving consumer understanding of financial advice is among the primary objectives of Financial Advice New Zealand, the new professional association that is currently in development stages.

IFA chief executive Fred Dodds said something needed to be done to get the message to the public that an adviser would offer value. “It is that basic question ‘who are advisers and what do they do?’”

He said it was an exciting time to be a financial adviser because financial issues had come to the fore for many New Zealand through things such as KiwiSaver. “But the public generally don’t know if they need an adviser, they don’t know how to find one and they don’t know how to evaluate one. And also don’t understand the value of making better financial decisions,” he said.

“The public just doesn’t seem to have time to understand the types of services advisers provide.”

He said there would be thousands of clients who could attest the value of advice – and there needed to be surveys done that highlighted their experience.

“Advisers, for sure, are educating their clients and their referral sources but a bigger campaign is necessary for the adviser profession, product providers and Government to work together to provide more clarity around ‘financial advice’. Educating the public at large is especially challenging.”

PAA chief executive Rod Severn said it was the responsibility of advisers themselves, as well as professional bodies. “They are the best-kept secret of the lot. They know first-hand the benefits they offer but they don’t talk about it often enough.”

David Boyle, investor education group manager at the Commission for Financial Capability, said it was timely to inform New Zealanders about the value of advice with the Financial Advisers Act under way.

“The three key questions I have been getting at the Commission and on my radio show regarding advice are: Where do I go to find an adviser, what can I expect to pay and how do I know it is good advice for me personally?

“As you know the Commission is a very strong advocate for getting advice and the key going forward is not only highlighting the value of it but what advice might look like in the future.  How can it be made more accessible to more New Zealanders when they need it?”

It is an issue that has been around for some time. In 1986, Brian Klee, as LUA president, said in an address to members that work needed to be done to improve consumers’ perception of the industry’s value: “Neither LUA nor the life companies have communicated clearly the role and responsibilities of the life underwriter. Instead each have been totally absorbed in promoting products, name and their importance. As a result, the public doesn’t appreciate the true value of a career life underwriter. Those that have a personal life underwriter invariably believe he or she is tops. However, they have little time for life agents in general. How can that be?”

Tags: Financial Advice New Zealand financial advisers Financial Advisers Act IFA Professional Advisers Associations

« New Zealand 'has conflict problem'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
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.75 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.75 6.65
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 - 7.24 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 7.84 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 - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 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 6.69 6.45 6.19
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 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
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 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.35 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.75 6.65
Median 8.64 7.29 7.32 6.65

Last updated: 8 April 2024 9:21am

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