by Susan Edmunds
Who are you and what do you do?
Claire Matthews – I’m Acting Deputy Pro Vice-Chancellor for the Massey Business School.
How did you get into the industry?
I worked for Trust Bank after completing my BA degree at Massey University. After spending a number of years teaching banking at Massey University, the opportunity to move into the financial planning programme arose.
If there is one thing you would like to change about the financial advice industry, what would it be?
Making it easier for the NZ public to have access to financial advice.
What would you like advisers to know about what you do?
My role includes helping to develop new qualifications that are academically rigorous, while meeting the needs of the target market.
Do you think financial advisers' education standards are high enough?
Perhaps unsurprisingly, I don’t. I think an appropriate Bachelor’s degree should be the minimum requirement for all advisers.
What’s the best advice you have ever received?
It probably wasn’t advice per se, but when I first joined the workforce I was required to join a work-based retirement savings scheme.
What could financial advisers learn from other industries?
I think the key lesson for financial advisers would be from lawyers and accountants about what being a professional looks like.
What do you think the FMA has done well?
What could it do better? Over time the FMA has provided more guidance for the entities that it regulates, and it tries to be very transparent in its operations. However, I think a bit less of the principles-based approach would be helpful, because it creates an environment of uncertainty about what is required.
What have been the benefits of regulation?
It has created a more professional advice sector, and an environment where the NZ public can have a higher level of trust in their advisers; but the sector was never as bad as it was portrayed as being.
What role should professional bodies take under the new advice legislation?
I think a key role for professional bodies is to support their members in meeting regulatory requirements, and to provide opportunities for CPD and networking to discuss common issues.
Are you a KiwiSaver member?
Yes.
If so, what’s your investment strategy?
Balanced, after discussion with our financial adviser, because it takes account of the different risk profiles of both my husband and myself.
Outside of work what do you do?
I’m a Rotarian, and I enjoy walking.
What would you say if one of your kids told you they wanted to be a financial adviser?
Probably die of shock, since neither has shown any interest in that type of career, but I would be very supportive.
What’s one thing people may be surprised to know about you?
I like to collect/capture Pokemon by playing Pokemon Go.
If you weren’t in this job what would you be doing?
Teaching, probably.
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