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[Opinion] RFAs missing in action

The lack of RFAs at the recent Code Working Group roadshows should be a big concern for advisers.

Wednesday, April 18th 2018, 8:31AM 3 Comments

by Philip Macalister

The Code Working Group (CWG) roadshows have been hailed by some as a success, but I tend to have a different view.

The future business practices for every adviser in New Zealand, whether it mortgages, insurance or investments is going to be determined by what the CWG comes up with. This group has been around the country tying to seek engagement and feedback from advisers.

I went to the session in Tauranga and was surprised at the low turnout. One thing which was made clear multiple times is that the AFAs (investment guys) won't be impacted too much by a new code.

They already have a code and have stepped up to meet it. The story is the total opposite for RFAs. 

It appears there is little engagement from insurance and mortgage advisers. Officially, fewer than 5% of Registered Financial Advisers attended recent roadshows.

Data provided by the Code secretariat showed there were 805 registrations. Authorised Financial Advisers (AFAs) were 246 of that number, Registered Financial Advisers (RFAs) 267 and QFE advisers 54. There are around 1,800 AFAs and 6,400 RFAs.

This figure is appalling and illustrates the lack of engagement. Some have argued that groups will represent RFAs, but that is hard to believe. On the other hand the CWG made it clear they want grass roots feedback from advisers at the coal face.

If there is one thing I would really encourage is that all advisers engage in this process. If you don't you won't be able to grizzle about the outcome.

Tags: Code Working Group Opinion RFA

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Comments from our readers

On 18 April 2018 at 5:38 pm wildwest said:
I'm an RFA and was also surprised at how few attended in Christchurch, and it wasnt just because of the calendar clash with the PAA regional day because the CWG came to present to us at the end of the PAA sessions. RFA's should be taking this seriously and also upskilling. Its only a matter of time until minimum qualification standards will be mandatory, and we RFA's have to be preparing our business now.
On 19 April 2018 at 11:55 am Murray Weatherston said:
If I can put on my Newpark Director's hat, can I say that Newpark recognised some time ago that irrespective of regulation, it was a good idea for life agents to get qualified and has spent a couple of hundred thousand dollars paying for members to do Core and Life Insurance Strands of NZ Certificate level 5.
On 19 April 2018 at 11:56 am Murray Weatherston said:
If I can put on my Newpark Director's hat, can I say that Newpark recognised some time ago that irrespective of regulation, it was a good idea for life agents to get qualified and has spent a couple of hundred thousand dollars paying for members to do Core and Life Insurance Strands of NZ Certificate level 5.

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