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AFA population shrinks

Thirty more authorised financial advisers left the industry in the 12 months to June 30 last year than joined it, new data just released from the Financial Markets Authority shows.

Tuesday, May 15th 2018, 2:16PM 4 Comments

by Susan Edmunds

The FMA has published its fourth report on AFAs in New Zealand. 

The data is compiled from the information returns AFA submit annually.

While 80 new AFAs joined the industry in the year to June 30, 2017, 110 left.

The data shows there are about 1800 AFAs in New Zealand.

More than 80% said they provided advice on "other category one products", 67% dealt with KiwiSaver, 41% with insurance and 19% with UK pension transfers.

Most AFAs are aged between 46 and 55, and just over three-quarters are men.

Just 207 AFAs currently working in the market are under 35 and 455 are aged between 36 and 45.

There are 110 AFAs over 65.

About a third of all AFAs are part of a QFE.

Wellington has the highest number of AFAs per head of population, at 4.9 per 10,000 people, just ahead of Otago's 4.7.

The West Coast and Gisborne had the lowest penetration of AFAs, with just over one per 10,000 residents.

Tags: AFA FMA

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Comments from our readers

On 15 May 2018 at 3:45 pm dcwhyte said:
In the "Snapshot" page, the report states that 120 joined and 80 left. Doesn't that equate to a net gain of 40 - or am I missing something?
On 15 May 2018 at 4:26 pm Doddsy said:
Wrong year David
2016 120 in and 80 out
2017 80 in and 110 out
Don't become an actuary - ha ha
On 15 May 2018 at 5:44 pm dcwhyte said:
See - I was missing something - thanks Doddsy. No chance at all of me becoming a Professor of Difficult Sums!
On 17 May 2018 at 11:05 am wills said:
As an AFA under 35 would love to know the split between those working at large institutions and those at independent firms

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Last updated: 14 May 2018 9:39am

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