About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Wednesday, July 17th, 6:31PM
rss
Latest Headlines

Advisers told: Pick your time, prove your value

Advisers can use new behavioural research to glean tips on how to drive new connections with clients and deepen existing ones, the Financial Markets Authority says.

Friday, March 1st 2019, 6:00AM

It has released the results of the second phase of its KiwiSaver trial, run in conjunction with the Ministry of Business, Innovation and Employment and ANZ.

It focused on getting action from KiwiSaver members who were turning 56 and in the ANZ Lifetimes KiwiSaver fund.

The aim was to see if behavioural prompts would make them more likely to take financial advice, make an active choice and which fund they were in, or increase their contributions.

The trial had two phases, from June to October 2017 and January to July 2018.

The second phase found that a revised version of a letter sent in the first trial made members more likely to use online tools - but still no one contacted the advice service.

Follow-up phone calls were more successful, encouraging members to talk to an adviser.

Scott McMurray, FMA acting director of external communications and investor capability said there were clear messages for financial advisers from the research.

"A few simple things can make a reasonable difference."

While many AFAs saw KiwiSaver as a challenge, there was a big opportunity that would increase with time.

Making it easy for people to access information and advice would make them more likely to engage, he said.

If they could click on an emailed link they were more likely to follow through than if they were required to take part in a more complicated process.

But he said something as simple as picking up the phone at the right time in a client's life could help.

People seemed more open to advice conversations around significant milestone birthdays.

McMurray said a theme from the research was that people felt they lacked the time to talk to an adviser, they worried they would not be confident in the conversation, and were not sure of the value that would be offered.

But those who did get financial advice were much more confident about their financial prospects and had better outcomes.

McMurray said advisers needed to clearly demonstrate the value they could bring.

There would always be demand for advice, he said.

Tags: ANZ financial advisers FMA KiwiSaver

« Researchers: Keep CGT out of retirement savingsKiwi Wealth cuts fee »

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
  • Call to ensure efficient advice licensing
    “@all Put your cheque books away - no need to pay the lawyers to do the research to provide an opinion...... In my old...”
    6 hours ago by Murray Weatherston
  • Call to ensure efficient advice licensing
    “Further reading - Kinsington Swan in February 2018 https://www.kensingtonswan.com/news-updates-and-events/financial-advice-reforms-insights-series-14-penalties-enforcement-complaints-and-disciplinary-matters/...”
    12 hours ago by all hat, no cattle
  • Call to ensure efficient advice licensing
    “MPT and Murray this might help https://www.fma.govt.nz/assets/Fact-sheets/Who-will-need-a-licence-to-provide-financial-advice...”
    12 hours ago by all hat, no cattle
  • Call to ensure efficient advice licensing
    “Thanks Murray, it seems we are on the same page. Be great if the regulators could confirm or not. AHNC, I agree I dont...”
    14 hours ago by MPT Heretic
  • Call to ensure efficient advice licensing
    “And if all that hasn't done your head in, consider these consequences: 1. How will the poor old consumer (in whose name...”
    15 hours ago by Murray Weatherston
Subscribe Now

News and information about KiwiSaver

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.69 4.35 4.35 4.55
ANZ Special - 3.85 3.85 4.05
ASB Bank 5.70 4.29 4.35 4.55
ASB Bank Special - 3.89 3.85 4.05
BNZ - Classic - 3.85 3.85 4.05
BNZ - Mortgage One 6.40 - - -
BNZ - Rapid Repay 5.85 - - -
BNZ - Std, FlyBuys 5.80 4.69 4.59 4.79
BNZ - TotalMoney 5.80 - - -
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.60 4.75 -
Housing NZ Corp 5.80 4.69 4.49 4.45
HSBC Premier 5.89 3.79 3.79 3.89
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.65 3.85 3.95 3.89
Kiwibank 5.80 4.60 ▼4.60 ▼4.74
Kiwibank - Capped - - - -
Kiwibank - Offset 5.65 - - -
Kiwibank Special - 3.85 ▼3.85 ▼3.99
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 4.89 4.99 -
Resimac 5.30 4.86 4.14 4.19
RESIMAC Special - - - -
SBS Bank 5.79 4.85 5.05 5.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 3.85 3.85 3.99
Sovereign 5.80 4.29 4.35 4.55
Sovereign Special - 3.89 3.85 4.05
The Co-operative Bank - Owner Occ 5.65 3.89 3.89 4.05
The Co-operative Bank - Standard 5.65 4.39 4.39 4.55
TSB Bank 5.69 4.45 4.35 4.55
TSB Special - 3.95 3.85 4.05
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.79 4.69 4.79 5.19
Westpac - Offset 5.79 - - -
Westpac Special - 3.85 3.85 4.05
Median 5.80 4.35 4.35 4.19

Last updated: 15 July 2019 9:47am

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

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