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Financial Advice NZ seeks backers for missing piece of the puzzle

Financial Advice New Zealand is seeking businesses to inject funds to help it create evidence of what quality financial advice is, and what it does for consumers.

Friday, April 12th 2019, 6:00AM

It has launched a new Business Partnership Programme.

Business partners will pay $3000 each. That funding will help the association deliver projects that promote the value of advice, inform legislators and regulators, encourage new talent into the industry and lift standards.

Chief executive Katrina Shanks said providing evidence of the outcomes of quality advice would be the first initiative the scheme would enable.

The money from the scheme was different to funding received from membership subscriptions because it could come from across the sector, not just members.

Evidence of the impact of advice was the missing piece of the puzzle for the financial advice sector.

Business partners were sought who shared the association's goal of increasing confidence and trust with regulators, legislators and the public, she said.

She said an independent body of evidence was needed to highlight the good consumer outcomes of quality advice, and what that looked like.

It would support public awareness and understanding of the advice sector and give advisers information they could use to show the value of their work.

"We would like to be able to get industry-wide support of the business partnership programme to deliver these outcomes," she said.

The money would be used to fund research "and other forms of evidence". "Until we have evidence to support what good advice looks like we are just talking about it."

The partners could be anyone with an interest in the sector and in New Zealanders' health and wealth, she said.

The programme was signed off by a board meeting last week and there had already been strong interest, she said.

 

Tags: Financial Advice New Zealand

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