New Zealanders hungry for advice, Sorted says

A record number of people using the Sorted website should translate into more demand for financial advice, its managing editor says.

Thursday, May 14th 2020, 6:11AM

The site, run by the Commission for Financial Capability, had 150,000 users in April, which was a four-year record, Sorted editor Tom Hartmann said.

The number of new users was up 26% compared to the same time last year.

The most popular tool was the mortgage calculator, followed by the budgeting tool and a guide on seven things people could do in response to the crisis.

Hartmann said it was heartening to see New Zealanders turning to Sorted as an independent source of financial guidance during this difficult time.

“For some, there’s an immediate impact on their finances – we can help point you in the right direction for Government support. For others, it’s a good time to take a breath to assess what you could do right now to protect yourself, your family and money from future financial shocks.”

He said the site had been designed to be an “on-ramp” for conversations with experts such as financial advice.

It was designed to provide basic information, which people could then build on in conversation with experts.

He said it was likely that the surge in Sorted engagement would flow through to a lift in demand for financial advice from professional financial advisers.

“I would imagine because people are engaging with their finances and having to make decisions, there will be some uptick.”

Some people were not willing to pay for financial advice, he said, but that should change over time.

“Hopefully as we demonstrate the value to them, we will do that on Sorted, people will see the value and be willing – more and more – to pay for it.” 

Tags: financial advisers Sorted

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