Trusted Adviser mark achievable for all members over time: Shanks

Financial Advice New Zealand could face a struggle to promote “Trusted Adviser” advisers without neglecting the rest of its membership, it has been suggested.

Saturday, July 25th 2020, 10:03PM

Nigel Tate

The association has revealed the framework for the mark.

It is designed to be a symbol of an adviser’s high level of qualification, experience and ethics, and highlight those who have done more than the minimum required of them by law.

It is not a standard required of all members but is another step between the association’s “core membership” and those with the pinnacle CLU or CFP marks.

A Trusted Adviser of Financial Advice NZ is a member who has been accepted as having a level five qualification or higher; three years’ experience providing regulated financial advice; a minimum of 20 hours’ CPD a year; completing a three-hour ethics workshop every three years; and holding appropriate adviser-level professional indemnity insurance.

Adviser Murray Weatherston said the association appeared to want to differentiate members from the rest of the adviser force. But he said people who were Financial Advice NZ members but not “trusted advisers” might be aggrieved at the association promoting the mark.

He said trust was not something the industry could claim to have but was something that was decided by consumers.

Another adviser, Nigel Tate, said he did not think it would add anything for experienced, professional advisers. All advisers will have to comply with the code of conduct when the new regime takes effect.

“I think it's a tool they are using for their marketing and that's probably as far as it goes from my perspective.”

Financial Advice NZ chief executive Katrina Shanks said the mark showed the adviser had committed to more than the requirement to provide regulated financial advice as stated in legislation.

“It shows a further commitment to qualifications, continuing education, experience, ethics and professional indemnity. Currently we are consulting on this proposed mark and we will take all the feedback into consideration as we proceed. Not all members will initially meet the criteria for the mark but I believe it should be achievable to all our members over time.”

Tags: Financial Advice New Zealand quality mark