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Trusted Adviser mark finally launched

Wednesday, October 14th 2020, 7:01AM 6 Comments

The mark is awarded to Financial Advice NZ members who show they have committed to qualifications and continuing professional development obligations at a level higher than that required by New Zealand law and code.

A Trusted Adviser of Financial Advice NZ will:

  • have a Level 5 qualification in Financial Services, including the relevant strands for the advice areas provided, or a higher qualification recognised by Financial Advice NZ
  • be a current financial adviser providing regulated financial advice to retail clients and have been for at least three years
  • have maintained an annual Professional Development Plan and attained a minimum of 20 hours relevant structured continuing professional development every year
  • have attended a Financial Advice NZ or endorsed Ethics in Financial Services three-hour workshop every three years
  • be protected by appropriate professional indemnity Insurance.

“We’re delighted to be able to present this initiative today,” Financial Advice New Zealand chief executive Katrina Shanks says.

“The public launch of the mark is scheduled for February 2021 to coincide with the new financial advice regime coming into effect the following month.

“At that time, when the AFA and RFA designations disappear, qualifying Financial Advice NZ members will have this new designation to show the public their high level of qualification, experience and ethics has been recognised by a professional body.

“Along with those advisers who have already gained our highest pinnacle marks of CFP and CLU, those with the Trusted Adviser mark can differentiate themselves from the market.

Applications are open now so qualifying advisers can have the Trusted Adviser mark in time for the new regime on 15 March 2021.

Tags: Financial Advice New Zealand Katrina Shanks Trusted Adviser

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Comments from our readers

On 14 October 2020 at 9:08 am Matron said:
Not sure how this will evidence either a) competency, or b) trust.

All it does is demonstrate an Adviser has ticked some boxes. Where is the peer review as in other professions?
On 15 October 2020 at 9:04 am JPHale said:
What matron said.

All this really says is you’ve survived long enough to be here than most, there’s no character or professional review, which means that the organization has made sure the boxes have been ticked that the regulator requires.

It’s not something that I will be actively pursuing because the underlying criteria doesn’t convey any differentiation that is meaningful.

It’s no different from any other standard mark where all you have to do is show up and pay the fee. Member of Financial Advice New Zealand conveys much the same message.

On 15 October 2020 at 5:05 pm gavin austin adviser business compliance said:
Great comments Matron and JP.
The latest Tui billboard "FANZ says you're a "Trusted Adviser" so joe Public will Trust" you".
Yeah right.
On 16 October 2020 at 7:17 am Tony Vidler said:
I am generally supportive of FANZ and what the organisation stands for, however this move is one which potentially undermines public perception more than enhances it. Fundamentally, trust is given by the public and other stakeholders. It is earned. It is not something which can be claimed via a logo and a slogan. There is a real risk that this positioning becomes increasingly laughable with every adverse headline, and that in turn makes everyone using taken a little bit less seriously. I shan't be using it.
On 16 October 2020 at 9:34 am Pragmatic said:
Irrespective of the label (trusted advisor, CFP, etc), the “currency” will come from the promotional activities that are designed to support it.

Probably worth evaluating the success of this campaign in 12 months time - with one metric being whether members believe they are receiving value for money
On 17 October 2020 at 10:50 pm JPHale said:
We have to be very careful with this. When you speak trust and financial services it’s significantly more critical than a packet of sausages with the Heart Foundation tick.

Let me ask a question, under the criteria Barry Kloogh would have been able to use the “trusted Adviser” mark. How does that sit with you?

As a marketing tool, I get it. The issue I have is the Trusted bit without any rigour leaves it open to be killed by some shady shister screwing it up...

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BNZ - Classic - 2.49 2.69 2.79
BNZ - Mortgage One 5.15 - - -
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Kiwibank Special 3.40 2.55 2.65 2.65
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Last updated: 23 November 2020 12:23pm

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