Financial Advice New Zealand aims to be “the voice for our profession and we champion financial advice to enrich New Zealanders’ lives,” chair Heather Roy told the organisation’s Thrive conference in Wellington.
FANZ aims to have one voice that amplifies the interests of the three associations that formed it and to have strong relationships across the industry, with government, educators, financial institutions and the media, Roy said.
“Collectively, our voice is listened to and repeatedly FANZ has been successful in influencing change and direction for the benefit of all of you here today and New Zealanders as a whole.”
The industry’s professionalism is undergoing significant shifts, driven by technological advances, changing consumer expectations as well as global.
FANZ will continue to champion ethical conduct, transparency and client-centric practices and will uphold the highest standards.
“Our commitment to professionalism sets us apart and builds trust within our community,” Roy said.
“Lifelong learning is essential to maintain this professionalism. As the financial landscapte evolves, we must stay informed, adapt and enhance our skills.”
Professionalism implies continuous development and advisers can continue to learn and develop through using FANZ’s learning platform and webinars, she said.
Members can also pursue the professional designations FANZ offers including Trusted Adviser and Certified Financial Planner certification.
Roy also cited FANZ’s strong relationship with the Financial Markets Authority and with the new commerce minister, Andrew Bayly, who opened the Thrive conference.
“We are pleased to be working with the honorable Andrew Bayly on the review of CCCFA (the Credit Contracts and Consumer Finance Act) and CoFi (Conduct of Financial Institutions legislation).”
Roy introduced the conference to the new FANZ chief executive, Nick Hakes, who has returned to NZ with his family to take up his position.
“Being a Kiwi overseas has been a big part of my identity,” and he wants his children to be able to share that identity, Hakes said.
He hopes to bring a fresh perspective to FANZ and to help grow the demand for financial advice and to help the industry retain its licence to operate.
Hakes noted he has detected that after many years of regulatory reform, the industry is suffering “a little bit from reform fatigue.”
But financial advisers have a privileged role in society.
We are about to experience “the biggest transfer of wealth that the world has ever seen” and financial advisers should be there to act as the custodians of that wealth.
“Consumer expectations have risen – that’s a good thing. We have to respond positively to that,” Hakes said.
He has relocated from Singapore where he was market development director for Asia at Kaplan Professional. Before that, he was a general manager of member services, partnerships and campus at the Financial Advice Association Australia (AFA) in Sydney.
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