Financial Advice New Zealand acknowledges and welcomes the Financial Advice Provider (FAP) Monitoring Insights report released by the Financial Markets Authority (FMA) today.
For many Kiwis, navigating the financial system can be complex and confusing, especially in the current economic climate. Financial advisers play a critical role in guiding clients through the system to grow, manage and protect their wealth.
“Financial advisers also play a role in educating and helping clients understand the strategy and products that are being recommended to them. Informed client consent is essential in building consumer confidence in the financial advice sector. Research shows that when clients work with a trusted adviser, they enjoy a higher quality of life, more financial confidence, and experience less financial stress.” says Nick Hakes, Chief Executive Officer, Financial Advice New Zealand.
To echo the findings in the FMA report, there is a diverse range of financial advice businesses, delivery styles, and scope of advice, providing consumers with positive choice when seeking financial advice to help them achieve their financial future aspirations. “Great advice business, at their core, deliver great client experiences and we see that across the industry” says Hakes.
Financial Advice New Zealand takes a pro-active role with our practitioner and FAP members. We believe ongoing professional development is a driver of quality financial advice. The FMA monitoring report supports our view that there are many advice businesses successfully operating under the new regulations and operating as the Code of Professional Conduct intended, which ultimately delivers better consumer outcomes.
Financial Advice New Zealand promotes excellence in advice. Our professional pathways, global certifications, and ongoing professional development standards are underpinned by a philosophy that encourages lifelong learning, collaborative peer-driven problem solving, and a balance of formal and practical education.
Over the last 12 months, we have delivered over 220 hours of adviser-focused education to over 15,000 attendees within the advice community. Our members have access to best-practice templates to help them comply with the Code of Professional Conduct and their compliance obligations under the licensing regime.
We look forward to ongoing dialogue and collaboration with the FMA, and we will continue to work with FAPs across the industry to improve standards which elevate the understanding and perceptions of financial advice. In doing so, it will make a positive contribution to New Zealand’s future prosperity.
