Financial Advice New Zealand has reflected on some of its key successes at its 2021 annual conference, with chair Sue Brown saying she is proud of how the sector has pulled through the enormous legislative and regulatory challenges of the last year.
The 2021 conference is being run fully virtually due to COVID-19 restrictions, and the title this year is ‘Be Inspired, Be Energised.’ Members are hearing from 17 speakers over the course of two days, and discussions will include the impact of technological disruption, motivational leadership, creating a strong team culture and delivering good customer service.
Reflecting on the past 12 months, Brown said that the raft of changes had resulted in some advisers leaving the industry - however, she said it had been encouraging to see new advisers taking over, and working hard to achieve the highest standards of professionalism.
“Significant legislative and regulatory changes this year have changed the landscape of the financial advice sector forever, and the sector looks very different now from how it did three years ago when Financial Advice New Zealand was formed,” Brown said.
“We knew this was coming, we planned for it, and with a constant focus on the three foundational pillars of advocacy, promotion and standards, we’ve worked hard to support members through what has been an unprecedented period of change.”
“Given the amount of legislative and regulatory change we’ve managed in the last year, we’ve seen many of our founding members retire or leave the industry,” she explained.
“But I’m delighted that we continue to attract new members and associates to replace them.”
Brown noted that the structure of the entire financial advice sector has changed, and this has come with a period of adjustment for everyone. However, she said it has been heartening to see advisers putting in the hard yards to be prepared, with many going above and beyond what the legislation requires to set their businesses in good stead for the future.
She highlighted that Financial Advice New Zealand has been putting significant efforts into helping advisers along the journey, most notably through its regular training hours and Bring in the Experts webinar series.
“For the first time, we have no AFAs or RFAs - we have financial advisers, FAPs and authorised bodies,” Brown said.
“Seventy-three per cent (73%) of our member financial advisers are linked directly to a licensed FAP, while 27% are working through an authorised body. We congratulate everyone who has made the transition into the new financial regime, and I encourage you to get on with applying for your full license as soon as you can.”
“I want to acknowledge those members who hold the Financial Advice New Zealand CFP (Chartered Financial Planner) mark, and the CLU (Certified Life Underwriter) mark,” she added. “We recognise that these practitioners have undertaken very significant study, and have shown an ongoing commitment to continued professional excellence, including ethics training.”
Commenting on the organisation’s commitment to quality, Brown said she was pleased with how many members had successfully achieved Financial Advice New Zealand’s quality service mark - an accolade designed to help members ‘stand out from the crowd’ when speaking to potential clients.
“One of the key successes for us in the last year has been the launch of the Trusted Adviser mark,” she said. “This quality service mark has been in development since the birth of Financial Advice New Zealand, and I’m thrilled to see the mark now being used by so many advisers. Initial take-up has been absolutely fantastic, and I’m confident more advisers will apply as soon as they’re eligible.
“The Trusted Adviser mark helps advisers differentiate themselves, lets themselves stand out in a crowded market and show their commitment to professional standards higher than those required by regulation.”
The 2021 Financial Advice New Zealand conference is wrapping up today, and CEO Katrina Shanks said that while she had hoped to run it in person, the virtual format was nonetheless delivering a very special event that would allow advisers to end their year on a high note.
“We have a truly inspiring and energising line-up of speakers who will give delegates key insights and practical tools to end their year on a high note and set them up for a big 2022,” Shanks said. “The format will allow delegates and sponsors to view the programme, attend any sessions they choose, download content, and network with other delegates and sponsors freely via the platform ‘breakout rooms’ and live chat forums. It really is something of a new era in conferencing.”
