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Financial Advice New Zealand has announced its official launch, and is taking its first steps towards delivering on three key objectives: standards, promotion and advocacy.
The organisation was created by three founding bodies – the PAA, IFA and NZFAA – and is aiming to be a unified voice for financial advisers to ‘make a stand where their interests could be better served.’
According to Financial Advice New Zealand CEO Katrina Shanks, the first 100 days will be focused on public awareness initiatives, professional development, member services and lobbying ministers to ensure the voices of financial advisers are heard when it comes to important policy decisions.
“We’ll be focusing on how to articulate the voice of our organisation to New Zealanders so that they understand the value of advice,” Shanks tells Insurance Business. “We also want to ensure that financial advisers have a strong voice when it comes to policy and decision making, and that this allows us to influence the framework within which financial advice is provided.”
The organisation has requested a meeting with Commerce and Consumer Affairs Minister Kris Faafoi to discuss establishing a working group for financial advisers, which will ensure that the sector has an impactful presence in decisions made about the future of their industry.
“It’s really important that advisers can be at the table as opposed to by the table,” says Shanks. “One of the things we’re doing is putting in a submission on the review of Insurance Contract Law, and we’re proactively looking at where we can influence the decision making process. We have an established Member Advisory Committee (MAC) for the insurance space, and we’re working with them to determine how we can get the best out of the environment that we’re working in.”
Financial Advice New Zealand also plans to take a fresh look at professional development, and says this will focus on three key areas – business skills, technical skills and personal skills. The development programme will be delivered nationally, both across the regions and online.
Ultimately, Shanks says the goal is to allow more New Zealanders access to financial advice, and to help them understand what true quality in the industry looks like.
“We truly believe financial advice empowers all New Zealanders to obtain greater financial health and enables them to have more financial choices in life,” said Shanks.
