As financial advisers, we believe that the needs of our clients and their families come first, always. And the Financial Services Legislation Amendment Act, which came into force on 15 March 2021, reinforces this sentiment, with an even stronger focus on how quality advice can benefit New Zealanders.
The financial advice industry is constantly evolving, increasingly highlighting the role that quality financial advice plays in people’s lives It is a responsibility we take very seriously, while aiming to make things easier and less stressful for you.
Here’s how the new regime is welcome news for you, and for New Zealand at large.
Highlights the value of quality advice
Research has proven over and over again that Kiwis with a financial adviser in their corner feel better about their future and well-being than those who don’t get advice.
Trust is crucial to the financial advice relationship, and according to independent research by Financial Advice New Zealand, 93.7 per cent of 2,000 Kiwis surveyed rated their adviser as good or very good with regard to trustworthiness.
As the report reads, “The Trust in Advice results definitively show advice has high value through its trustworthiness, good consumer outcomes, service, and results (both tangible and intangible) for New Zealand consumers across all demographics.”
Clients are at the centre of what we do
The new regime introduces new minimum standards of conduct, client care, competence, knowledge and skill set for financial advisers.
These are also principles that we’ve always been guided by, and we believe that Kiwi families around New Zealand will benefit from knowing what quality advice means, and how it can help them succeed.
Just like it has always been, your needs, goals and circumstances are always top of our mind.
Why getting advice is more important than ever before
According to the Money & You research by FSC, the main motivators for Kiwis getting advice are major life events – like buying a house. However, even as house prices hit record highs, 75 per cent of Kiwis are still not inclined to get advice.
As the report points out, “In 2019, first home buyers were borrowing an average of around $400,000, so it’s becoming even more important to have the right information and advice around your individual finances. These levels of debt, coupled with the introduction of KiwiSaver, and growing levels of savings needed for retirement, create increasingly complex financial conditions.”
This is just one example. As we navigate the challenges of Covid-19, financial advice – whether it’s mortgage or insurance-related – can help Kiwis build all-important financial resilience, to weather life’s changes and look to the future with confidence. In a nutshell, we know that money decisions can be complex, and at times challenging to make. We are here to help you every step of the way, with quality advice to address your concerns, and make sure you have the appropriate plan in place for your financial future.
Do you have any questions for us?
Get in touch – as financial advisers, we are committed to helping you and your family with all your questions and financial needs. We are always here for you, so please don’t hesitate to reach out.
Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.