Financial Advice New Zealand has launched its Business Partnership Programme, a new initiative aiming to gather research-based evidence to show how high-quality financial advice contributes to good consumer outcomes.
“This is to allow sector-wide participation to get involved in building public confidence and trust, with legislators, regulators and consumers,” Financial Advice NZ CEO, Katrina Shanks, told RiskinfoNZ.
“Part of the puzzle which has been missing, is having some independent evidence to back up what good consumer outcomes from quality advice looks like.”
Shanks said they have had great interest in parties wanting to be involved in the programme.
“We’re excited about the positive response we’ve had from the sector because we believe this is a sector-wide initiative and something that will help the sector and the industry long-term.”
In the nine months since the new association launched, Financial Advice NZ has:
- informed regulatory consultation and change
- developed services and professional development tools to help members adapt to the new regime
- launched public awareness initiatives, digital campaigns
“A lot of work has been done, but there is a tremendous amount of work to do,” said Shanks.
“It has become increasingly clear that the advice sector is missing a crucial tool in creating meaningful understanding with Kiwis, and with regulators and providers.”
She said a body of evidence showing the good consumer outcomes of quality advice will support public awareness and understanding and provide the advice sector with the facts that support the value of the work that quality advisers do each day.
“We invite adviser businesses, providers, and other industry stakeholders to join us in building a Business Partnership Programme that plays a key role in ensuring a thriving financial advice sector: a modern, relevant and sustainable service that helps New Zealanders achieve their goals and live the lives they aspire to,” said Shanks.