My most likely response at the moment to the new adviser licensing regime will be to:
- Obtain my own licence and operate a small advice business (1-2 financial advisers) (67%)
- Obtain a licence for my advice business and engage multiple advisers (>2) (14%)
- Retire from the industry (11%)
- Work for someone else’s business which holds a licence (8%)
In the first of what will be a regular series of RiskinfoNZ polls, we seek your opinion about the choice you think your advice practice will make when the new adviser licensing regime becomes a reality.
This poll reflects the same question asked of advisers by the Financial Services Council late last year when it toured the country with its Navigating Regulation Advice Summit roadshow series.
Adviser feedback at the time suggested you were at odds with each other about your preferred way forward (see: Advisers Divided on New Licensing Options).
The FSC poll effectively asked you to reflect, to an extent, on who you are, how your business adds value, who your clients are (or who you want them to be) and how your advice business will survive and thrive in a new regulatory environment, which is just around the corner.
What information or advice have you received so far? What are the key drivers in helping you decide whether you’ll run your own race or link with someone else who will help you?
This is not a simple issue. There are questions at every step of the process. To the extent to which you’re currently informed, however, what are you going to do about adviser licensing when the time comes?
Tell us what you think and we’ll report back next week…