My advice business will survive and thrive in the new financial advice regime.
- Agree (64%)
- Not sure yet (23%)
- Disagree (13%)
Loading ...Our latest poll is checking-in with your thoughts on the future for your advice business.
Our news reporting continues to be occupied with the sweeping range of regulatory reforms being brought about by the Financial Services Legislation Amendment Act. This week, for example, we’re reporting the FMA’s seminar series to help advisers consider their future transitional licensing options.
How is your advice business preparing for and coping with these impending reforms, key elements of which include:
- Introduction of the Adviser Code of Conduct
- Adviser licensing
- Higher minimum education standards
- Greater disclosure
- Remuneration reforms
All of these and other reforms are intended to better serve both the advice sector and the consumer by delivering better quality advice to more New Zealanders.
This is an aim that appears to be embraced by all industry stakeholders, none of whom want a repeat of the advice and institutional scandals that have impacted other jurisdictions including Australia and the United States.
…will there be any unintended consequences?
But in moving to the new advice regime – for all the right reasons – will there be any unintended consequences? Will the new requirements, education standards, compliance obligations etc have an impact on the future viability of your business? Will you be okay to manage increased compliance burdens, more ‘non client-facing’ time and other commitments that may drive up your business costs and lessen the time you can spend doing what you do best, which is engaging with your clients?
Are things under control? Are you receiving enough information and help?
We could go on, but will leave it there and hand over to you. Tell us what you think and we’ll report back next week…