New Zealand will move from Level 4 lockdown to level 3 at midnight on Monday 27 April. However, restrictions on freedom to travel, physical distancing, and trading, will continue.
Prime Minister Jacinda Ardern says Level 3 will continue for two weeks, during which time people must work from home if they can.
“Where that is not possible businesses may re-open but must comply with health and safety requirements around physical distancing and contactless engagement with customers,” she says.
“Businesses only accessed by the staff, and without a customer facing function, can open under strict health and safety and physical distancing rules.”
Bernard McCrae, Chairman of Newpark Financial Services, says: “The change to Level 3 doesn’t mean a lot, it doesn’t make a material difference.
“I think half the workforce will continue to work from home. Nothing much will change until we have no containment.”
McCrae says advisers will still have to rely on video conferencing to speak with colleagues and clients.
“There won’t be a lot of change until we move into Level 2, and that could be two to four weeks away from when Level 3 starts. But e-commerce and digital signatures are helping us get a lot done.”
Richard Klipin, CEO of the Financial Services Council, says that while there are a lot of guidelines under Level 3, businesses now need to make a decision about how they want to operate.
Advisers will need to help guide New Zealanders through what will be very choppy waters…
“The advice community has been really active during the Level 4 lockdown and what’s really clear is that consumers have been reaching out for support, insight and guidance. And the advice community has responded excellently in that regard,” he says.
“So the fact financial advisers were not deemed as an essential service by the government, it did not preclude them from operating. And they have absolutely been operating.
“And I think the decision the advice community will make as we move down the scale of [lockdown] levels, is what scale do they want to operate on.
“So that’s remote teams, video conferencing, phones calls…open for business but in a prescribed way.”
Klipin says that while we are not going to get back to business as usual any time soon, it’s going to be “business under COVID”.
“And of course the significant stress in the economy is going to start to manifest itself,” he says.
Not every New Zealander will be affected by the lockdown…
“That will include the stresses faced by consumers as they decide what is and is not important. That will be a magnified conversation over the coming weeks and month.”
Klipin says the coaching and guidance advisers offer their clients is going to be more important than ever before.
“Advisers will need to help guide New Zealanders through what will be very choppy waters,” he says.
“Not every New Zealander will be affected by the lockdown, but certainly people working in tourism and associated industries will be. For advisers who have clients in those sectors…their role as a coach and guide will become really important.”