With a little over six months until 15 March 2021 and the start of the new regulatory regime, Katrina Shanks, CEO of Financial Advice NZ, looks the four key areas of change financial advisers need to consider.
In an exclusive column published by Risk Info NZ Shanks covers off…
- New regime and licensing pathways
- Qualification and competence during the two-year competency safe harbour period
- Disclosure obligations – as outlined by the Government in June
- Privacy Act 2020 (coming into force on 1 December 2020)
Webinar
Financial Advice NZ will provide a snapshot of the wealth aspirations of Kiwis during a webinar with Rhiannon McKinnon of Kiwi Wealth on Wednesday 2 September at 10am.
McKinnon says her State of the Investor Nation report will provide a comprehensive understanding of Kiwis’ perceptions of their own wealth and confidence both before the country first went into lockdown and then after the country re-opened at Alert level 1.
Transitional licences
The number of transitional licences under assessment or issued by the FMA currently stands at 1,050. This represents an estimated 7,166 financial advisers and 8,893 nominated representatives.
The new regulatory regime starts on 15 March 2021 and advisers are encouraged by the FMA to apply for their licence as soon as possible.
Ryan Edwards, Managing Director of The Adviser Platform, says while financial advisers are aware of the incoming regulatory regime, few fully comprehend the impact it will have on their day-to-day practice.
He says that while the new regime brings an exciting opportunity for all professional advisers, they will require a level of resourcing, in terms of time and expertise, that many neither have, nor can afford.
Latest poll
And onto our current poll where we are asking about appointment scheduling…So far, 65% of make your own appointments with clients; 23% rely on a team member to call clients and 12% of you share the work or do it yourself.
There’s still time to cast your vote…
Dignity
Speaking during August’s MDRT 2020 Virtual Event American financial adviser Shane Westhoelter told online viewers that advisers are providing dignity to their customers.
The CEO of US-based Gateway Financial Advisors says dignity – not insurance – is what he has focused on for the last 30 years.
When advisers provide dignity and stop selling products, people will refer family and friends to them, he says.