Loading ...Our latest poll asks you to consider an issue with which advisers across the Tasman are presently grappling.
As we’ve reported this week, the Australian advice market is edging closer to the introduction of reforms that will see the introduction of a new class of adviser. This ‘adviser’ will be employed by banks, superannuation funds and life insurers for the purpose of providing scaled and/or limited personal advice to consumers who contact them directly, and at no cost (see: Concern Over Delay in Implementing Advice Reforms).
The motivation behind the introduction of this new class of limited advice is to provide a pathway to make simple financial advice more accessible to many more Australian consumers. Like New Zealand, Australia is underinsured, while the number of qualified advisers in Australia remains at an almost record low, due to an exodus in recent years following various widely-reported reform measures imposed on the sector.
…our advice sector has been less impacted by scandals and negative consumer sentiment
While the NZ financial services community has experienced its own reforms over recent times, our advice sector has been less impacted by scandals and negative consumer sentiment. Nonetheless, FSC data reveals New Zealanders remain significantly underinsured in a country which also faces its own shortage of qualified financial advisers – a situation which the majority of Riskinfo readers have previously agreed is the case (see: Poll Indicates Adviser Shortage…).
So, while there’s no prospect of similar reforms being considered in our back yard any time soon, we’re still interested in your view as to whether you’d be open to Kiwi insurers offering a limited or simple personal advice service in future.
Tell us what you think and we’ll report back next week…