Financial Advice New Zealand’s three-day Shaping the Future of Advice conference in Christchurch last week was a fast-paced, wide-ranging event that canvassed topics across economic and government trends, international learning perspectives, the regulatory environment and practical business tools for advisers.
While Day One focused on a series of Masterclasses, the main part of the conference launched on April 2 and provided the 500 attendees with a detailed look at the ‘why’ of financial advice, with FANZ CEO Nick Hakes calling on the sector to “think big and be brave” (also see: FMA to Review Accessibility of Advice).
Summing up the first part of that morning, Hakes said in shaping the future of advice to think big and be brave the sector needed to look beyond the immediate horizon of three to five years.
“Twenty-five years into the future what will New Zealand look like, what sort of advice businesses will there be, what is the advice proposition, the value proposition to clients, what sort of problems will we solve?
He said the sector needs to think longer term because there are pressures to address.
“It’s incumbent on us to stay clear in our purpose to make New Zealanders better off but to also navigate the pressures.”
…the National Strategy for Financial Capability, for the first time, will include a work-stream called The Value of Professional Financial Advice Through Life’s Defining Moments…
Hakes pointed to the National Strategy for Financial Capability launched by the Retirement Commission which, for the first time, will include a work-stream called The Value of Professional Financial Advice Through Life’s Defining Moments.
He said this is not about the people retired today but those retiring in the next 25 years.
Retirement Commissioner Jane Wrightson briefly outlined the thinking around this narrative of growing demand for financial advice, ahead of a more detailed session the following day.
Speaking from Salzburg, she told the conference that with Financial Advice NZ her organisation had been mulling over how to raise greater awareness for professional advice across key life stages and how to encourage more New Zealanders to seek financial advice early.
Wrightson said this was a key project in the new National Strategy for Financial Capability, which she described as a mechanism for everyone working in the financial services sector to work together to maximise collective impact.
“Its success has been in its ability to rally more than 900 partners around New Zealand to help New Zealanders grow their money and build their resilience.”
…here’s the opportunity for you to consider how you want to lead in this space…
She noted that until now the financial advice section has been comparatively weak and she is pleased FANZ is “grasping the nettle” and will lead and support its adviser network and its partners “…in a crucial consumer focused initiative to grow the awareness of how quality financial advice can transform lives.”
She says at Sorted they know many people are not aware of the role financial advisers play. “So here’s the opportunity for you to consider how you want to lead in this space.”
She encouraged financial advisers to work together with the commission to ensure every New Zealander understands the importance of seeking financial advice, and the benefit it brings.
…Leveraging your collective impact in a complex world … could be real game changer for you…
“Leveraging your collective impact in a complex world, with new challenges coming down the pipe, could be real game changer for you. So I challenge each of you to get involved with this initiative led by FANZ and positively shape consumer perception of what it is you do.”
(Also see:2025 Financial Advice NZ Award Winners Announced).
