The revised Financial Advice Code, which will come into effect on November 1, will deliver better outcomes for both advisers and clients.
- Agree (36%)
- Disagree (36%)
- Not sure (29%)
Loading ...Advisers who disagree that the revised adviser code will deliver better outcomes for both advisers and clients have narrowly out-voted those who do see it as driving better outcomes.
As we go to press, our latest poll results indicate that 38% of advisers don’t see better outcomes from the revised code, while another third (33%) agree that it will deliver better outcomes. A very hefty 30% are not sure, meaning nearly one in seven advisers are not necessarily expecting better outcomes.
We asked the question after Financial Advice New Zealand welcomed the revised Financial Advice Code as a defining moment in the evolution of the profession.
The organisation said the approval of the revised Code recognises the growing maturity of financial advice in NZ and sets a clear trajectory for its future.
Its CEO Nick Hakes, sees the move as a pragmatic and future-focused update.
As we reported, Hakes says it’s striking the right balance “…honouring the expertise of current advisers, establishing a clear pathway for new entrants and reinforcing public trust in the profession.” (See: Revised Code Signals New Era of Professionalism).
The revised Code updates the nine principle-based standards that elevate expectations around ethical conduct, client care, and technical competence, but it’s the shift in Code Standard 9 — from “maintain” to “continually develop” competence, knowledge, and skill — “…that signals a deeper cultural shift.”
Hakes says this “…subtle yet powerful change places lifelong learning at the heart of professional advice.”
Our poll remains open for another week and we’d welcome your thoughts…