Loading ...In a surprising result, our latest poll finds that a big majority of advisers agree that their advice practice is overly conservative in the way it provides advice to its clients.
As we go to press nearly seven in 10 advisers (69%) agree they are cautious in the way they provide advice, with just 28% disagreeing with the premise. Another 3% weren’t sure either way.
We posed the question in light of an address by FMA CEO Samantha Barrass at the Financial Advice NZ conference encouraging advisers to innovate and think differently, to introduce new advice journeys that tap into consumer groups who are currently under-served (see: Adviser Caution Making Advice Less Accessible).
In outlining findings from the FMA’s Access to Financial Advice Review Barrass had said too many financial advice providers seem uncertain about how to tailor the nature and scope of their advice and that the default was to be cautious and conservative, noting this was making advice less accessible, not more accessible.
It may be surprising for some that a majority of advisers would agree they are too cautious and conservation in the way they deliver advice to clients, so we asked the CEO of Financial Advice NZ Nick Hakes what this might indicate?
…the poll underscores an important inflection point for the profession…
He said the poll underscores an important inflection point for the profession.
“Nearly two‑thirds of New Zealanders are actively thinking about their finances, yet only a small proportion are engaging with an adviser according to the recent FMA Access to Advice Review. That gap represents a significant opportunity to demonstrate the value of professional financial advice.”
He says if close to 70% of poll respondents feel they may be overly conservative “…the question for the profession is how we evolve our value proposition to meet that unmet demand. Practices that are thinking creatively, adopting new technology, and re‑imagining how advice is delivered are well positioned to respond.”
Hakes notes that New Zealand operates within a principles‑based regulatory framework that supports professional judgement and innovation under the Financial Advice Code.
“With access to emerging, AI‑enabled tools and growing consumer appetite for guidance, advisers have a real opportunity to help more families navigate increasingly complex financial decisions.
“The poll is an early indicator of what could be achieved if more New Zealanders had a financial plan and an active relationship with a trusted adviser,” he says.
Our poll remains open for another week and we are interested to learn your views…