Financial Advice New Zealand enters stage three

by NZ Adviser01 Mar 2017
Financial Advice New Zealand has now entered stage three of its development, following the wrap up of its adviser forums last month.  

Financial Advice New Zealand Working Group’s Bruce Cortesi says over the past two weeks they have compiled all views and comments together from the consultation events held since November 2016 and are building a comprehensive picture of the priorities and perspectives for the Financial Advice New Zealand Plan. 

The Financial Advice New Zealand Plan will outline the role and functions of the new body to achieve the key objectives highlighted during the Consultation Stage and underpin the Constitution – the principles, rules, and aspirations - of Financial Advice New Zealand.

“This is the Stage that we get into the detail: what Financial Advice New Zealand will do to support members in the changing world of financial services; how we will increase public understanding of advice and the role of advisers in helping more New Zealanders be better off; the clearly defined and relevant value of membership; the functions the new body will perform in key areas such as Public Awareness, Advocacy (lobbying) and Standards; the best structure to support the needs of advisers, and more,” said Michael Dowling, Financial Advice New Zealand Working Group.

“Consultation has been extensive. While it has highlighted different points of view on a number of topics, more importantly the Consultation Stage highlighted key areas of commonality on the big and important themes amongst advisers, as well as other industry partners.”

Key themes from the Consultation Stage
  • Focus on increasing public awareness and understanding of advice, and the role of advisers in helping New Zealanders be better off.
  • Focus on Advocacy (lobbying) and Standards.
  • Tightly define the role of Financial Advice New Zealand in the wider industry and focus on a smaller number of core areas to better support members and the publics’ access to advice.
Financial Advice New Zealand Stages and Progress:
  • Stage One: Preparation Complete
  • Stage Two: Consultation Complete
  • Stage Three: Planning Underway, to be completed by 4 April 2017
  • Stage Four: Operations 5 April to 5 May 2017
After completing the Financial Advice New Zealand Plan, the Working Group will spend the remaining 20 working days of the Development Process on Operations (Stage Four), for example, personnel, systems, location etc. This stage will be completed by 5 May 2017, and will bring the Development Process to a close.

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