Research shows that there are fewer than 1800 financial advisers authorised to give personalised financial advice in New Zealand. The scary thing is, of these only around 360 are non-aligned or not linked to product providers, banks or insurance companies. This minority aren’t allowed to advertise that they are independent. So where do you go to get impartial, quality advice?
In my opinion, being authorised might allow you to give advice but this shouldn’t be the minimum level of qualification one should have, to provide quality advice. There has always been an education pathway before the latest round of regulations. People should look for those advisers who believe in further education and who have demonstrated this by becoming either a CLU or CFP. These designations carry a higher qualification that AFA, providing their clients with the best quality advice in the market.
I advise you to ask what qualifications your potential financial adviser has. It’s your life, so shop around to make sure you have the best adviser, someone that you’re comfortable with, and who is well qualified.