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Financial Advice from the Front Lines

September 23rd, 2010 by Mark Jory
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Yesterday it was announced that Financial Advisers who wish to become Authorised Financial Advisers by the 1st of July 2011 MUST book their assessments and exams with ETITO no later than the 29th of October, or there is no guarantee they will have time to complete all of the necessary requirements to become authorised before the 1st of July 2011.

Financial Advisers who are not authorised by 1 July 2011 will not be able to give financial advice on category 1 products after that date. Category 1 products are most investments.

This puts pressure on Financial Advisers to complete any required study to be able to meet the requirements, while at the same time trying to run their own businesses!

And it comes at a significant cost as well.

The result for many financial advisers is that they will spend so much time now working towards these qualifications thtat they won't spend sufficient time on their businesses and their clients.

For consumers, the long term affect is that you will get a higher level of professional advice from Financial Advisers and greater powers to get reparation where you have been given 'poor' or inappropriate advice.

But in the short term for consumers, it is likely to lead to higher costs to get advice, or worse, encourage consumers to make their own financial decisions without any advice, like the thousands of mum & dad investors who put money into Finance company's based on TV & newspaper advertisements!!

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About the author

Mark Jory's picture
Mark Jory
Practical Solutions

Mark Jory of Practical Solutions is a self employed financial adviser with 17 years experience specialising in life risks planning for individuals, couples and small business owners, and accumulating a retirement income through KiwiSaver and superannuation plans. A particular focus is helping small business owner’s ensure their business survival by assessing their risks should the owner suffer disability or death.
Mark is a Chartered Life Underwriter and Certified Financial Planner, these professional designations are internationally recognised as the most credible credentials for insurance advisers and financial planners, and requires him to pursue an ongoing broad based professional development programme.