Advisers not dropping out, Financial Advice NZ says
A survey conducted by the association this week showed 80% of respondents had already determined how they would give financial advice under the new licensing regime.
Of those, 48% said their own firm was becoming a licensed financial advice provider (FAP), 21% said they intended to join a large licensed FAP – either a current aggregator or a dealer group – and 12% said their employer was becoming licensed.
Just 12% said they had yet to make up their mind about what route to take, while 7% said they hadn’t thought about it or didn’t understand enough yet.
Of total respondents, 90% said they have been in the financial advice sector for more than 10 years. Some 60% of those have been in the sector for more than 20 years, 30% between 10 and 20 years, 6% between five and 10 years, and 4% less than five years.
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