Advisers should be coaches: Kneebone
A recent study by the commission found that while almost half of people said they got most of their advice from their bank, that was closely followed by friends and family. Financial advisers came in third. Just 15% of people said they received information from an adviser.
Kneebone said that needed to change. “Just because your neighbour doesn’t have income protection, doesn’t mean you shouldn’t. Just because a workmate is a particular KiwiSaver fund, it doesn’t mean you should be, too.”
The survey found that more than 80% of respondents knew that a financial adviser had to give them a disclosure statement, and three-quarters said it was important to find out how an adviser was paid.
Kneebone said he was hoping that moves to increase the numbers of AFAs would pay off, particularly to develop KiwiSaver advice to people as their investments grew.
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