FMA: DIMS harder but not impossible
There has been a lot of concern independent advisers will not have the ability to meet the stricter compliance requirements that will come in to play for personalised and class DIMS providers on December 1.
Ben Brinkerhoff, of NZ Wealth, said it was the biggest issue for the industry at present. “It’s putting a huge burden on individual advisers.”
He said independent operators would be forced into offering wrapped, prepackaged solutions. “You could have a very competent adviser who looks at the compliance burden and decides it’s not worth it. Most independent advisers will go in one of two directions, the solution for smaller clients will be a wrap, for bigger clients they’ll keep them non-DIMS and get them to sign off everything.”
One adviser, who has been working in the industry for 25 years but did not want to be identified, said he already planned to join a firm that would get a DIMS licence. “I’m not getting any younger.”
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