[GRTV] Increasing access to advice

GRTV: Welcome to Good Returns TV. I'm Philip Macalister. Joining me in the studio today is Michael Hewes. Michael is the Director of Deposit Taking, Insurance, and Advice at the Financial Markets Authority. Welcome.

Michael: Kia ora. It's lovely to be back again. Thank you.

GRTV: It's good to have you back. We're really interested today — we're going to talk about the Access to Advice report, which came out a couple of months ago now. I know it's been really popular with people, with advisers. So my starting point — there were two parts to it.

One was a consumer perspective, and the other was an adviser perspective. I just wanted to start briefly with the consumer side. It was interesting that in the past 12 months, when the survey was done, only 28% of New Zealanders had accessed financial advice. I thought that number was really low, considering 60% of home loans are written through mortgage brokers, and you've got KiwiSaver and all these other things out there as well. So what's your take on that number?