Life industry grapples with Level 5 stragglers

Fidelity Life acting chief executive Ian Clancy says it hasn't yet received confirmation from about 5%, or 90 out of about 1,800 advisers.

AIA NZ's chief partnership distribution officer Sharron Botica told Good Returns that it has seen fewer than 100 advisers leave the industry since March 17 while Partners Life managing director Naomi Ballantyne said 30 of her company's about 2,500 advisers failed to qualify.

“Some have gone on to finish – they were right at the end of the process. With the balance, we're working really hard with.”

Those who can't or won't achieve Level 5 will need to sell their business, Ballantyne said.