Embracing change - how regulation will improve financial advice

The consensus of some of the leading minds in the New Zealand financial advice world was one of positivity and excitement for a future they say will provide even more opportunity, innovation and professionalism for an industry coming to terms with a raft of new regulations.

Speaking at the Financial Services Council's Regenerations Reimagined online conference on Friday were Strategi Group executive director David Greenslade, EnableMe managing director Hannah McQueen, Consilium head of adviser services Ben Brinkerhoff (from the USA), Financial Advice New Zealand chief executive Katrina Shanks, and Partners Life head of industry engagement Mark Banicevich who facilitated the discussion.

Their message to advisers was clear - compliance and regulation are not as costly, prohibitive or time-consuming as first thought and will lead to a more professional, innovative and successful sector in the long term.

Greenslade began the session by saying the expected exodus of advisers from the industry has not happened and probably won't and while their average age is relatively old there are many younger newly qualified advisers moving into the profession who can see a pathway forward.