The mark has been part of the association’s plans from the outset.

Financial Advice New Zealand chief executive Katrina Shanks said the association had had to wait for the new legislation to be confirmed, the requirements of the new regime and the code of conduct before it could settle on what the mark should require.

It is designed to be a symbol of an adviser’s high level of qualification, experience and ethics, and highlight those who have done more than the minimum required of them by law.

It is not a standard required of all members but Shanks said it was another step between the association’s “core membership” and those with the pinnacle CLU or CFP marks.

She said the use of the word “trust” was fundamental because good advisers built trust and confidence in clients to obtain the best outcomes for them, and trust was central to the advice process.

A Trusted Adviser of Financial Advice NZ is a member who has been accepted as having a level five qualification or higher, three years’ experience providing regulated financial advice, a minimum of 20 hours’ CPD a year, completing a three-hour ethics workshop every three years, and holding appropriate adviser-level professional indemnity insurance.

An advice firm with 80% trusted advisers could have the mark.

AFAs, or those with a CLU or CFP qualification are expected to meet the criteria at the outset but would have to meet the same ongoing compliance as other members.

Consultation is open until July 22.