Who are you and what do you do?

Naomi Ballantyne, Founder and Managing Director, Partners Life Limited

How did you get into the industry? 

I was at university doing a marine biology degree and decided I wanted to get married. I couldn’t afford to stay at university and get married, so I applied for a job which was a Management Trainee position in a life insurance company (GRE). I didn’t know what life insurance was but I thought Management Trainee sounded like me and here I am, 35 years later.

If there is one thing you would like to change about the financial advice industry, what would it be? 

That advisers/sales people don’t give replacement advice and/or make comparative statements about products and providers unless they have specific knowledge of the actual facts (i.e. not simply what they have been told by their colleagues, local BDMs or other advisers).  Too much risk and damage arises out of clients being misled into solutions that are not as they have been represented.

What’s the best advice you have ever received?

Do unto others ….

What could financial advisers learn from other industries?

Sustainable business ownership skills.  Too many advisers still see themselves as sales people and don’t therefore invest money, time or thought into building their businesses. They see their client base as their sole asset rather than understanding the value of their entire business e.g. processes, systems, brand, commercial offices, referral partners, skilled staff, passive renewal income, client base, etc.

What change could the insurance sector make to better serve customers? 

Find a better way to educate consumers about the risks they face, the financial consequences if those risks occur, and what their government entitlements are. Having informed consumers should increase the number of consumers who proactively seek advice – reducing the NZ underinsurance gap – which is really a disgrace.

Are you a KiwiSaver member?        

Yes – it’s out of sight out of mind savings for me.
 

If so, what’s your investment strategy?         

Funnily enough I just do what my adviser recommends.
 

Outside of work what do you do?                   

Play golf and spend time with my husband of 34 years, my son and my new daughter-in law. I run in Woodhill or Riverhead forests with my two little dogs. I also play hockey and do jigsaw puzzles.

What would you say if one of your kids told you they wanted to be a financial adviser?

Be a great financial adviser!

What’s one thing people may be surprised to know about you?

I’m naturally a bit of a hermit whose natural inclination is to be alone. I am fascinated by people, but I know if I didn’t proactively make sure I engage socially that I could easily spend all my spare time on my own.

If you weren’t in this job what would you be doing? 

I think I would really enjoy being a celebrity speaker (just haven’t quite got the celebrity part right)!