Research shows benefit of advice

The FMA commissioned a Colmar Brunton survey of New Zealanders aged between 60 and 74 to find out how advice had helped them manage their savings.

It also worked with the IFA, which distributed a questionnaire to its practitioner members to send to adviser clients, to get a snapshot of their experience.

The research found that, of those retirees who had sought professional financial advice, 95% said their adviser was either good, very good or extremely good value. About 30% said their adviser was very good value.

Almost 90% said there was nothing they would like their adviser to do differently.