It’s been a long journey getting to this point of new regulation, Shanks says, and she is excited about what comes next.

“Commerce Minister David Clark put it in a nutshell when he said the new regime ‘will give consumers greater confidence to seek advice that will help with their financial goals, providing them with greater trust in the quality of that advice’.”

While advisers still need to get ready for the next step of acquiring full licences, Shanks says it bodes well for the industry to see legislators, regulators and officials all recognising the value of advice.

“There’s full licensing still to come in two years’ time, which is the next regulative step for financial advisers. But what is more exciting is that the new legislation has got regulators and legislators talking about trust in advice.

“This raises public confidence and trust in seeking advice. It is very exciting for the sector, together with this messaging we will be able to get more New Zealanders to seek financial advice.”

Shanks predicts that the streamlining nature of the FSLAA regulation change will have a widespread effect on the amount of advisers entering the industry.

“This legislation, which openly talks about having a level five qualification will create pathways for people seeking to enter the profession and to stay in. I think that this will grow the industry’s understanding of how to seek and retain university graduates and people seeking financial advice as a career choice.”

Looking ahead, Shanks can see growth coming to an industry that has set itself the task of improving financial wellbeing in New Zealand.

“I think the long-term effects of this regime change is that many more people are going to seek financial advice, and because of that many more New Zealanders are going to be secure in their financial health, wealth and wellbeing.”

Through Shanks’ eyes, the changes are not just going to impact the financial services industry but the country’s economy as a whole. “I see a more prosperous New Zealand, I see New Zealanders gaining better knowledge about their financial wellbeing.

“If we can get more New Zealanders to seek financial advice, then financial advice can change their lives. I think that what is ahead is very exciting.”