David Boyle, general manager of investor education at the Commission for Financial Capability (CFFC), which runs Sorted, said the financial advice industry faced a challenge because consumers were not sure where to go to find an adviser.

“Notwithstanding the Financial Advisers Act review, how do New Zealanders get access to know where to start to get specific advice. People don’t wake up and think ‘I really need personalised advice’. We get people asking ‘where can I go to find an adviser?’”

He said the FMA's register was an option, as were the websites of the PAA and IFA. “But the content doesn’t demonstrate the skillset.”

He said moves across the Tasman to show advisers' specialties in a register could help Kiwi consumers, too.

Boyle said it was similar to a client seeking a doctor – they would know whether they needed a particular specialist or a generalist GP.  “A lot of New Zealanders know where to go to see a lawyer or an accountant but they don’t understand who, what or where to go to get financial advice. It would be nice to see that evolve.”

Once the FAA was reviewed and the fundamentals of any changes were in place, Boyle said there could be a role for the CFFC to play to help.

“I can’t see any reason why we couldn’t be a link or conduit to sites that have that information to make it a bit more accessible if people have worked out that they need that information. It wouldn’t be recommending a specific adviser but we have a strong view that advice is an important component of New Zealanders’ financial wellbeing.”

Advisers also had to overcome issues of mistrust and misinformation, he said. Many consumers were worried that if they saw an adviser it would mean being sold something.

But he said as financial literacy improved, that would change.

The CFFC has launched a website for its National Strategy for Financial Capability, which includes a desire to see all New Zealanders with a financial plan by 2025.

Boyle said for some people that would mean a plan constructed by a financial plan. Others would have a more informal approach.