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NZ advisers staying put after licence changes

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Most New Zealand financial advisers plan to stay in the industry after the new financial advice licence regime starts next year, according to a recent survey.

Financial Advice New Zealand says 80% of its 1600 members already know how they will operate under the new regime. About 48% of those say their own company is becoming a licensed provider, 21% intend to join a licensed provider and 12% say their own company is becoming licensed.

Another 12% haven’t decided what choice they will make, and 7% say they haven’t considered it yet.

FANZ CEO Katrina Shanks says the results show most advisers – particularly experienced ones – are not being scared off by the new regime. Ninety per cent of the survey respondents say they have been in the financial advice sector for more than 10 years, and 60% have been in the sector for more than 20 years.

“The retention of our most experienced advisers will help drive increasing levels of public trust, as well as hopefully encouraging advisers who haven’t made up their minds, or who don’t understand the new regime, to check out their options,” she says.