Financial Advisers

[teamplayer2003]

Morning all, I haven't been on this for a little while and I have discovered a re occurring question about the new financial advisers act and who can and who cannot offer advice.

To Make it all a little easier I have included the link to the Financial Services Providers Register.

If you search in the list you will find all advisers who are registered or Authorised.

If you adviser is registered and not authorised they cannot offer advice on class 1 products.

Class 1 products include: Pensions, Kiwi saver, Investments.

If your advised is registered they can still offer advice on Class 2 products.

Class 2 products include: Risk Insurance.

There is an exception to being Authorised or Registered and this is if you come under a QFE.

A QFE could be someone like a bank who takes the responsibility of its staff. Staff advising under the QFE can only provide advice on the products which the company offers.

But in summary only Authorised financial advisers can offer advice about your UK Pension transfers, Kiwisaver and investments along with Insurance ect.

The link to the register is below.

I hope this is useful.

http://www.business.govt.nz/fsp/

Tim

[victoria24]

More info:

AFA's can still work for a QFE and offer an opinion on any financial product.
They must disclose before providing a financial adviser service.
They have to comply with the code of conduct.
Registered AFA's are quite low compared to the expectation. To give you an idea. I am one of 50 AFA's out of a workforce of 5000.

[teamplayer2003]

Sorry Victoria24 Forgot about the AFA's who come under the QFE's!

FYI is also seeems that deregulations have started with 3 already!, might just you and I left before long!

[Super_BQ]

To any person seeking financial advice, before they make a decision, be sure to ask each financial advisor "where are they putting their OWN $" - as the saying goes, "if it's good enough for me, then it's good enough for you"

Walk into any stereo hifi shop and the salesman can gladly say they've used and owned a certain product. The same should be said to any financial advisor

[victoria24]

To any person seeking financial advice, before they make a decision, be sure to ask each financial advisor "where are they putting their OWN $" - as the saying goes, "if it's good enough for me, then it's good enough for you"

Walk into any stereo hifi shop and the salesman can gladly say they've used and owned a certain product. The same should be said to any financial advisor

lol @ teamplayer!

Its impossible for a financial advisor to always put their own money into every product that they recommend. They have to be fit for purpose and my needs will be very different to others. I take the premise but its a very simplistic view without understanding the nature of the role.