It might surprise you to know that financial advice isn’t a ‘one size fits all’ service. After all, everyone’s life is different. And so are individual hopes, dreams and aspirations. But one thing IS for certain – you don’t need to be super wealthy to benefit from experience and expertise.
Choosing the adviser that’s right for you.
If you think of insurers like Fidelity Life as a manufacturer, then advisers are the department store where you can usually find lots of different brands. Here at Fidelity Life, we try hard to design really useful products to meet all sorts of needs and lifestyles. But even then, we still recommend that you speak to a financial adviser who can give you the best possible steer. It’s their job to provide perspective on what’s best for your situation and financial goals.
What do advisers offer help with?
Some advisers specialise in specific products while others can take a more all-round look at your finances to help form a complete financial plan with you. In every case though, it’s important to check what type of advice you’re getting.
Here for you.
All financial advisers need to be registered in a central location, it’s called the Financial Service Providers Register, or FSPR for short. You can look up your adviser in the online register or just ask them for their FSPR number.
The Financial Markets Authority (FMA) is the main regulator of financial advisers in New Zealand. Currently the Financial Advisers Act (FAA) makes advisers accountable for the advice they give but soon this will be transferred to the Financial Markets Conduct Act 2013. Under the Act all financial advisers must exercise care, diligence and skill as well as the Code of Conduct. Financial service providers are required to belong to a dispute resolution service for if you have an issue that needs resolving.
All financial advisers must disclose certain information about the services they provide in a disclosure statement. It’s important you read this (rather than pop it in the sock drawer forever) as the information in it is important.