There are a number of ways you can choose a Financial Advice Provider. The key is to know what you want to achieve from that advice, then do your homework to make sure you choose a Financial Advice Provider who meets your needs.
Think about what you want to achieve from financial advice – is it help with an investment plan, getting a good deal on a mortgage or sorting out your personal insurance? This will help you decide which licensed Financial Advice Provider you seek financial advice from.
Financial Advice Providers are only licensed to offer advice on areas they are competent in and they must tell you this upfront.
The Companies Office keeps a Financial Service Providers Register (FSPR) where you can find all licensed Financial Advice Providers and the financial advisers who work for them, if any. To check who an financial adviser is engaged by, or to see a list of financial advisers engaged by a Financial Advice Provider, enter their name on FSPR to see the details of their registration.
You can find lists of advisers on various professional adviser association websites, such as Financial Advice New Zealand or the Insurance Brokers Association. You can also talk to your existing financial services provider to see what they might offer.
Many people find an adviser through a referral from friends or family. You should still do your own homework and ask questions from the adviser to make sure they’re right for you.
A friend or family member is likely to have different financial objectives to you, and if they’ve only recently taken advice, it’s hard to tell whether an adviser has done a good job. Often this isn’t clear until years after the advice has been given.
It’s a good idea to ask your adviser for examples of how they’ve successfully helped people similar to you.
Prepare to meet a few different advisers and ask yourself the following questions to help decide who will best meet your needs:
Financial Markets Authority NZ Investor Capability Manager Gillian Boyes explains how you might like to go about seeing a financial adviser.