1. Investors
  2. Getting financial advice
  3. Finding an adviser

Finding an adviser

Page last updated: 14 Mar 2018

You can find searchable lists of advisers on various professional adviser association websites and the NZX website. You can also talk to your existing financial services provider to see what they offer.

Services offered

Where to find a list

Mortgages

Financial Advice New Zealand: www.financialadvice.nz

Insurance

Financial Advice New Zealand: www.financialadvice.nz

Insurance Brokers Association: www.ibanz.co.nz

Triple-A Advisers Association: www.triplea.org.nz

Investments and investment planning

Financial Advice New Zealand: www.financialadvice.nz

SIFA: www.sifanz.org

Triple-A Advisers Association: www.triplea.org.nz

NZX participants: www.nzx.com

 

You can also download and search the list of Authorised Financial Advisers.

Please note, we rely on advisers keeping their own details up-to-date, so can’t guarantee the accuracy of any of the lists linked to from this page.

Check the listing details of individual advisers to see what they offer. Not all advisers offer all services.

Recommendations

A recommendation from friends or family is another way to find an adviser but it’s still important to interview your adviser like you would any other.

Your 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. See choosing an adviser.

Is the adviser on the Financial Service Providers Register (FSPR)?

You can find out more about the financial adviser you are dealing with on the public Financial Service Providers Register (FSPR) at www.fspr.govt.nz

The register will tell you their business address and list the financial services they can provide. It will also tell you whether they are just registered and/or licensed as an AFA (this will be in the list of financial services).

QFE advisers don't have to be listed individually on the register but the financial service company they work for must be there.

Please note, registration on the FSPR is not an official approval of an individual, business, or organisation and does not necessarily indicate the provider is licensed or regulated in New Zealand or any other country.

If a person giving you financial advice is not on the register when they should be, then don't deal with them and let us know.

Five questions to ask your financial adviser

If you’re seeking investment advice make sure you ask these essential questions:

1. How do I know what you’re recommending is the best option for me?

Your adviser should put their recommendations in writing, setting out what they’re recommending and why.

  • Has your adviser asked you questions about your circumstances and needs? For example, your financial goals and tolerance for the ups and downs of investment markets?
  • Has the adviser helped you prioritise your financial objectives, explained and discussed choices with you, and developed a strategy to help you achieve your objectives? Do you have a clearly defined scope of service so you know what advice is being provided and what is not?

2. What are the risks of this investment?

All investments carry risk. Your adviser can’t protect you from investment risk, but it’s his/her job to ensure you understand what you are getting into.

  • Has your adviser provided clear and simple explanations about how the investment(s) you’re considering will work and what could go wrong?
  • Do you understand how you can make, or lose, money from this investment?
  • If your adviser is advising you to change from another product, he/she must tell you the costs as well as the benefits, and risks of the switch. If the adviser can’t provide a specific comparison (for example, if they’re unable to comment on other provider’s products), ask for an explanation of the risks of changing products and investigate this further, or get a different opinion.

3. What will I pay?

Some advisers charge a fee, others charge a commission or may receive sales-related incentives. Details of any fees or commission that apply must be provided to you in writing in a formal disclosure statement before you pay the adviser any money.

  • Check to see if they charge ongoing service fees. If so, find out what that service means. Will you get regular reviews of your circumstances and investment portfolio? Will re-balancing of your investment portfolio be necessary?
  • Some products have entry and exit fees and may charge ongoing management fees and expenses. This information should be explained in the product disclosure statement so be sure to read it.
  • Are the fees reasonable for the services you will receive? What impact will the product fees have on your returns? Remember even small differences in fees can translate into large differences in returns over time.

4. What information will I receive about my investments?

Find out how often you’ll receive reports or transaction statements showing the value of your investments and the fees and taxes paid. It’s important to have this information so you can watch out for warning signs that something may be going wrong.

  • If your adviser is providing you with ongoing service, ask how often they’ll contact you. Remember things change, so it’s important to review your plans at least once a year.
  • Your adviser should provide information about appropriate benchmarks to help you compare your investment’s performance against other similar investments in the market. Advisers must also provide you with specific product disclosure information for each investment product you are using.
  • Do you understand how to interpret the financial reports you’ll receive? Do you want ongoing service and calls when changes need to be made and what they will cost?

5. How can I get my money back?

If you’ve agreed to a fixed-term investment you may need to pay a penalty and/or fee to get your money back. Or you may make a profit or loss, depending on the price of the product at the time you want to sell it. There may also be restrictions, for example, units in some managed funds can only be sold at the end of a month, or there might be a limited market for some types of products.

  • Investments in KiwiSaver and other superannuation funds are often locked in until you retire. If this is the case, you usually can’t get your money out early.
  • Have you got enough money readily accessible if you need it?
  • Some advisers may recommend you put ‘emergency’ money in a cash fund, but remember entry and exit fees may apply.

Visit our website to find out more about getting financial advice.

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