Free financial advice on offer

The FMA has partnered with Financial Advice NZ to make free and generic financial advice available in Hamilton, as New Zealanders take a greater interest in their finances and investments due to the impact of Covid-19.

Monday, August 10th 2020, 5:55AM

Gillian Boyes

The Financial Markets Authority (FMA) and Financial Advice New Zealand are hosting a pop-up centre offering free money advice at Hamilton’s The Base mall on Saturday August 15, 9am-6pm as part of Sorted Money Week 2020.

The pop-up will be staffed by financial advisers who will provide generic financial advice to members of the public. Topics could range from how to start investing and pay less interest on a mortgage, through to understanding personal insurance and choosing the right KiwiSaver fund.

Gillian Boyes, the FMA's investor capability manager, said the FMA was keen to promote the value of financial advice, particularly due to the Covid-19 crisis.

“Whether it’s a full financial plan, help with KiwiSaver or other investments, budgeting support or using online tools, sound advice can be hugely beneficial in times of economic and financial uncertainty,” she said.

“If you’re making important financial decisions, speaking to a financial adviser can be a great way to help navigate your financial path. We wanted to facilitate these free sessions to introduce people to financial advice, or give them a taste of what it can offer.

“Getting value from financial advice doesn’t just include seeing a financial adviser – it could be accessing the wealth of information online or at your local Citizens Advice Bureau or library, using online calculators and tools, talking to the folk at MoneyTalks, listening to podcasts or reading personal finance books.”

Katrina Shanks, Financial Advice New Zealand chief executive, said many New Zealanders had not spoken with a financial adviser so the event would provide Waikato residents a unique opportunity.

“The impact of Covid-19 has highlighted the need for financial resilience, such as building up an emergency fund, understanding personal insurance, and making sure your KiwiSaver is set up right to work for you. A financial adviser can help you navigate all of these things and more.”

She said Money Week this year was particularly important as the aftermath of the Covid-19 lockdown hit many businesses, jobs, household incomes and investments.

“Many are finding it tougher, and there’s likely to be more hardship when the job subsidies end next month, so there has never been a more important time for people to consider their financial health, wealth and wellbeing,” she said.

“At a time like this, it’s fundamentally important people take time to review their finances and ensure they are building financial resilience into the future, be it in the short term, or for longer, and to make sure they’re in control of their money, life and goals.

“The advisers in each of these webinars are experts in their particular field, so the public will be getting access to some of the most informed and up-to-date general advice going around.”

The FMA’s recent investor confidence survey found 11% of investors had been working with a financial adviser to review their investments, 12% of investors were looking for an adviser to review their investments and those looking for an adviser to help review their investments are significantly more likely to be male, investors across multiple products, and Asian.

Tags: Financial Advice New Zealand financial literacy FMA money week