Financial Advice NZ CEO hangs up her boots

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Katrina Shanks has resigned as Financial Advice NZ CEO. She talks to Good Returns about her time in the role and achievements.

Friday, September 29th 2023, 10:00AM 8 Comments

Shanks is one of the longest serving chief executives of an adviser association in New Zealand.

She was appointed as the inaugural Financial Advice NZ chief executive in 2018, after stints as a National Party MP and CEO of the Funeral Directors Association.

Her initial role was to bring three organisations; the Institute of Financial Advisers (IFA), Professional Advisers Association (PAA) and NZ Financial Advises Association, together into one body.

While Shanks admits she didn’t know much about financial planning when she took on the role, things have changed and she is now a strong advocate for advice.

“When I first started at Financial Advice NZ I obtained a financial adviser for the first time, and this transformed both my financial behaviours and my financial wellbeing.

“I am and will continue to be the strongest advocate for financial planning.”

“I truly believe quality advice transforms New Zealanders financial health, wealth, and wellbeing. This belief has been my point of reference when delivering advocacy, promotion, and ensuring professional standards are maintained.”

Shanks lists a number of things amongst her big achievements including:

• The mere fact Financial Advice NZ is still in existence five years after it was formed. “It was always an unknown and we have an organisation which everyone can be proud of.”
• Advocacy - CCCFA – “It was such a poor piece of legislation and regulations. It proved that with a well-designed campaign you can influence change. Having advisers provide 300 stories of how their clients had been impacted within 48 hours certainly provide the fuel for the fire.”
• Advocacy – CoFI – “The original legislation was so hard hitting on advisers it meant that advisers would have had the FMA and product providers as their regulators. It is very rare a piece of legislation is stalled in the house and changed with an Supplementary Order Paper. It shows you that advocacy behind the scenes can be really effective.”
• During Covid-19 Financial Advice NZ started daily webinars to bring its members together during the first lock down, and it continues to provide webinars.
• Stakeholder Relationships, she says, have been key in ensuring “we have trusted relationships which allows the association to have to open discussion on issues that matter and obtain good outcomes.”

As for her biggest regret?

“I would have loved to have spent more time on public awareness of the value of advice and building the brand which supports this.”

Unfortunately the distraction of Covid, along with the implementation of the new adviser regime and the changing business models has hampered this goal.

"Financial Planning has to be the dial mover for people to be able to increase their financial health, wealth and wellbeing. This is an area where I believe we can start to get inroads into policy change and influence the public to understand its value."

She's optimistic about the future of advice. 

"I think the sector is extremely well placed for the future. The new regime will strengthen the sector as it drives towards professionism. With being a professional brings public confidence and trust based on the requirements and traits of being a professional and more people will seek out financial advice."

Shanks isn’t revealing where she is going, but says she has “recently been approached regarding a couple of other opportunities.”

“I have given Financial Advice NZ 110% over the last five years and I feel the time is right for the organisation to have a new leader for the next phase as the organisation matures.”

Tags: FANZ

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