Advice is about relationships, not legislation
The survey was done in March for the Ministry of Business, Innovation and Employment by Colmar Brunton.
It shows that consumers do little research on the qualifications, or registration status, of their financial adviser, but they have a high level of trust in the financial adviser they consult.
"This is derived from three elements of the relationship: being recommended a financial adviser by someone they know, developing a personal connection and relationship with the adviser, and the reputation and size of the investment company, bank, or insurance company for whom the adviser works (or is affiliated).
"Consumers value the personal relationship they have with their adviser. This has more weight to them than the legislative requirements imposed on financial advisers. Consumers also feel that there is little reason to doubt the authenticity of their own financial adviser, certainly in the absence of any current concerns about them."
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