Adviser fee levels unfair
New PAA chairman Bruce Cortesi said he was concerned that advisers were funding the industry but then being asked to do the bulk of the education work, as well.
He said advisers were chipping in a lot, whether that was through levies to the FMA, dispute resolution provider fees or by selling products.
“Yet the industry relies heavily upon these financial advisers to educate the public, as I am yet to really see some dynamic and consistent education to the public that starts to add value to the vital part you and I have in the financial security, literacy and growth of New Zealanders.”
Massey University’s Claire Matthews said, on the face of it, banks paid more to register with the FMA and with every renewal. “But on a per-adviser basis it's a lot less.”
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