Boyle: Challenges ahead for advisers
David Boyle said there were big changes ahead.
“The big challenge around advice is New Zealanders understanding the value of advice and ultimately paying for it as well,” he said.
The industry also needed to get more people involved in providing advice, he said. “The industry is getting smaller, we need to ensure there is good quality advice. For a lot of New Zealanders, they need somewhere to go, somewhere to understand the basics and get a framework. Investment advisers and planners kick in as people have built up an asset or a substantial amount of money, so they can start planning what to do with that.”
KiwiSaver would be a catalyst, he said, as New Zealanders reached retirement with more money in savings than they had in the past.
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