Roboadvice green light 'better late than never'
The Financial Markets Authority is consulting on the draft exemption notice and wants information on aspects of it, including the draft information sheet, application documents, good character declaration and application guide.
But law firm Russell McVeagh said New Zealand was playing catch-up to the rest of the world.
As at October 2017, digital advisers had $224 billion in assets under management, and this is estimated to grow to over $2 trillion by 2020.
Senior Associate Joanna Khoo said: "The two main barriers for customers currently obtaining financial advice under the traditional human adviser model are the cost of financial advice and the minimum amount of investable assets typically required. Globally, the rise of digital advice has been a significant step toward reducing this advice gap by generating a low-cost solution suitable to a broad range of customers.
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