Consumers of Financial Advice in New Zealand-Reference-Cited by-同舟云学术

Consumers of Financial Advice in New Zealand

Published:2017-12-01 Issue:2 Volume:3 Page:68-86
ISSN:2206-1355
Container-title:Financial Planning Research Journal
language:en
Short-container-title:

Author:

Scott Janine K.

Abstract

ABSTRACT This study examines some key client-adviser characteristics within the New Zealand financial planning landscape. Through an online survey, participants were asked about their choice of financial adviser, their experience of financial advice and their view of the 2008 Financial Advisers Act. Descriptive results reveal a lack of knowledge in differentiating between the types of advisers and each adviser’s scope of service. Clients of financial advisers who adhere to minimum education standards are significantly different from clients who contract the services of advisers without set standards. Implications include adopting a nationwide marketing campaign and significant regulatory changes to help all consumers identify appropriate financial service professionals for their needs.

Publisher

Walter de Gruyter GmbH

Link

https://www.sciendo.com/pdf/10.2478/fprj-2017-0009

Reference30 articles.

1. Australian Securities and Investments Commission (2010) Access to financial advice in Australia, http://www.asic.gov.au/media/1343546/rep224.pdf (accessed 11 May 2017).

2. Australian Securities and Investments Commission and the Australian Consumers Association (2003) Survey on the Quality of Financial Planning Advice in Australia, http://www.lifestyleip.com/Resources/articles/ASIC_SurveyAdvice_Report.pdf (accessed 15 May 2017).

3. Bae, S.C. and Sandager, J.P. (1997) ‘What consumers look for in financial planners’, Journal of Financial Counseling and Planning, 8:2, p. 9.

4. Black, B. (2005) ‘Brokers and advisers-what’s in a name’, Fordham J. Corp. & Fin. L., 11, p. 31.

5. Black Jr., K., Ciccotello, C. and Skipper Jr., H. (2002) ‘Issues in Comprehensive Personal Financial Planning’, Financial Services Review, 11:1, p. 1.