Partners Life founder Naomi Ballantyne said the new advisory licensing government could drive some financial advisors out of the industry and others into larger businesses.
Friday, April 22nd 2022, 2:47 PM
Ballantyne said while his industry doesn’t know how many coaches quit their jobs, because they are above the industry average, there can be a number of unintended consequences. That was when the government came to full power next March.
He points out that when Australia began to overhaul the industry’s commission system and regulate advisers after the Trowbridge report in 2015, no one expected a major move away from the region, including leaving customers without advice.
“That’s the problem to play in New Zealand if we’re not careful,” Ballantyne said. Not so far, he said, it was a show for New Zealand learned from Australian knowledge. “But we didn’t get the full license.”
Like many other testimonials Partners Life has lost a lot of money and a lot of effort in taking its advice through the time licensing process as far as possible. and for them to consider their options.
“I think we’re starting to see people go ‘really, thank you for making me do that but it’s the easiest thing and the rest of this is really, really hard.’ [so] if they’re close to retirement and think it’s time to go, ”Ballantyne said.
The ability to integrate advice into businesses is even more of a challenge.
“It’s about the problem and it’s decided at the professional level rather than the consultants deciding for themselves,” he said.
“It’s not a bad thing but from a product supplier’s point of view, it puts leverage in the hands of one rather than a lot.” For a business like Partners Life, that’s kind of the loss of giving.
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[GRTV] Ballantyne acknowledged the ‘unintended consequences’ of the licensing government
Source link [GRTV] Ballantyne acknowledged the ‘unintended consequences’ of the licensing government