Insurance Advisernet New Zealand looks to the future

Insurance Advisernet New Zealand looks to the future

Nearly one month on from the revamped financial advice regime taking effect, we believe the industry is well-placed to navigate the new environment. 

While the changes that kicked off on 15 March 2021 were significant, IANZ director Travis Atkinson says that for many brokers the new laws mean an evolution as opposed to a complete change – and clients will be the beneficiaries. 

“It is time that the industry had more rigorous legislation and it’s a step up for us all. Yet it is very client-focused and ultimately clients will benefit from getting appropriate advice from qualified advisers,” he says.

IANZ had a project team working behind the scenes on the change for nearly two years to prepare their broker network and offer as much support to them as possible. 
Atkinson says they worked with Professional IQ College in 2020 and managed to help over 100 of their brokers gain their Level 5 qualification.  

“We were well-placed to support our network for the change. Like anything new, it will take time to implement. But by embracing it, we know that opportunities will come. “I firmly believe that well governed businesses will have a competitive advantage going forward,“ he says.

The changes come off the back of a tricky 2020, yet Atkinson says the industry withstood the challenges “exceptionally well.”

“I think the industry demonstrated incredible resilience.  More than ever, NZ businesses and individuals needed the security of their insurers and sound advice from their brokers and I think that we collectively delivered this last year. 

“There is no better time for a broker to show the value of great advice than in a crisis - and we continually saw examples of clients turning to our brokers, often when they did not have a close relationship with their existing broker.”

The rest of 2021 will no doubt bring its own issues. Atkinson believes that brokers continuing to focus on their current and prospective clients is the key. 

“Clients will continue to need great advice and there is every sign that the world is continuing to get riskier and more complex. We are well prepared to support our brokers and clients every step of the way.”

For a confidential conversation about your insurance program, contact one of our members today.

General Advice Warning

The information provided is to be regarded as general advice. Whilst we may have collected risk information, your personal objectives, needs or financial situations were not taken into account when preparing this information. We recommend that you consider the suitability of this general advice, in respect of your objectives, financial situation and needs before acting on it. You should obtain and consider the relevant product disclosure statement before making any decision to purchase this financial product.

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