Level 5 is a starting point, not the finish line
Finance and Mortgage Advisers Association of New Zealand (FAMNZ) managing director Peter White (pictured) said while the New Zealand Certificate in Financial Services (Level 5) is an important entry point for new advisers, it should be viewed as just the beginning of a professional development journey.
“We must have an entry point into the industry, but at the same time advisers must prioritise ongoing professional development and continue to learn and upskill,” White said.
He said raising standards and supporting adviser education were key reasons FAMNZ was established.
Mentoring and membership key to lifting standards
White highlighted that Australia’s broking industry requires new entrants to work under a mentor for two years, supported by a structured mentoring program.
“In Australia, brokers must have a mentor for the initial two years and our sister organisation there provides an excellent mentoring program,” he said. “I’d like to see this happen here, and this is one of the areas we are looking at.”
White cautioned that too many finance and mortgage advisers in New Zealand are not members of a professional organisation and are not doing enough to develop their education.
“This leaves our industry open to criticism and more complaints,” he said.
FAMNZ, which recently marked a leadership change with the departure of country manager Leigh Hodgetts, aims to fill that gap by offering high-value professional development and ongoing learning opportunities.
“FAMNZ offers members high-value professional development through the year, and this is vital not just to develop skills, but to protect advisers and the industry,” White said.
Continuous learning protects advisers and consumers
White emphasised that on-the-job training, mentoring, and continual education are essential for building the practical and technical skills advisers need to provide the best possible client outcomes.
“As our market share grows, we will need more advisers, and we don’t want to discourage new entrants into our industry,” he said.
“Our industry is changing, technology is advancing and advisers are entering new areas of opportunity like commercial finance, and those who are not developing their knowledge and expertise will eventually fail.”
White encouraged advisers to see professional development not only as an industry requirement but as a business growth tool.
“We can always be better, and we should always be striving to be better, because advisers are the solution for Kiwi consumers when it comes to financing their most important assets,” White said.
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