Let’s explore in a bit more detail to see why you might want to consider joining the Newpark Adviser Dealer Group.
The Current Feeling In The Sector
The current feeling in the financial industry is one of uncertainty. Until we know what the new legislation will hold, things feel a little bit up in the air. Because there is a lack of definite information available in the sector, many personal opinions are filling the void. Unfortunately, human nature is to expect the worse. That means that many negative perceptions are being generated.
Whilst we are awaiting concrete information from the new legislation, it is not all doom and gloom! Newpark’s position is that there are some pretty good indications of what the authorities are thinking about, and where things are going to settle.
We think that it is really important that advisers read as much material as they can and make up their own minds based on the information gathered from a number of sources. Don’t solely rely on the opinions in one article or one conversation.
This is where Newpark can provide a large level of support to advisers. We know you are busy and that you don’t have time to read every piece of information published about the new legislation. So we are reading it all for you.
Support And Advice
Our Chief Executive, Dean and our Best Practice and Licensing Manager are constantly talking with the Financial Markets Authority, providers, and subject matter experts trying to establish where they think the market is going to settle. We then channel that information through to our people and our Dealer Group.
While it is only our opinion at this stage, it is based on extensive, diverse research. We have formed this opinion by talking to practically everyone that could give us information on the subject. There is a perception that the information available in the public sector is conflicting. We don’t believe the information is not conflicting, it simply needs to be read in the context that it was intended for.
Newpark’s position is that level 5 is most likely going to be the regulation that is needed for certification. Yes, we know that Financial Advice NZ have stated that Level 5 has not been confirmed as the standard under regulation. That is correct on a purely factual basis. It certainly has not been confirmed by legislation yet. But, Newpark has come to its conclusion by consulting widely and considering all opinions
Going forward into a regulated environment, there is little doubt that the administrative overhead will increase. While it is not designed to prevent an individual from getting a licence, the reality is that some advisers will not want to take on the extra administration.
This is another way the Newpark can support their advisers. Being part of an adviser group means that we can take that overhead away from you.
Camaraderie, Networking and Professional Development
In our opinion, the legislation will require advisers to continually demonstrate they remain compliant, as well as the need for Continual Professional Development. While all of these things can be contracted out, but Newpark will be offering this to its members.
We also recognise that being an adviser on your own in the marketplace can be a lonely pursuit! It is Newpark’s vision to be New Zealand’s dealer group of choice for professional financial advisers. We want to be the home for educated, experienced, ethical advisers, to network and problem solve. We also want to be a voice in the market and to provide the camaraderie that we all need.
Help Through Regulation
Going forward we have a desire to help advisers get through the regulation process as stress-free as possible. For that reason, we will be making an offering to our members once we have clarity around the legislation and the detail that is currently missing in regulations.
While there is uncertainty now, we see it as an exciting time for the financial industry. We believe it is a great adventure for Newpark members to join us on.
If you are interested in knowing more about Newpark’s Adviser Dealer Group and how it could be a real benefit for you and your business, then get in touch with us for a chat. We would love to hear from you and support you in this journey. Contact us today.