27 Nov 2010

Deadline nears for financial advisors

10:12 am on 27 November 2010

The Institute of Financial Advisors says confusion over a new qualification means many will not get theirs in time to meet the deadline.

From 1 December, all 10,000 financial advisors working in New Zealand must be registered in order to provide basic financial advice to clients.

About half of them must become authorised financial advisors by June next year in order to give more complex financial advice.

IFA chief executive Peter Lee says that while he expects nearly all 1000 members of the Institute to become authorised advisors, many in the wider industry will not make the deadline.

Mr Lee says he expects up to 20% of financial advisors will leave the industry because of the changes.