The long and short of it: The changing face of financial advice
By Stuart Williams, Managing Director at Amova NZ
Originally published on The Post on September 3, 2026
The mid-winter Wealthpoint conference was a watershed moment for the advisory industry for me as it revealed how much has changed in the past decade in terms of who is providing financial advice to New Zealanders. Now consumers have more choice than ever, which has to be a good thing.
Analysis: Held in Dunedin last month, the conference was attended by over one hundred financial advisers from every corner of the country. I came away with a different picture of what this industry looks like now. Like the other similar events I have been part of this year, it reinforced the idea that the face of financial advice is changing.
In fact, the cohort of financial advisers today reflects New Zealand’s demography better than it ever has. The number of woman advisers has risen dramatically. So too has the number of young people choosing this as a career. There are more advisers from a range of communities who were not visible in this profession a decade ago and whose presence aligns with the modern make up of New Zealand’s society.
New, entrepreneurial businesses are emerging too, some built specifically around understanding how particular groups of clients want to engage with their money. If the advice world is starting to more closely resemble New Zealand itself, that’s a good thing, because specialist advice of all kinds is based on relationships and trust. Importantly, the changing complexion of advisory services now means there is an adviser out there for everyone.
The numbers that need to improve
What’s less ideal is how consumers are apparently perceiving the value, or necessity, of obtaining independent financial advice. Recent research from the Financial Markets Authority indicates only around 28% of New Zealanders accessed financial advice in the 12 months to March 2026. This means roughly seven in 10 of us have been making decisions about mortgages, insurance, and retirement savings largely on our own, perhaps based on some mixture of online research, chats with family and friends, and gut instinct.
There is also a relatively small adviser cohort against growing need. As at the end of June 2025, New Zealand had roughly 3.362 million KiwiSaver members, and there are currently around 9,200 registered financial advisers working on everything from KiwiSaver and investment management to mortgages and risk insurance. Aside from other investment advisory considerations, KiwiSaver balances are now large enough, and growing fast enough, to warrant proper long-term guidance.
While we have better ways of sourcing information and self-creating financial plans in the AI era, information is not the same as insight, and the power of advice is irreplaceable in my opinion. Finding the right independent adviser can lead to your money being put in the correct KiwiSaver fund for your age and risk tolerance, meeting financial challenges – expected or not, and it means you have an expert who understands your specific situation and will still be there in 10 years.
Myth-busting
One reason for the consumer engagement problem is a persistent misconception that advice is only for the wealthy. When I say there is an adviser out there for everyone, I am thinking equally of the established person with $500,000 to invest and the young person just starting their KiwiSaver account with a modest balance and a long view towards a secure retirement.
A good starting point is using online tools and digital advice to build basic understanding before having a real conversation. There are a range of financial advisers who can offer either specialised product advice (i.e. KiwiSaver, mortgage or insurance advice) or generalists who can cover multiple products in one place – in other words, there is now someone available to tailor advice to every situation. Financial wellbeing is holistic, and a good adviser treats it that way. Think of it like working on a property: there’s nothing wrong with some DIY, but you’re going to bring in a specialist to rewire your house.
The other important element is transparency. Your adviser is obligated to make certain disclosures, and advice that is independent, which gives consumers confidence that any recommendation is driven by what is right for them.
Opportunity knocks
There has been a lack of advice across the KiwiSaver industry, starting with the default scheme in 2007 where clients ended up in Conservative Funds without advice regardless of their age and risk tolerance. We are slowly seeing this change with the increased number of Financial Advisers advising on KiwiSaver investors, which I believe is essential for the future of KiwiSaver.
For young people with an interest in finance, the advisory industry is increasingly viewed as offering compelling careers. Many advisers obtain a commerce degree before securing the mandatory industry qualifications. New advisers often join an established advice practice on a base salary, supported by servicing and advice fees, as they build a client base of their own. Another option is to buy part of an existing book of clients outright, which we’re seeing in succession planning as senior advisers retire and hand over long relationships.
With KiwiSaver balances compounding over decades, a young adviser working today with clients in their 20s is effectively building a business with long-term structural growth behind it, one that should only accelerate with the likelihood that KiwiSaver will become compulsory and start in childhood.
Stuart Williams is Managing Director and Country Head of Amova Asset Management New Zealand, the Auckland based investment manager established in 1994 and formerly known as Nikko AM New Zealand, which manages New Zealand equity, fixed income and cash assets for KiwiSaver members, charitable trusts, foundations, local government and institutional clients.
Disclaimer: This information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be relied on as financial advice. Before making any investment decision, you should seek professional advice suited to your personal circumstances. Past returns are no indication of future performance.
