Financial Adviser

Tasks & duties

Financial advisers may do some or all of the following:

• look at the client's income, spending and investments, and help clarify their short-, medium- and long-term goals
• prepare suitable financial plans and/or investment plans
• encourage clients to keep to their plans and review plans accordingly
• review the client's taxation, retirement planning and sources of income
• review the client's estate planning and risk management (insurance planning) needs
• report on the client's investments on a quarterly or half-yearly basis

Skills & knowledge

Financial advisers need to have:

• the ability to understand and interpret financial and investment markets
• knowledge of financial planning, taxation and investments
• knowledge of asset protection measures
• understanding of the range of investment products available
• good literacy skills
• the ability to research up-to-date market and financial information
• understanding of the insurance market
• good communication and listening skills, as they have to relate to a wide range of people
• planning skills
• sales ability
• problem-solving skills

Entry requirements

All financial advisers must undergo referee and credit checks and have a clean criminal record before they can enter the profession. 

Secondary education

NCEA credits in subjects such as maths, accounting, English and economics are preferred.

Tertiary education

No formal qualifications are required to enter the field of financial advising.  However, having experience at a tertiary level in maths, accounting, English, business studies, economics or law is useful.

Training on the job

New legislation will come into effect in 2012 which means that all financial advisers must register with an approved professional insurance and financial planning body.  The main financial planning regulator in New Zealand is the Institute of Financial Advisers (IFA).

To register with the IFA, you must have your work supervised for two years and complete an in-depth case study plus an IFA-approved diploma in personal financial planning.  You will then be eligible to apply for a certified financial planner licence.  

All certified financial advisers must continue their training by attending 40 hours of approved education every two years to maintain their qualifications.

Useful experience

Many financial advisers begin their careers by working as:

• bank tellers
• personal bankers
• bank managers
• salespeople
• sharebrokers
• insurance agents
• accountants
• financial analysts

Related courses

Banking and Finance
Investment and Securities

For more information, please refer to Career Services.