New Zealand’s largest KiwiSaver provider, ANZ, has welcomed the Government’s review of financial advice legislation and said more New Zealanders would need access to quality financial advice as they neared retirement age.
ANZ Wealth managing director John Body said, in a media release, that it was timely to review the legislation which had been in place for five years. “Our research tells us people have very limited understanding of financial matters and investing. They need professional advice but are reluctant to seek it.
“This review needs to accomplish two things: help build public confidence in financial advisers and ensure people have ready access to quality financial advice when they need it
“Around 20 percent of our population will be 65 or older by 2028 – that’s a lot of people approaching retirement over the next 13 years who would benefit from access to quality financial advice.
“We’re all living longer and many people could be retired for more than 30 years – they will need good advice to ensure a comfortable lifestyle.
“In reviewing the industry, we need to ensure people can get good quality advice and that the industry can continue to attract talented people.”
