Robo advice tipped as next big step in investment planning in NZ

24-Sep-2015 #Globalwealth Source: Stuff

New Zealand is slowly exploring the potential of robo advisory with a major bank rolling out its first robo advice tool. The other big NZ banks are not expected to follow suit immediately however it is only a matter time.

The number of authorised financial advisers (AFAs) has gone down after new rules which allow only AFAs and advisers who work for a qualifying financial entity (QFE), such as a bank to be able to give investment advice. The result is that there are not enough advisers to cater for the 2.5 million KiwiSaver members who might need advice on their accounts.

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