The comment comes a month after the company's launch in NZ
Kiwi advisers are not getting the same level support as their Australian counterparts to help them meet their compliance obligations, Finsure Group said, as it expressed its determination to lead the way with compliance support in New Zealand.
Last month, the Australasian aggregator announced its expansion into New Zealand. This was followed by an official launch event in Auckland, where the group had the chance to share how Finsure NZ is shaping the future for advisers across the country and what sets it apart as an aggregator.
Samantha Wills (pictured above), Finsure’s head of compliance and risk, said there was a real opportunity to help deliver best-practice compliance support in the New Zealand adviser sector.
“Frankly, we see a huge opening to support New Zealand advisers to help them meet their compliance obligations through [leveraging] our compliance tools and support,” Wills said.
“Finsure has been leading the way in Australia by using compliance as an enabler rather than as an inhibitor.
“Our compliance team can take immediate action when they identify that an adviser is not following the framework in instances such as failing to upload minimum required documents or underquoting living expenses. Importantly, our early intervention strategy allows the adviser the chance to change their behaviour and ensure their mistake is not repeated before it’s too late.”
Finsure said it is the only New Zealand aggregator taking this approach.
“Finsure is leading the way in turning attitudes to compliance away from after-the-fact detection and firmly towards prevention,” Wills said.
Wills, who has nearly two decades’ experience dealing with compliance in the finance, banking, and insurance sectors, said Finsure’s CRM platform, Infynity, provides automation that has been helping advisers save on time-consuming compliance tasks.
“Rather than having to fill out multiple disclosure documents, our CRM actually prefills out the information for the adviser and combines this process into a single reader-friendly document,” she said.
“We also conduct regular file reviews to support and assist advisers stay on top of compliance obligations. We overlay this with regular training… tailored to their preference – face-to-face or webinar. Importantly the training is personalised to each business. We provide compliance training that’s aligned to the individual members Financial Adviser Provider (FAP) licence not just the master FAP licence.”
Wills said the company also has compliance specialists that are available to provide advisers with guidance and advice.
“Given how time consuming it can be for advisers to meet their compliance obligations, Finsure are planning to lead the way with automation and personalised support,” Wills said.
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