Adviser Stephanie Murray says AI can support the industry, but not replace the relationships at its core
For Stephanie Murray (pictured), founder of Stephanie Murray Mortgages, the biggest challenge on the horizon isn't regulation or compliance — it's technology stepping into territory once reserved for human advice.
AI as competitor, not just tool
Murray, an excellence awardee for XCEDA Adviser of the Year — Regional at the New Zealand Mortgage Awards 2025, is direct about where she sees the next major challenge: financial platforms threatening to replace human interaction for tasks like interest rate shopping.
"We believe that AI is more appropriate for supporting advisers and that experience and personal advice combined with strong relationships will continue to be essential in the industry," she said.
She also flagged mortgage fraud and cyber security as a persistent concern, describing the threats as becoming increasingly sophisticated.
A title that reflects the value
That professionalisation, Murray says, is now being tested by a different kind of pressure. She points to the industry-wide shift from "broker" to "adviser" as one of the most positive developments she's seen, arguing it better reflects the value advisers bring to a transaction.
"Combining this with increased regulation and compliance, along with increased qualification requirements to entry has improved the quality and integrity of advice NZ wide," she said.
Murray said the change has reinforced adherence to best interest and duty obligations, improving how the profession is perceived.
From banker to founder
Murray's own path into advice began with 11 years as a mobile mortgage manager for two major banks, before she decided it was time to offer clients "all options," rather than a single lender's suite of products.
"This was the perfect background to success in a mortgage advisers role, while also teaching and mentoring the new generation of aspiring mortgage advisers," she said.
Murray founded Stephanie Murray Mortgages in 2015, building it into a national team.
Advice for new advisers
Murray's guidance to those entering the profession centres on patience over speed.
"The most important thing is to align yourself with an existing adviser who can mentor you through your journey," she said. "Time is just not a thing you can rush in this role."
Murray said success comes from taking small steps while keeping sight of the bigger picture and the long game.
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