Mint survey finds broker growth alongside broader gains in business sentiment
New Zealand's mortgage broking and advisory sector is seeing a wave of new entrants even as the broader business community grows more optimistic about the year ahead, according to the latest Mint Business Insights survey from economist Tony Alexander (pictured).
Advisers grow in number, but frustrations remain
One respondent noted simply: "influx of new advisers."
The FMA's own data backs this up — licensed financial advisers grew almost 9% year-on-year to 9,197, with licensed advice providers up 10% to 1,553 over the same period. But growth hasn't resolved every friction point.
Another respondent flagged a persistent industry gripe: "Not enough pace on open banking, big banks still holding on using every excuse."
Despite that expansion in adviser numbers, a gap in consumer access remains. The FMA's March review found just 28% of New Zealanders accessed financial advice in the past year, with mortgages specifically flagged as an area lacking sufficient advice despite the product's long-term significance for borrowers.
Business confidence climbs for a third straight month
The adviser sector's growth comes against a backdrop of improving sentiment more broadly.
A net 51% of the 305 businesses surveyed expect improved revenue over the next 12 months, up from 31% last month and a low of just 10% in April, marking the third consecutive month of improvement.
Advertising and recruitment spending intentions have also rebounded, alongside a firm net 12% of businesses expecting staff morale to improve over the coming year — the best result since February's pre-conflict reading of 17%.
Despite these gains, cost pressures persist without translating into pricing power: a net 6% of businesses still plan to cut prices over the next year, even as many report rising input costs.
The Mint survey isn't alone in finding firmer sentiment. NZIER's Quarterly Survey of Business Opinion found a net 12% of firms expecting better economic conditions, up sharply from a net 1% in March. However, the same survey found a net 54% of firms intend to raise prices again next quarter — the strongest signal since March 2023 — suggesting inflation pressures may prove stickier than the confidence rebound implies.
Election looms as the biggest wildcard
Uncertainty around November's general election remains the standout concern across sectors, ranking just behind the general economic outlook as businesses' top worry.
Several residential property respondents specifically cited hesitancy tied to the election and prospective policy changes, including concerns about capital gains tax, as a factor delaying buyer and vendor decisions.
Alexander's own analysis of the survey captured the mood succinctly: "Uncertainty remains the dominant theme."
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