Amanda Morrall on who to trust with your money and how to find a good advisor

​This week I was approached by a friend looking for some advice on money matters. I had to emphasise the fact that I am not an authorised financial advisor (AFA). Why should they or you care whether or not I am an AFA? Because new rules introduced in the last few years specify that any professional giving you personalised advice has to be authorised to do so. What this means in plain English is they have passed certain tests and meet criteria laid out by regulators with the Financial Markets Authority. Previously, anyone could call themselves a financial advisor, regardless of their background, qualifications and experience. New Zealand was the wild west of the financial services sector. Thankfully, there are now rules and system in place meant to restore confidence to the financial advisory sector and to raise the bar in general.

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