Newpark has taken a stand to support the autonomy of its Advisers to run their own businesses their way, control their own costs of compliance, and be trusted to raise the standard of their own practices and processes from which they receive their incomes.
Newpark has announced, at its conference Friday, three initiatives aligned to support Advisers in the new licensed environment.
The dealer group believes its members should be Financial Advice Providers (FAPs) than than the group being the licensed entity.
Chief executive Melanie Purdey says Newpark will roll out an administration hub in the New Year that will be dedicated to engaging only “experienced New Zealand insurance professionals who know our providers, their people and their processes and have existing relationships with all.”
Certification will allay concerns banks or providers may have by demonstrating the Adviser has obtained a standard of knowledge, competence and skills, has an effective advice process, and maintains appropriate business governance practices.
The group has also offered compliance audits to its Advisers at no cost in the recent past, and will be building an internal ongoing compliance programme of support and training.
This will be part of the dealer group value offering, along with technology education to enhance the client experience. These programs will be offered alongside the recently launched “Newpark Headspace” initiative to support Advisers struggling with the strain of change through its funded EAP counselling access.
The dealer group has been actively committed to working with all of its Advisers to build their business governance documentation and controls, and now have a substantial number through that process fully ready for the new regime.
In February, Newpark will be holding nationwide Big Day Out events for its Advisers around the country.