The Financial Markets Authority - Te Mana Tātai Hokohoko (FMA) has published the findings of its comprehensive review into New Zealanders' access to financial advice. Following on from the review, the FMA will engage with financial advice providers and the wider sector to find practical ways to improve accessibility and ensure regulation supports innovation and good consumer outcomes.
Speaking at the Financial Advice New Zealand (FANZ) Conference in Auckland, FMA Chief Executive, Samantha Barrass, said improving access to quality financial advice is critical to New Zealanders' long term financial wellbeing.
"Financial advice plays a vital role in helping people make informed decisions about their financial futures. Our review shows there is significant opportunity to expand access to advice so more New Zealanders can benefit from it."
The Access to Financial Advice Review, conducted from July - December 2025, brings together insights from nationwide consumer research and extensive engagement with financial advisers, financial institutions and industry bodies. The review highlights the challenges consumers face and the opportunities for the financial advice sector to better meet their needs.
Nick Hakes, Financial Advice New Zealand CEO said, "Our members and our CEO Advice Forum have really appreciated working with the FMA to explore how the financial advice profession can keep evolving to meet the needs of New Zealanders. We're looking forward to further collaboration and engagement over the coming months."
The review found that 28 percent of New Zealanders accessed financial advice in the past 12 months, with people from lower socio-economic backgrounds and some ethnic groups, including Māori and Pasifika communities, significantly under-represented. Many consumers reported uncertainty about what financial advice is, how to access it, and how much it costs.
It identified a range of structural, cultural, and operational barriers across the advice landscape. Many providers remain uncertain about how to tailor the nature and scope of advice, particularly when determining the sufficient analysis for different client circumstances. This means advisers sometimes do more than they need to or take an overly cautious approach, making advice less accessible.
"Additionally, accessibility challenges are more pronounced for Māori, who encounter barriers including a lack of culturally aligned advice models and tools," Ms Barrass said.
There is a significant gap in the availability of advice to support New Zealanders with retirement decumulation, with many consumers unsure how to use their savings sustainably throughout retirement.
Innovation is a key area of opportunity for increasing accessibility. Technology-enabled and hybrid advice models, including digital tools and AI-supported advice processes, could make advice scalable and more consistent with the right design and oversight.
"Technology can automate parts of the process that currently take advisers a lot of time, freeing them up to focus more on the human conversations that consumers value," Ms Barrass said.
Download the Access to financial advice in New Zealand: Consumer research findings report [709KB]
