Fidelity Life announces five new scholarships

Fidelity Life has announced five new scholarships worth up to $5,000 each, which it says will help boost diversity among financial advisers in New Zealand.

The insurer said the scholarships’ recipients will reflect groups that are typically underrepresented in the financial advice industry, such as Māori, Pasifika and women. The five successful applicants will be part of the 20 candidates selected for Career connect, Fidelity Life’s financial adviser education and skills programme that was launched in September.

The five new Career connect scholarships are:

Pounamu scholarship – for Māori applicants
Kōwhai scholarship – for Pasifika applicants
Rangi Po scholarship – for underrepresented communities within the financial services sector
Toe Toe scholarship –for young applicants aged 21 to 25 years old
Pāua scholarship – for applicants who demonstrate excellence in their submission

Each scholarship is valued at up to $5,000 and will cover the costs of the two formal qualifications – the NZ Certificate in Financial Services Level 5 (life and health) and Financial Advice New Zealand’s ethics course. It will also cover miscellaneous support payments to assist scholarship recipients during their six-month part-time Career connect study.

“Studies from regulators and industry associations have shown that New Zealanders who access professional financial advice are consistently better off than those who don’t,” said Trecia Brown (pictured above), Fidelity Life’s head of solutions and services. “In these challenging economic times, we want all New Zealanders to have better access to financial advice.”

According to Brown, only around 2% of financial advisers identify as Māori, showing the lack of diversity in the profession.

“We want to support the provision of advice to all New Zealanders, so we can help raise awareness on risk protection and how insurance can help whānau if the unexpected were to happen,” Brown said. “That’s why our scholarships are designed to support greater diversity in our industry, so our scholarship recipients can be supported to serve their communities, provide relevant and accessible advice, and help close the under-insurance gap in New Zealand.”