NZ insurance has a “too big to ignore” issue

“Providing financial advice is a professional career in an industry that is being strengthened by customer-first legislation and is increasingly trusted by customers, and so we want to help champion the sector. ‘Career connect’ allows people who might have had an interest in the financial services sector or those looking for a career change to take that leap, as they can study part-time while maintaining a full-time job.”

Brown was referring to Fidelity Life’s newly launched education and skills programme that is aimed at nurturing the next breed of financial advisers in the country. The move comes as a number of advisers are retiring or choosing not to adopt updated licensing requirements as part of the ongoing insurance market reforms.

“We think it’s important to invest in the future of financial advisers so we can help more New Zealanders protect their way of life,” said Brown, whose camp will assist potential candidates understand what it takes to work and succeed as a financial adviser.

Read more: Fidelity Life launches education and skills programme for new advisers

The goal is to bring newcomers to the industry in the hopes of leading them into fulfilling and sustainable careers while at the same time narrowing the gap in coverage by ensuring a robust Kiwi adviser sector.

The Career connect programme will feature two intakes annually and will span not only the formal New Zealand Certificate in Financial Services Level 5 and Financial Advice New Zealand ethics course, but also eight supplementary modules. For the first intake next February, Fidelity Life is hosting online career evenings on October 18 and November 3.

“We’re dedicating significant effort and resource into getting Career connect established, because we know it’s an issue too big to ignore – and one we can’t wait for someone else to solve,” asserted Brown, who is looking to welcome fresh talent.

She added: “Above and beyond our investment to deliver Career connect, we’ll be offering five scholarships per intake. Each scholarship will cover the fees for the formal qualifications and provide some financial support to help them through the six-month programme.

“Career connect is a demonstration of our commitment to help attract and develop the next generation of financial advisers, to ensure New Zealanders can have access to individualised financial advice, and meet their financial goals, for years to come.”

Read more: Fidelity Life releases new marketing resource for advisers

Given the current labour shortage, Brown conceded that it is “quite difficult” to find talent, let alone in a field that not everyone fully understands.

“I think as an industry, we need to do a better job of highlighting how meaningful and purpose-led a career in insurance or as a risk adviser really is,” she told Insurance Business.

“Being a risk adviser would suit anyone who’s motivated by helping others and enjoys a challenging and dynamic environment. Helping New Zealanders prepare for life when things don’t always go the way they expect is the essence of being a financial adviser, and this can be highly rewarding.”

Brown – who pointed out that geography won’t be an issue, as the six-month course will be accessible online – said: “We see the ‘great resignation’ as an opportunity, as people who are wanting to switch careers or have thought about potentially working for themselves may not have considered being an adviser before but are interested in exploring it as a viable career option.”