1 00:00:00,040 --> 00:00:02,120 Speaker 1: If I'm a financial market's authorities had to look at 2 00:00:02,120 --> 00:00:04,600 Speaker 1: our ability to access financial advice. Turns out most of 3 00:00:04,680 --> 00:00:06,960 Speaker 1: us don't. Just twenty eight percent did something about it. 4 00:00:07,040 --> 00:00:10,720 Speaker 1: Nicka Haiks is the CEO of Financial Advice to New 5 00:00:10,800 --> 00:00:12,680 Speaker 1: Zealand and is with us. Nick A, very good morning 6 00:00:12,680 --> 00:00:15,440 Speaker 1: to you, Good morning Mike. Could it be the twenty 7 00:00:15,480 --> 00:00:17,599 Speaker 1: eight percent did it because they wanted to need it 8 00:00:17,600 --> 00:00:18,919 Speaker 1: to and the rest of us are just getting on 9 00:00:18,960 --> 00:00:20,599 Speaker 1: with life and we're fine, thank you very much. 10 00:00:22,079 --> 00:00:24,200 Speaker 2: I mean, what the report said is that people do 11 00:00:24,239 --> 00:00:27,840 Speaker 2: want it because they think about it at least every month, 12 00:00:28,400 --> 00:00:32,320 Speaker 2: and we interact with financial products every day of our lives, 13 00:00:32,320 --> 00:00:34,600 Speaker 2: and so people do want it. But what their review 14 00:00:34,640 --> 00:00:37,960 Speaker 2: said is that they don't really know how or potentially 15 00:00:37,960 --> 00:00:41,599 Speaker 2: what it is, and so clearly there's an opportunity for 16 00:00:41,640 --> 00:00:43,200 Speaker 2: people to go and seek financial advice. 17 00:00:43,320 --> 00:00:45,800 Speaker 1: Are there two groups and the ones I need help 18 00:00:45,840 --> 00:00:48,240 Speaker 1: because I'm in trouble versus the I wouldn't mind knowing 19 00:00:48,280 --> 00:00:50,600 Speaker 1: what to do with my money and things I haven't 20 00:00:50,600 --> 00:00:51,640 Speaker 1: thought about in type group? 21 00:00:52,479 --> 00:00:54,920 Speaker 2: Yeah, definitely a bit of both, you know. I think, 22 00:00:55,080 --> 00:00:58,120 Speaker 2: let's be honest, we're not very good talking about money, 23 00:00:58,160 --> 00:01:02,080 Speaker 2: no matter what our situation. Money is often the biggest 24 00:01:02,120 --> 00:01:05,080 Speaker 2: cause of stress, no matter what our situation, and a 25 00:01:05,120 --> 00:01:07,119 Speaker 2: little bit similar to a health complaint is that if 26 00:01:07,120 --> 00:01:09,320 Speaker 2: we sweep it under the carpet until it's too late. 27 00:01:09,800 --> 00:01:12,600 Speaker 2: When people do get financial advice, they usually say, I 28 00:01:12,640 --> 00:01:14,199 Speaker 2: wish I'd started a little bit earlier. 29 00:01:14,280 --> 00:01:17,520 Speaker 1: Yeah, are young people a problem in terms of excess. 30 00:01:18,520 --> 00:01:20,560 Speaker 2: All age groups are a problem. That's what the review 31 00:01:20,600 --> 00:01:25,560 Speaker 2: has identified. How people younger people interact and start engaging 32 00:01:25,560 --> 00:01:28,199 Speaker 2: with financial advice is going to be different to people 33 00:01:28,280 --> 00:01:30,320 Speaker 2: at the other end of the spectrum, who are, you know, 34 00:01:30,360 --> 00:01:33,640 Speaker 2: maybe transitioning into retirement. And I think that's the challenge 35 00:01:33,640 --> 00:01:36,800 Speaker 2: and the opportunity for the advice profession is to meet 36 00:01:36,800 --> 00:01:37,560 Speaker 2: people where they're at. 37 00:01:37,640 --> 00:01:40,080 Speaker 1: I was going to say, it's on you, guys, really, 38 00:01:40,120 --> 00:01:41,560 Speaker 1: isn't it, Because at the end of the day, I 39 00:01:41,560 --> 00:01:43,360 Speaker 1: find you ever seek advice and things don't go well 40 00:01:43,360 --> 00:01:45,960 Speaker 1: for me, that's on me. But if you can get 41 00:01:46,000 --> 00:01:48,520 Speaker 1: to me and convince me, then you know, A you've 42 00:01:48,520 --> 00:01:50,080 Speaker 1: got business and B you've helped me out. 43 00:01:51,240 --> 00:01:53,800 Speaker 2: Yeah. Let's start with the latter, is that if we 44 00:01:53,880 --> 00:01:56,840 Speaker 2: get you earlier, we know that you will be better off, 45 00:01:57,600 --> 00:02:00,280 Speaker 2: and so that is the challenge for the financial vice 46 00:02:00,320 --> 00:02:02,240 Speaker 2: profession and you know, that's why we're driving a lot 47 00:02:02,240 --> 00:02:05,520 Speaker 2: of the initiatives in the public space to build that 48 00:02:05,600 --> 00:02:08,280 Speaker 2: awareness and address some of the findings of the fma's review. 49 00:02:08,360 --> 00:02:11,200 Speaker 1: Good stuff, Nick Nick Haiks, who was the chief financial 50 00:02:11,200 --> 00:02:13,560 Speaker 1: officer at the Financial Advice in New Zealand. 51 00:02:13,800 --> 00:02:17,560 Speaker 3: Group for more from The Mic Asking Breakfast. Listen live 52 00:02:17,680 --> 00:02:20,560 Speaker 3: to news talks. 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