Financial Adviser
Kaiwhakatakoto Kaupapa Pūtea
Alternative titles for this job
Financial advisers give advice about financial planning, investing, insurance and other financial services.
Pay
Financial advisers usually earn
$70K-$129K per year
Financial advisers can earn
$52K-$215K per year
Source: TEC research
Job opportunities
Vocational PathwaysPay
Pay for financial advisers varies depending on qualifications, experience, the number of clients they have, and the type of work they do.
- Financial advisers usually earn between $70,000 and $129,000 a year.
- Financial advisers can earn between $52,000 and $215,000.
Financial advisers usually earn commission on top of their salary.
Self-employed financial advisers' incomes may be entirely from commissions.
Source: TEC research.
(This information is a guide only. Find out more about the sources of our pay information)
What you will do
Financial advisers may do some or all of the following:
- identify clients' short, medium and long-term financial goals
- prepare suitable financial or investment plans
- encourage clients to keep to their plans
- review clients' taxation, retirement planning and sources of income
- review clients' estate planning and insurance needs
- report on clients' investments every three to six months.
Skills and knowledge
Financial advisers need to have:
- the ability to understand and interpret financial and investment markets
- knowledge of financial planning, taxation, investments, mortgages and insurance
- the ability to research market and financial information.
Working conditions
Financial advisers:
- usually work regular business hours, but may work weekends or evenings to meet deadlines
- work in offices, but may travel to visit clients.
What's the job really like?
Financial Adviser video
Elle Wuthrich talks about life as a financial adviser
following up on something with, uh, an underwriter.
That means nothing to a whole bunch of people. Right? .
Hi, I'm Elle Wuthrich and I'm a financial adviser. In my field,
I look after insurance like life and health, so that's life insurance,
trauma, income protection,
medical insurance. There are different types of advisers out there, so,
and people get really confused about financial advisers.
So you can have a financial adviser like me who does the life and health stuff.
Then you've got the mortgage adviser, also known as a mortgage broker,
and then you have the investment adviser.
Now they can give advice around Kiwi Saver, but also
where people can put their money with regards to funds. My favourite thing
to do in my line of work is meeting people.
I will travel all around Auckland to meet clients. You know what?
I haven't even ridden a scooter. Is that sad?
It is yeah . You need to have your Level 5 New Zealand Certificate in
Financial Services.
It took me about 3 months to do my Level Five Certificate,
but in saying that, you learn a lot more actually on the job. But yes,
you do need that piece of paper. The most rewarding part of my work is actually
at claim time. So when someone had been diagnosed with a condition,
it really makes me happy that I can get that money to them so that they can
focus on getting better instead of worrying about paying the bills.
If you're thinking about getting into this career, my biggest
bit of advice would be to find an adviser that you like
and have as a mentor because you'll learn so much from them.
Entry requirements
You need a qualification to become a financial adviser and experience may be useful.
You need:
- a New Zealand Certificate in Financial Services (Level 5).
You may need
- experience in similar work
- a Bachelor's degree in business, finance, commerce or similar
- to be a member of Financial Advice New Zealand
- to be a Certified Financial Planner.
Secondary education
You usually need NCEA Level 3 to do the study or training for this job. Useful subjects include English, business studies, maths, economics and accounting.
Personal requirements
Financial advisers need to be:
- honest and trustworthy
- able to keep information confidential
- able to use good judgement
- good at communicating and listening
- skilled at planning
- good at sales
- strong problem solvers.
Useful experience
Useful experience for financial advisers includes:
- banking or customer service
- accounting or auditing
- management.
Registration
All financial advisers must be registered on the Financial Service Providers Register.
Find out more about training
- Financial Advice New Zealand
- 0800 432 101 - info@financialadvice.co.nz - financialadvice.nz
- Strategi
- 09 414 1300 - support@strategi.ac.nz - https://shop.strategi.ac.nz/
What are the chances of getting a job?
Range of factors contribute to strong demand for financial advisers
Demand for financial advisers is expected to continue rising as:
- highly skilled advisers are in shortage, particularly in Christchurch and Wellington
- an increasing number of workers close to retirement are seeking investment advice
- a large number of financial advisers are likely to retire in the next 10 to 15 years.
Demand best for skilled financial advisers
Chances of getting work as a financial adviser are best for those who have:
- customer service skills
- market analysis skills
- knowledge of legal compliance and risk management
- accounting skills.
Most financial advisers self-employed
Financial advisers may work for:
- banks
- mortgage firms
- insurance companies
- financial investment firms.
Many financial advisers are self-employed.
Sources
- Beale, J, general manager wealth, ASB, careers.govt.nz interview, July 2018.
- Financial Markets Authority, 'QFE Insurance Providers' Replacement Business Practices', July 2018, (fma.govt.nz).
- Good Returns, 'Compliance Skills in Demand', 2 February 2016, (www.goodreturns.co.nz).
- Ministry of Business, Innovation and Employment, 'Occupational Outlook – Financial Advisers', August 2018, (www.mbie.govt.nz).
- Pomfrett, O, head of people and performance, Craigs Investment Partners, careers.govt.nz interview, July 2018.
- Stock, R, 'Financial Advisers Cluster Around Wealth, Financial Markets Authority Census Shows,' 27 March 2017, (www.stuff.co.nz).
(This information is a guide only. Find out more about the sources of our job opportunities information)
Progression and specialisations
Financial advisers may progress to set up their own financial planning businesses, or move into management roles.
Financial advisers may specialise in:
- insurance
- investments
- risk management
- sharebroking
- underwriting
- mortgages.
Financial advisers advise clients on finances and related issues
Last updated 16 September 2024