Mar 12 2025 34 mins
What makes financial advice truly valuable in today's world? Nick Hakes, CEO of Financial Advice New Zealand, brings global perspective and fresh insight into how advisors help Kiwis navigate their financial journeys toward better lives.
Nick shares his fascinating journey from working in Australia's financial sector to Southeast Asia before returning home to lead Financial Advice NZ. His international experience offers unique comparisons between regulatory environments, highlighting New Zealand's principles-based approach as more conducive to delivering accessible, understandable advice without overwhelming documentation.
The conversation delves into what distinguishes professional financial advice from simply walking into a bank. As Nick explains, advisors don't just manage money - they help clients articulate "what their good life looks like" and navigate both emotional and financial decision-making. This dual benefit results in clients being not just financially better off, but experiencing greater peace of mind and emotional wellbeing.
We explore the industry's collegiate culture where advisors support rather than compete with each other, creating communities of practice that enhance everyone's skills. Nick outlines challenges in attracting diverse new talent to the profession while describing exciting initiatives like the upcoming National Advisor Conference and a groundbreaking collaboration with the Retirement Commission focused on financial capability education starting from school age.
Perhaps most compelling is Nick's passion for making financial advice more accessible to all New Zealanders. His vision encompasses building pathways for the next generation of advisors while helping consumers recognize the value of professional guidance through life's defining financial moments. Listen now to understand how financial advice is evolving to meet the needs of modern Kiwis.