Diversity Is The Target Of Financial Advisory Scholarship


White, middle-aged, affluent interests are
overrepresented in the New Zealand financial advice
industry, which desperately needs more diversity,
particularly from Women, Pasifika and Māori, says the
principal of a local financial advisory firm.

Mann from The Advice Hub Limited is offering paid
scholarships – particularly to those displaced by Covid
– as a pathway to diversify the financial services
industry and help uplift some of our less affluent

Mann says Covid related job losses and
career changes have caused an influx of Kiwi’s seeking
personalised financial advice, and New Zealand doesn’t have
enough people qualified to deal with this influx.
Compounding the Covid issue is the looming Baby Boomer
bubble of Kiwis about to leave the workforce and

“The fact is that most financial advisers are
middle-aged white men over 55, who will focus on the
wealthy. We desperately need diversity – people who will
work with people of all walks of life and income levels.
Women, Pasifika and Māori financial advisers are rare, and
this needs to change. Giving personalised financial advice
to local communities needs to come from a new generation of
financial advisers that can best communicate, educate and
offer researched working strategies to their

Mann says financial advisers are not the
same as budget advisers who work with debt because their
advice is about helping working people get ahead, build
wealth through investment and prepare for a better

The Advice Hub Scholarship will pay for
the education that gets more women and more people of
Pacific and Māori descent from all around New Zealand
working as elite financial advisers.

“This new
generation of financial advisers will be empowered to help
their family, friends and wider community. The only way we
are going to improve outcomes for all New Zealanders is to
make personalised financial advice available to more
diversified groups, as well as to people on lower incomes
and the average-income Kiwis.”

Mann says The Advice
Hub has a formal agreement with the Open Polytechnic to fund
the course fees of 100 scholarships, enabling those
recipients to become licenced financial advisers. The online
course takes around three and six months. It includes a
tutor from the Open Polytechnic and a senior financial
adviser mentor from The Advice Hub, followed by full-time
employment within the New Zealand community.

scholarship will include:

  • The entire cost of the
  • Financial Markets Authority
    registration fee.
  • Criminal, insolvency and credit
  • The required malpractice and professional
    indemnity insurance.
  • The required Financial
    Ombudsman service.
  • And all the financial adviser
    tools “needed to be amazing”.

“I want people
who want to be part of the financial solution to stronger
financial community education,” Mann said.

qualify, candidates need to have a clear criminal history
for dishonesty (fraud or deception), be reasonably
comfortable with a computer and Microsoft programs and
provide a free credit check. A poor credit rating isn’t
necessarily a barrier to entry.

He offers the
following advice to people who are looking for a career or
changing careers:

1. Follow a lifestyle career that
gives you flexibility

Mann says that job loss may be
temporary for some, so it makes sense to choose something
with flexibility.

“If your job was in
tourism/aviation or hospitality, you can always go back to
travelling the world and the things you love when everything
opens up and still be a financial adviser.”

Choose to help people

Mann says he grew up with no
financial stability after he was born to a mother who was
only 16-years-old at the time. Experiencing that lack of
financial stability drives him to help others from
underprivileged situations.

“There is nothing more
rewarding than sitting at a person’s kitchen table, hearing
their financial worries and then coming back to provide
personalised financial advice to protect and benefit that

3. Follow the demand

Mann says that
identifying market demand is a crucial career

“There are around 2,000 investment advisers
in New Zealand, and the majority of our population are
‘Boomers’ who are about to retire with nobody to offer
them personalised financial advice on how to manage their
finances. Covid has weeded out most of the fluffy careers,
and those that remain have demonstrated that they are needed
through good times and bad.”

Mann says he is on a
mission to change the world by making personalised,
high-quality financial advice accessible to all people to
ensure that everybody benefits from the kind of financial
advice only the wealthy currently enjoy.


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