Wealth Coach, Financial Advisor, Financial Planner…whats the difference?

[toast2success]

I was reading another forum with a similar question and it made me wonder about these people in NZ.

We have Registered Financial Advisers (RFA), Authorised Financial Adviser (AFA), Money Coach , Wealth Coach etc…
What are the actual differences between them? For example could anyone set themselves up and say they are a money coach/wealth coach ? Or are these specific titles regulated ?

I know we have an Financial Markets Authority (FMA) who I presume oversee the RFA and AFA (? I'm guessing). What separates AFA from RFA ?

Does anyone use these services/people ? Is anyone actually one of them ?

thanks

[GTM 3442]

I have an AFA in New Zealand - he's a guy I have a long relationship with, and I trust his judgement. The value is in that relationship, which began well before the current crop of acronyms were coined rather than in his regulatory status.

I have no idea what the various acronyms represent, or what some of the others mean ("wealth coach" for example). However I have a vague feeling of unease about people and organisations who appear to be deliberately placing themselves outside the regulatory environment.

[peat]

RFA allows you to sell insurance, term deposits , and mortgages (tier 1 in terms of the Act) , and I think its pretty easy to get this.
Whereas AFA takes a good bit of study and approval and allows you to sell all types of investments (tier 2) incl. equities and funds



Who's who
AFA: Authorised Financial Adviser. Can advise on complex products such as managed funds.
RFA: Registered Financial Adviser. Can advise on simpler products such as term deposits and insurance.
QFE: Qualifying Financial Entity. Body such as a bank, whose staff can advise on its own products.


http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10743402