Questions to Ask a Financial Adviser in NZ (2026): The Disclosure Document Checklist

The information an NZ adviser must disclose to you by law, how to check their licence on the FSPR, and the exact questions to ask before you sign, with a 2026 before-you-sign checklist.

TL;DR: A NZ adviser must disclose information to you at four stages of the advice process: publicly available information, when the nature and scope of advice is known, when the advice is given, and if you make a complaint ¹. The questions below match those stages, so you can confirm an adviser's licence, fees, conflicts and complaints record before you sign anything.

Good financial advice in New Zealand is built on disclosure. The rules do not just hope your adviser will be open with you; they require it, in a set order, free of charge, and in plain enough terms that a reasonable person can act on it ⁴. That is good news for you, because it means the questions worth asking are not a matter of opinion. They map directly onto what an adviser is already obliged to tell you.

This guide walks through what must be disclosed, when each piece has to arrive, how to verify a licence yourself, and the exact questions to ask at each stage. At the end there is a before-you-sign checklist you can take into a meeting.

What information must a financial adviser disclose to you in NZ?

Anyone who gives regulated financial advice to a retail client in New Zealand must disclose a defined set of information. There are seven categories in total ²:

1. The licence they hold and the duties they are bound by — including the duty to give priority to your interests and to follow the Code of Professional Conduct.

2. What they can advise on — the financial advice services and range of products, plus any limitations (for example, advising on KiwiSaver but not mortgages).

3. Fees and costs — anything you may have to pay.

4. Commissions, incentives and other conflicts of interest — how the adviser is paid and what might pull their recommendation one way.

5. The complaints and dispute resolution process — how to complain and which scheme to escalate to.

6. Disciplinary history — certain past disciplinary findings, and certain criminal convictions or civil proceedings.

7. Bankruptcy — for individual financial advisers, bankruptcy proceedings within four years of discharge.

The standard that decides what gets disclosed is materiality. Information must be given if a reasonable client would expect it to influence, or be likely to influence, their decision about the advice, the adviser, or the firm ⁴. It must be presented in a clear, concise and effective way, and it must be free ⁴. If you are ever charged for disclosure, or handed something dense and evasive, that is a sign the basics are not in order.

When during the process does each disclosure have to happen?

Disclosure is staged, not dumped on you in one go. Under New Zealand's disclosure regulations, in force since 15 March 2021, there are four points at which information must be given to a retail client ¹. The figure below sets out who tells you what, and when.

Figure: what an NZ adviser must tell you, and when. (Source: Smiths Financial, mapped to the four FMA/MBIE disclosure stages ¹².)

The practical takeaway is that you should never be asked to act on a recommendation before stages one to three have happened. By the time you are deciding whether to sign, the licence, the scope, the fees and the specific commission on that product should all be in front of you. If they are not, the right move is to slow down and ask.

For more on getting the timing right for you, see our guide on when to see a financial adviser in NZ.

How do you check an adviser is actually licensed and authorised?

You do not have to take an adviser's word for any of this. Since 17 March 2021, every firm giving regulated financial advice must hold or operate under a full FMA licence ⁹. You can confirm that yourself, for free, on the Financial Service Providers Register (FSPR) run by the Companies Office ⁵.

Go to fsp-register.companiesoffice.govt.nz and search by the firm's name or its FSP number. The register tells you whether a person or firm is licensed or authorised to give regulated financial advice, and which dispute resolution scheme they belong to ⁵. A genuine adviser will give you their FSP number without being asked.

The register, not a polished website, is the source of truth. A firm can look established online and still not be licensed to advise you. The two-minute search closes that gap. For a fuller walkthrough of the checks worth doing first, see how to choose a financial adviser in NZ.

Questions for this stage:

• What is your FSP number, so I can look you up on the FSPR?
• Do you hold your own FMA licence, or operate under another firm's?
• What is named on the register as your dispute resolution scheme?

What should the disclosure tell you about fees, commissions and conflicts?

This is the part many people skim, and it is the part that quietly shapes the advice. Fees, commissions, incentives and other conflicts of interest are all required disclosures ², because how an adviser is paid can pull a recommendation toward one product over another.

In New Zealand, most advisers are paid by commission from the product provider rather than by a fee you pay directly, which is why a first meeting often costs you nothing. Neither model is automatically better, but you are entitled to know which applies and roughly how much is involved before you act. We cover the trade-offs in detail in fee-only vs commission financial advisers in NZ.

What good disclosure looks like here is specific, not hand-waved:

• It names whether you pay a fee, the provider pays a commission, or both.
• It gives the amount or a range, not just "it varies".
• It explains any conflicts of interest and how the firm manages them.

Questions for this stage:

• Are you paid by a fee from me, commission from the provider, or both?
• Do different providers pay you different commission, and if so, how do you manage that?
• What conflicts of interest do you have, and how do you keep them from steering my advice?

An adviser who answers these plainly is doing exactly what the rules intend. Reluctance to put pay in writing is itself an answer.

What questions reveal whether advice is truly independent?

"Independent" is a word worth testing, because not every adviser who uses it means the same thing. Some firms have in-house or related products to sell; others compare across the market and have nothing of their own. Disclosure of conflicts and product scope is where this shows up ².

The questions that cut through it are simple:

• Do you have any in-house or related products you can recommend?
• How many providers do you actually compare for a decision like mine?
• Are there providers you cannot or do not advise on?

A firm that compares across the major NZ insurers and KiwiSaver providers, with no product of its own, is structurally freer to recommend what fits you, or to tell you that you do not need a product at all. A firm tied to one provider is allowed to be tied; it simply has to be honest about it. The problem is only when someone tied talks like they are independent. If you are weighing the different models, our comparison of bank, robo and independent advisers in NZ lays out who can recommend what.

How do you find out the adviser's complaints and disciplinary history?

Disciplinary history is a required disclosure, so you are entitled to ask about it directly ². The rules cover certain past disciplinary findings, relevant criminal convictions or civil proceedings, and, for individual advisers, bankruptcy proceedings within four years of discharge ².

You can ask the adviser straight out, and you can cross-check the firm's standing on the FSPR ⁵. There is nothing rude about it; a good adviser expects the question. The phrasing is easy:

• Has the adviser or firm been subject to any disciplinary action you are required to disclose?
• Is there any criminal conviction or civil proceeding relevant to this advice?

A clean history is not a guarantee of good advice, and a single past issue is not always disqualifying. What matters is that the question is answered openly rather than dodged.

What does the dispute-resolution and complaints information mean for you?

Every firm that deals with retail clients must belong to an FMA-approved, independent dispute resolution scheme, and it must name that scheme to you ⁶. The scheme is your free, independent recourse if something goes wrong and you cannot resolve it with the firm directly.

There are four approved schemes ⁶:

Note (as at 15 May 2026): A merger of IFSO and FSCL was announced to take effect from 1 July 2025. Public-facing material still lists four approved schemes, so confirm an adviser's named scheme on the FSPR rather than assuming it from this list.

Two things are useful to understand about how a scheme can help. First, if a complaint reaches a scheme, the maximum financial compensation it can award is $500,000 plus GST, with non-financial loss such as stress and inconvenience capped at $10,000 plus GST; complaints above $500,000 can only be resolved through the courts ⁷. Second, there is an order to follow. You must use the firm's internal complaints process first. If they have not responded within the required time, or you reach a deadlock, you can take the complaint to the scheme, and you must do so within two months of that deadlock ⁸. After a complaint is received, the firm has to give you an overview of its complaints process and information about its scheme within two working days, unless the complaint is resolved in that time ³. The scheme's final decision is binding on the firm if you accept it, but you can still go to the courts or the Disputes Tribunal if you do not ⁸.

Smiths Financial is a member of the FDRS.

Questions for this stage:

• Which dispute resolution scheme do you belong to, and how do I contact it?
• What is your internal complaints process, and how long does it take?

Your before-you-sign disclosure checklist

Take this into a first meeting. You are not being difficult by working through it; you are using the rights the rules already give you.

1. FSP number given, and verified on the FSPR. They are licensed or authorised, and you have checked it yourself ⁵⁹.

2. Licence and duties disclosed. You know what licence they hold and that they owe you the duty to prioritise your interests ².

3. Scope is clear. You know what they can and cannot advise on, and which products are in scope ².

4. Fees and commissions are in writing. You know who pays the adviser and roughly how much, before you act ².

5. Conflicts of interest disclosed. They are named, with how the firm manages them ².

6. Independence tested. You know whether they have in-house products and how many providers they compare ².

7. Disciplinary history asked and answered. Openly, not dodged ².

8. Dispute resolution scheme named. With contact details, and you know it is free to use ⁶.

9. Disclosure arrived at the right stages. Publicly available information, then nature and scope, then at the point of advice — all before you sign ¹.

If every box is ticked, you have done the homework the rules are designed to make easy. If a box will not tick, that is the conversation to have before, not after, you commit.

Frequently asked questions

What must a financial adviser disclose to me in New Zealand? Seven things: the licence they hold and the duties they owe you, what they can advise on and any limits, fees and costs, commissions and conflicts of interest, the complaints and dispute resolution process, relevant disciplinary history, and, for individual advisers, recent bankruptcy proceedings ². Information must be disclosed if a reasonable client would expect it to influence their decision ⁴.

When does a financial adviser have to give me disclosure? At four stages: publicly available information up front, the nature and scope of advice once that is known, specific information when the advice is given, and complaints and dispute resolution information if you make a complaint ¹. You should have the first three before you act on any recommendation.

How do I check a financial adviser is licensed in NZ? Search the Financial Service Providers Register at fsp-register.companiesoffice.govt.nz by the firm's name or FSP number ⁵. Since 17 March 2021 every firm giving regulated advice must hold or operate under a full FMA licence, so if they are not on the register, they cannot give you regulated retail advice ⁹.

Does it cost anything to use a dispute resolution scheme? No. Every firm dealing with retail clients must belong to one of four approved, independent schemes — BOS, IFSO, FSCL or FDRS — and they are free for consumers to use ⁶. You must go through the firm's internal complaints process first, then escalate within two months of a deadlock ⁸.

How much compensation can a dispute resolution scheme award? Up to $500,000 plus GST for financial loss, and up to $10,000 plus GST for non-financial loss such as stress and inconvenience ⁷. Complaints above $500,000 can only be resolved through the courts. A scheme's decision is binding on the firm if you accept it, but you can still go to court if you do not ⁷⁸.

Can I ask an adviser about their complaints or disciplinary history? Yes, and you should. Disciplinary history is a required disclosure, covering certain findings, relevant convictions or civil proceedings, and recent bankruptcy for individual advisers ². A good adviser answers the question openly and is happy to be checked on the FSPR.

General information, not personalised financial advice. Seek advice tailored to your situation before acting. Craig Smith Business Services Ltd (FSP712931), trading as Smiths Financial, holds a Class 2 licence issued by the Financial Markets Authority and is a member of the Financial Dispute Resolution Service (FDRS). Written by Henry Smith, Financial Adviser; reviewed by Craig Smith, Principal Adviser. Last reviewed 15 May 2026.