Advocacy

Advocacy is a key function of our society.  It is currently overseen by society Directors David Kandziora (Chair) and Dr Michelle Reyers.

We aim to:

  • Advance and promote policies that serve investor protection over commercial interests.
    • Support the creation and adoption of rules and standards that improve market structure, transparency and fairness for all investors.
    • Increase industry professionalism.

Update May 2026 - CFA Society NZ Advocacy Initiatives

CFA Society New Zealand is strengthening its advocacy programme to ensure the Society is more visible and actively engaged on issues shaping the future of investment markets and the profession in New Zealand.

To support this work, in late 2025 the Society established an Advocacy Working Group following engagement with industry stakeholders. Thank you to the members leading this important initiative: David Kandziora, Michelle Reyers, Damian Kearns, Ally Cui, Kurt Purdon, and Mark Houghton.

Developing Policy Positions in a changing regulatory market

Current Areas of Focus

The Society’s goal is not simply to respond to regulatory change, but to contribute informed investment perspectives to the development of New Zealand’s capital markets.

Current policy and advocacy focus areas include:

  • Promoting broader awareness and recognition of the CFA designation and globally recognised professional and ethical standards within New Zealand’s investment industry.

  • Promoting greater awareness and adoption of global standards such as the Global Investment Performance Standards (GIPS®).

  • Monitoring regulatory developments affecting financial advice, investment management, and capital markets, including the FMA’s Financial Conduct Report and Access to Advice priorities.

  • Supporting better investor outcomes through strong governance, transparency, ethical disclosure practices, and minimisation of conflicts of interest.

  • Advocating for clear and consistent expectations around ethical investment disclosures and sustainability-related claims.

  • Supporting greater transparency around fees, incentives, commissions, and remuneration structures within financial advice and KiwiSaver advice models.

  • Reviewing developments in private markets, liquidity management, valuation practices, and disclosure expectations as private assets continue to grow within KiwiSaver and institutional portfolios.

  • Monitoring developments relating to client asset protection and broader conduct expectations across investment and advice markets.

  • Exploring the implications of artificial intelligence and technology-enabled advice models for investor education, professional standards, governance, and accessibility of advice.

  • Exploring recognition and professional pathway opportunities for CFA charterholders within New Zealand’s regulatory and qualifications framework.

  • Supporting inclusion and professionalism initiatives aligned with CFA Institute global standards and research, including the CFA Institute Inclusion Code adapted for Aotearoa New Zealand.

AI in Financial Advice

Following the FMA’s recent Access to Financial Advice review — which highlighted AI-supported and hybrid advice models as a potential opportunity to improve accessibility and scalability of advice services — the Advocacy Working Group has developed an analysis of the opportunities and risks associated with AI-enabled financial guidance, including governance, consumer understanding, professional oversight, and the distinction between investor education and personalised financial advice.

This work will be presented to the Board for consideration in the coming months.

CFA Curriculum Mapping and Professional Standards

The Working Group has also progressed work mapping the CFA Program curriculum against the New Zealand Certificate in Financial Services (Level 5) Investment strand, following a request to explore potential recognition and exemption pathways for CFA charterholders and candidates.

Initial analysis indicates strong alignment between significant parts of the CFA Candidate Body of Knowledge and the Level 5 qualification framework, with potential opportunities for partial exemptions where CFA curriculum coverage meets or exceeds existing requirements. The work also recognises the importance of retaining New Zealand-specific regulatory and advice components.

This work is intended to help inform future discussions with industry stakeholders and regulators around professional standards, qualification pathways, and recognition of globally recognised investment qualifications within New Zealand’s regulatory framework.

Looking Ahead

As investment markets continue to evolve, the role of professional standards and informed industry leadership becomes increasingly important. CFA Society New Zealand looks forward to continuing to contribute constructively to industry and regulatory discussions over the year ahead. Members interested in contributing to these and future advocacy initiatives are encouraged to contact Helen Mexted. 

Update February 2023

The Stewardship Code Aotearoa New Zealand, provides guiding principles for responsible investment stewardship.  CFA Society NZ Directors David Kandziora and Philip Houghton-Brown were on the development committee for the code.

There were 15 founding signatories (by the end of 2022).  A recorded webinar about the code can be viewed here.