AIA has announced two financial support packages designed to help independent financial advisers through New Zealand’s post-COVID environment.
The AIA Vitality Community and Business Grant Programme provides a total of $500,000 of grant funding for financial advisers, the insurer said in a news release. Qualified financial advisers will be able to apply for a grant to help boost their business. The programme encourages advisers to develop, design, and implement initiatives to support community wellness and to raise awareness of the importance of health and wellbeing to overall financial resilience. According to AIA, more details, such as how to apply and the application criteria, will be released to financial advisers in due course.
Meanwhile, the Small Business Support Package was implemented in response to feedback from the financial advice sector, which said that single biggest concern for financial advisers at this time is short-term cashflow to keep businesses afloat. From June 02 to September 01, insurance applications received by financial advisers through eApp, AIA New Zealand’s electronic application form system, will attract higher commission rates.
According to AIA, the increased remuneration for financial advice businesses is being introduced on a short-term basis only to help ensure the resilience of firms and enable them to continue to support New Zealanders during these challenging times.
“New Zealand’s financial advice firms are primarily small businesses employing fewer than five members of staff,” said Nick Stanhope, AIA New Zealand CEO. “Financial advisers play a crucial role in increasing the financial resilience of New Zealand households which is now more important than ever. Because of this, we wanted to do our bit to support financial advisers and customers at this time, in line with our purpose of making a difference in people’s lives.”