Road Show Pattern Emerging

The EUFA RECOVERY ROAD SHOW was a huge success in New Plymouth with over 100 people attending.

It is emerging from the Road Show that only a small percentage of financial advisors are responsible for selling high risk products in the absence of sound and balance financial planning.



Suzanne Edmonds said from Wanganui today. “With the group of around 100 people in New Plymouth, a quarter of the people had the same advisor. This is a repetition of Hamilton and other areas we have visited”



Financial Advisors have taken a hit by the exposure of the industry’s crisis. The ROAD SHOW is giving a clear picture of what happened. It is becoming clear that the finance companies manipulated advisors who had little experience in the industry and also larger finance advisor companies followed the same path by hard sell to investors.



It was reported at the meeting yesterday that an advisor company traveled the country to areas to assist their advisor and held sales seminars of which investors attended and were coerced.



The Finance companies and the advisor companies presented their products with polish and style. The Government, Securities Commission and Companies office have allowed this to happen.



Mrs Edmonds said “This is a big picture and the message from the people is that buck passing is not something the people are going to stand back and accept….. responsibility from the advisor up will be sort as we progress through this mess”