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Last Article Uploaded: Friday, October 21st, 4:51PM
Investment News

Client best interests: Part Two

Last month’s commentary on the Code of Conduct obligation to put “client interests first” generated a great deal of discussion.  In this follow up John Berry takes the debate a step further and asks some fundamental questions about what consumers expect, if better disclosure can help and whether a “best interests” standard is impossible to meet.  This is the second instalment of a 3-part commentary.

Monday, October 3rd, 6:01AM

This discussion covers two different models for financial adviser businesses in New Zealand.  The first is where advisers are “tied” and only sell in-house product.  Let’s call this model “restricted advice”. The second is where the adviser is free to select any product in the market.  Let’s call this “independent advice”.

The distinction is an important one because as the FMA notes in a document on its website “vertically integrated distribution models, where a market participant is the provider, manager and distributor of a product, can exacerbate conflicts of interest and result in poor investor outcomes...MORE»

Central banks not ready to throw in the towel

Monday, September 26th, 11:09AM

Markets digested a flurry of central bank announcements this week, which all reiterated the determination to lift CPI inflation to targets; with no real signs that central banks have given up on the need for monetary stimulus.


Invitation to IML’s new Listed Investment Company (QV Income) pre IPO briefing

Sunday, September 25th, 6:00PM


Lessons from unconventional monetary policy for New Zealand

Monday, September 12th, 11:08AM

Central bankers from around the world met at Jackson Hole in Wyoming, recently, to discuss unconventional monetary policy and lessons for the future.   


The West looks East

Monday, September 5th, 10:31AM

Having conducted a significant number of client meetings over recent weeks, one feature that has struck is that amongst this, albeit probably rather biased, sample group, there would seem to be a distinct desire to sell risks – although few people have actually done so yet.


More Headlines
Deposit Rates Sponsored by: 

Z issues bonds

Wednesday, October 19th, 6:06PM

Z Energy is making an offer of unsubordinated, secured, fixed rate bonds across two series. MORE»

General Finance raises rates

Friday, October 14th, 4:51PM

General Finance has increased its deposit rates by 50 basis points, taking its headline rate to 5.75% over three years. MORE»

Term deposits offered via Consilium platform

Thursday, August 18th, 6:00AM

A new term deposit offer on the Consilium platform is another way for advisers to ring-fence their clients’ financial needs and boost their value proposition, the firm says. MORE»

Former finance firm completes full circle

Monday, June 20th, 2:36PM

Listed non-bank finance company GFNZ Group plans to revert to its old name of Geneva Finance and boost its share price. MORE»

Wellington Airport issues bonds

Monday, May 9th, 8:29PM

Wellington International Airport has allocated $75 million in bonds to participants in its book build process, including $25 million in oversubscriptions. MORE»

Chorus offers bonds with minimum 4.1% rate

Monday, April 11th, 10:30AM

Chorus has announced an offer of five-year unsecured, unsubordinated fixed-rate bonds. MORE»

ANZ issues bonds

Sunday, March 13th, 11:21AM

ANZ is making two offers of unsecured subordinated bonds. MORE»

Genesis bonds

Thursday, March 10th, 11:51AM

Genesis Energy is offering up to $75 million, and up to $25 million of over-subscriptions, of six-year fixed rate senior bonds to institutional and New Zealand retail investors. MORE»


KiwiSaver advice sparks complaints

Thursday, October 20th, 6:00AM  1 comment

Thirteen customers have complained about bank KiwiSaver sales and advice processes over the past year, the Banking Ombudsman says. MORE»

KiwiSaver risk reward just 2.1%

Thursday, October 20th, 5:59AM  2 comments

KiwiSaver members in conservative funds have received returns just 2.1% per year less than those who took on extra risk in a growth fund over the past eight years. MORE»

Banks tackle KiwiSaver advice question

Wednesday, October 12th, 6:00AM  4 comments

Banks are hoping more guidance from the Financial Markets Authority will make it easier for them to advise their clients on switching between KiwiSaver funds and providers. MORE»

KiwiSaver furore gave advice boost

Monday, October 10th, 6:00AM  7 comments

Media headlines about KiwiSaver funds’ exposure to ammunition investments have provided a boost to some financial advisers. MORE»

KiwiSaver members almost triple their money

Friday, October 7th, 11:16AM

KiwiSaver members have gained about $2.50 for every $1 they have contributed to the scheme, Milford Asset Management data shows. MORE»

Morningstar 'neutral' on Fisher

Thursday, October 6th, 2:07PM

Fisher Funds’ KiwiSaver schemes have been rated a “reasonable option” by Morningstar. MORE»

MBIE releases proposed KiwiSaver changes

Wednesday, October 5th, 4:23PM

KiwiSaver providers should be required to disclose a range of extra information in their annual statements, including the total fee in dollar terms a member has paid during the year, the Ministry of Business, Innovation and Employment is suggesting. MORE»

Providers bemoan KiwiSaver guidance

Wednesday, October 5th, 11:24AM

KiwiSaver providers say some of the guidance they are getting from the Financial Markets Authority about their sales and advice processes may be getting in the way of members switching funds. MORE»

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Edison Investment Research
  • Acorn Income Fund
    19 September 2016
    Finding opportunities in small-cap dividend payers
    Acorn Income Fund (AIF) has produced solid long-term total returns (+138% share price and +135% NAV over five years) from its portfolio of UK smaller companies...
  • Canadian General Investments
    19 September 2016
    Broad exposure to Canadian equities
    Canadian General Investments (CGI) is a closed-end investment fund listed on both the TSX and LSE; it is registered as a Canadian investment corporation....
  • Tetragon Financial Group
    12 September 2016
    Global diversified alternative assets portfolio
    Tetragon Financial Group (TFG) is a specialist closed-ended investment company aiming to provide stable returns across economic and various asset class...
  • Ocean Wilsons Holdings
    9 September 2016
    Brazil now a more positive influence
    After a period in which its controlling investment in Wilson Sons (WSON), a seasoned Brazilian maritime services business, was a source of earnings and...
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    7 September 2016
    Seeking real returns with more specialist focus
    Miton Global Opportunities (MIGO) seeks to provide returns in excess of those on cash by exploiting opportunities from pricing inefficiency among under-researched...
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    6 September 2016
    Diversified global exposure with dividend growth
    Martin Currie Global Portfolio Trust (MNP) aims to outperform the total return of the benchmark FTSE World Index by investing in a portfolio of global,...
© 2016 Edison Investment Research.

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Today's Best Bank Rates
Heartland Bank 3.00  
Heartland Bank 3.00  
RaboDirect 3.00  
Based on a $50,000 deposit
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Cash PIE Rates

Cash Funds

Institution Rate 33% 39%
ANZ 0.50    -    -
ASB Bank 0.65    -    -
ASB Bank 0.80    -    -
ASB Bank 0.85    -    -
ASB Bank 0.90    0.18    -
ASB Bank 0.95    -    -
Heartland Bank 2.60    -    -
Nelson Building Society -    -    -
RaboDirect 1.50    1.55    1.62
SBS Bank 1.80    -    -
Westpac 0.35    0.36    0.38
Westpac 0.05    0.25    0.30
Westpac 2.60    2.67    2.79

Term Funds

Institution Rate 33% 39%
ANZ Term Fund - 90 days 2.60    3.01    3.14
ANZ Term fund - 12 months 3.25    3.64    3.80
ANZ Term Fund - 120 days 3.00    3.29    3.45
ANZ Term fund - 6 months 3.15    3.48    3.64
ANZ Term Fund - 150 days 3.25    3.39    3.55
ANZ Term Fund - 9 months 3.25    3.53    3.69
ANZ Term Fund - 18 months 3.45    3.64    3.80
ANZ Term Fund - 2 years 3.35    3.69    3.85
ANZ Term Fund - 5 years 3.60    3.85    4.02
ASB Bank Term Fund - 90 days 2.60    2.67    2.79
ASB Bank Term Fund - 6 months 3.20    3.29    3.43
ASB Bank Term Fund - 12 months 3.20    3.33    3.48
ASB Bank Term Fund - 18 months 3.65    3.81    3.98
ASB Bank Term Fund - 2 years 3.30    3.44    3.60
ASB Bank Term Fund - 5 years 3.55    3.70    3.86
ASB Bank Term Fund - 9 months 3.25    3.38    3.53
BNZ Term PIE - 120 days 3.00    -    -
BNZ Term PIE - 150 days 3.50    -    -
BNZ Term PIE - 5 years 3.60    3.75    3.92
BNZ Term PIE - 2 years 3.35    3.49    3.65
BNZ Term PIE - 18 months 3.30    3.44    3.60
BNZ Term PIE - 12 months 3.25    3.38    3.53
BNZ Term PIE - 9 months 3.55    3.70    3.86
BNZ Term PIE - 6 months 3.60    3.75    3.92
BNZ Term PIE - 90 days 3.00    3.08    3.22
Co-operative Bank PIE Term Fund - 6 months 3.60    -    -
Heartland Bank Term Deposit PIE - 12 months 3.40    3.53    3.69
Heartland Bank Term Deposit PIE - 6 months 3.30    3.43    3.58
Heartland Bank Term Deposit PIE - 9 months 3.70    3.85    4.02
Heartland Bank Term Deposit PIE - 18 months 3.30    -    -
Heartland Bank Term Deposit PIE - 2 years 3.30    3.43    3.58
Heartland Bank Term Deposit PIE - 5 years 3.70    3.85    4.02
Kiwibank Term Deposit Fund - 150 days 3.00    3.09    3.22
RaboDirect Term Advantage Fund - 12 months 3.40    3.50    3.65
RaboDirect Term Advantage Fund - 6 months 3.50    3.60    3.76
RaboDirect Term Advantage Fund - 90 days 2.85    2.93    3.06
Westpac Term PIE Fund - 150 days 2.80    2.88    3.00
Westpac Term PIE Fund - 120 days 2.70    2.76    2.89
Westpac Term PIE Fund - 18 months 3.20    3.29    3.43
Westpac Term PIE Fund - 12 months 3.20    3.29    3.43
Westpac Term PIE Fund - 6 months 3.50    3.58    3.75
Westpac Term PIE Fund - 9 months 3.10    3.17    3.32
Westpac Term PIE Fund - 90 days 2.50    2.56    2.67
Westpac Term PIE Fund - 2 years 3.25    3.34    3.49
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