GoodReturns.co.nz - News

Potential AFAs should be mentored: Tate

A mentoring programme for new financial advisers could avoid meltdowns like the Ross Asset Management collapse, says IFA president Nigel Tate.

Property trusts well positioned

New Zealand’s real estate investment trusts are in a better position than their counterparts across the Tasman, says Forsyth Barr’s property analyst Jeremy Simpson.

One of LM's biggest assets worthless

Returns to LM investors on an interest in residential development Maddison, in Queensland, are likely to be minimal or nil, receivers Korda Mentha have warned.

Massey considers financial planning degree

Massey University is considering offering a new financial adviser degree-level qualification and is looking for input from advisers.

[Weekly Wrap] Rules and more rules

We started this week by asking a question that has been floating around for a while now - could dealer groups step in as a step in the regulation process?

Equity income still fine strategy

If interest rates rise soon it will not make yield-focused equity investment strategies any less appealing or effective for advisers looking to provide retirement income for clients, says Nick Dravitzki, of Devon Fund Management.

US manager sees value in New Zealand

Another US fund manager comes to New Zealand.

David Ross charged over $400 mill ponzi scheme

David Ross has been charged with false accounting and theft by a person in a special relationship – and financial advisers are in for a warning from the FMA about DIMS.

Advisers yet to get responsible investing

Financial advisers are not buying into responsible investing at the same rate as institutional investors, says Matt Mimms, of the Investment Store.dvise

Clarity brought to issue of transfer of offshore pensions

There’s new clarity on tax for advisers who have clients with foreign superannuation scheme interests.

FMA warns on AML

Firms that have not had their anti-money laundering compliance systems independently audited will be the priorities for the Financial Markets Authority’s attentions, it has confirmed.

Could dealer groups become regulators?

Handing some regulatory responsibilities to dealer groups would help to streamline processes, says Camelot Group’s Peter Cave.

[Weekly Wrap] How much do consumers know?

One of the questions that has been asked by many people this week is how aware consumers are of exactly what they are doing with their personal finances.

Fund managers score poorly, but improve

New Zealand has been ranked second-to-last in the world when it comes to investor friendliness.

Australians finally get act together on super portability

The ability to move pensions across the Tasman is finally here and provides new opportunities for advisers.

Challenges ahead for FMA

Increasing financial challenges lie ahead for the Financial Markets Authority, but advisers should not assume that means they will get an easier time from the regulator.

NZ firm forms JV with Swiss manager

Staples Rodway’s asset management arm, Staples Rodway Funds, has entered into a joint venture with Swiss fund management giant Gottex.

[Weekly Wrap] Wanted: More advisers

How to attract new financial advisers into the sector, and then how to keep them there, have been topics of discussion on the Good Returns site this week.

Bank KiwiSaver lure may backfire

Being able to check a KiwiSaver balance online might be a double-edged sword, according to research by Massey University’s Claire Matthews.

Another Australian manager crosses the ditch

A fund set up by two former Hunter Hall managers is crossing the Tasman and coming to New Zealand. Jack Lowenstein, of Morphic Asset Management, provides some thoughts on international markets.

Poor retention rates can be turned around: AMP

Low retention rates among financial advisers can be turned around with more mentoring and transparency, says Felicity Cain, adviser recruitment manager at AMP Financial Services.

How to make advice a profession

Invercargill-based adviser Stephen O’Connor, who last week was awarded for his services to financial planning, says there is still a long way to go before his industry is recognised as a profession.

RAM investors allege insider trading

Ross Asset Management investors’ representatives have written to the Serious Fraud Office, asking it to investigate allegations of insider trading.

[Weekly Wrap] Regulation still a key concern

Three conferences in less than two weeks - it's been a hectic fortnight for the Good Returns team and many in the financial advice sector around the country.

Urgent action required over banks' KiwiSaver selling tactics

Banks have been put on notice by FMA chief executive Sean Hughes that their sales tactics are under review.

RFAs should become AFAs

Regulators want to see more registered financial advisers becoming authorised financial advisers to plug the advice gap on KiwiSaver.

Don't bet on Aussie banks: PM Capital

Investors would be better to put their money in American banks than to buy stock in their Australian counterparts, an equity fund manager says.

Advisers' Code about to get tweaked

Just as advisers start to get to grip with the new rulebook on how to operate in a regulated world they find out that the Code of Compliance is about to be tweaked.

LM court date pushed back

Trilogy’s day in court, trying to take control of LM Investment Management’s First Mortgage Investment Fund, has been pushed back several months.

Advisers told to dob in peers

Advisers must dob in any of their peers who aren’t meeting industry standards, Financial Markets Authority chief executive Sean Hughes says.

Adviser data safe dispute scheme says

A financial dispute resolution service says complainants should not be alarmed about the safety of their information after its parent company was implicated in an ACC privacy breach.

Investors 'need to take responsibility'

Financial Markets Authority chief executive Sean Hughes says investors need to take some responsibility for their own decisions.

AFA requirements should be stricter: Hughes

The Financial Markets Authority wants the entrance criteria for would-be financial advisers to become a lot stricter.

Another new fund manager pops up

Another boutique funds management firm has hit the market, and starts off with a significant mandate.

Revamp planned for AX

NZX wants to launch a “growth market” to get smaller companies to list without the rigours of a listing on the main board.

AIS opens the doors on its investment strategy discussion

[Advertorial] The strong performance in equity markets so far this year and the historic lows in government bond yields prompts a discussion of what lies ahead for global asset markets and how one should deal with this as a long-term investor.

[Weekly Wrap] What's left for TOWER?

TOWER and Fidelity Life this week confirmed one of the industry’s best-kept secrets: Fidelity is buying TOWER’s Life business.

TOWER life business sold

TOWER has announced this morning that it has sold its life insurance business.

Westpac outsources to employees

Westpac’s New Zealand fund management arm has contracted out the management of more than $650 million in listed New Zealand stocks and property holdings to a new company started by employees.

FMA 'too slow'

The Financial Markets Authority needs more resources to proactively engage with the industry, rather than reacting to problems and complaints when they are raised, says former FMA senior adviser Gavin Austin.