Advisers welcome Aegis sale

Advisers are optimistic about the future for Aegis under new ownership.

ASB announced last week that it had sold its investment administration and custody businesses, Aegis and Investment Custodial Services Limited, to MMC.

The sale price was kept confidential.

It follows an announcement in May that the bank was reviewing its ownership of the wrap platform, which at that point had $15.2 billion under management.

“Aegis is a good business which requires continued ...MORE»

NZ shares fall as Pushpay follows Aussie software firms lower Thursday, October 17th, 6:06PM New Zealand shares fell, led by Pushpay Holdings, as the payments app developer got dragged down by pessimistic analyst reports on ASX software firms Wisetech Global and Afterpay. MORE»

Advisers not dropping out, Financial Advice NZ says Thursday, October 17th, 6:52AM  1 comment Financial Advice NZ says most advisers plan to remain in the sector under the new licensing regime – and most will take their own licence. MORE»

New advice fee model for KiwiSaver

Milford Asset Management has launched an innovative new way to pay advisers for giving advice on its popular KiwiSaver funds.

Milford wants to make sure advisers are getting paid for giving advice around its KiwiSaver funds, but has chosen not to go down the trail commission route like other managers.

Under its new model, called an "Advice Facilitation Fee", advisers can be paid either a $150 upfront consultation fee for giving advice or the client can pay the adviser out of their funds under management. With the ...MORE»

NZ shares rise; F&P Healthcare gains for 3rd day Tuesday, October 15th, 6:19PM New Zealand shares rose, as Fisher & Paykel Healthcare extended its run after raising earnings guidance yesterday on an earlier than expected US regulatory approval. MORE»

Legislation overload 'could have unintended consequences' Tuesday, October 15th, 6:00AM New rules of conduct for banks and insurers could be bad news for organisations already grappling with the looming implementation of the Financial Services Legislation Amendment Act, one law firm says. MORE»

News Bites

FE Investments gets ratings boost on capital raise

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GoodReturns TV

Time for changes to KiwiSaver

KiwiSaver has done well in its first 12 years, but David Boyle only gives it a score of 6.5 or 7 out of 10. In this interview with Good Returns TV he discusses changes he would like to see. MORE»

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BDMs put through level five to understand adviser experience

Asteron Life is putting all of its business development managers through the level five financial services qualification so they can better understand what the new requirements are for advisers. MORE»

TMM Online

Mortgage Lab and Kepa plan for new regime

The Mortgage Lab will be an authorised body underneath Kepa's financial advice provider licence under the new regulatory regime.  MORE»

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Investment manager appointed at Midlands

Midlands Mortgage Trust has appointed an investment manager. MORE»

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FMA: Time to show what KiwiSaver members get for fees

KiwiSaver providers can expect pressure to show what value they're giving members, after an analysis prepared for the Financial Markets Authority showed they charge higher fees than comparable British funds. MORE»