[The Wrap] What future financial advice firms could look like

Sorting out what the financial advice industry is going to look like under the new regime is something akin to trying to solve the Rubick cube.

For the past two weeks, since Commerce Minister Kris Faafoi approved the new Code of Conduct for financial advisers, it’s been the most talked about topic.

It’s been interesting to see all the discussions going on amongst advisers and providers about what it means. (The answer is no-one really knows)

This week I have been at the Mortgage and Insurance Link conference. Bankers were quite ...MORE»

Companies punished when earnings expectations missed Friday, May 24th, 5:59PM New Zealand shares fell, led by Gentrack, after the utilities software developer was among companies reporting weaker than expected earnings today. MORE»

Adviser group rebrands and plans to be a FAP Friday, May 24th, 6:05AM New Zealand’s evolution towards a new financial advice regime that sets industry-wide standards for conduct and competence has led to the creation of an integrated financial solutions provider that improves service delivery, efficiency and client outcomes. MORE»

SFO raids office of Dunedin AFA

The Serious Fraud Office, with the assistance of the Financial Markets Authority, has executed search warrants this morning in relation to an investigation concerning the Dunedin-based financial adviser.

They raided the offices of Barry Kloogh who is the chief executive officer of financial advice company Breathe Financial.

The action followed enquiries by the FMA, leading to a referral to the SFO, a joint statement from the agencies said.

The authority would be assessing any matters relating to the Financial Advisers Act and supporting the SFO investigation.

They asked anyone with information they ...MORE»

[GRTV] We have to prove we are not the bad guys: Ballantyne Thursday, May 23rd, 12:25PM  1 comment Partners Life managing director Naomi Ballantyne says the various regulatory reviews are putting huge pressure on life insurance companies and distracting them from their core business of paying claims. MORE»

[GRTV] Good conduct and culture drives out the snake oil Thursday, May 23rd, 6:24AM  3 comments Reserve Bank governor Adrian Orr talks to Philip Macalister about good conduct and culture and what needs to change in the life insurance market. MORE»

News Bites

ANZ cans advice service - what next for NZ?

ANZ is dropping a key advice service in Australia. MORE»

GoodReturns TV

[GRTV] We have to prove we are not the bad guys: Ballantyne

Partners Life managing director Naomi Ballantyne says the various regulatory reviews are putting huge pressure on life insurance companies and distracting them from their core business of paying claims. MORE»

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AIA appoints ambassadors for its new product

AIA has appointed an ex-All Black and a health and wellness advocate as ambassadors for its soon-to-be launched Vitality product. MORE»

TMM Online

Investor activity subdued in April

Investors borrowed just $988 million in April, down from $1.26 billion in the same month last year, according to new figures from the Reserve Bank. MORE»

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Salt makes two key appointments

Salt Funds Management has appointed a Chief Investment Officer and a Head of Data Science. MORE»

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Investors deserve clearer insights

The risk with risk indicators MORE»