Should lawyers give financial advice?
Since the Financial Advisers Act (FAA) came into force there has been some angst over exemptions for other professions – such as lawyers and accountants. Are financial advisers right to be concerned that lawyers and accountants can hand out financial advice? Are there any restrictions on them?
Financial advice requires specialised skills. This means to give other professions an open-ended exemption from the FAA could jeopardise the quality of financial advice and undermine consumer confidence when seeking advice. This commentary considers the exemption for lawyers and accountants and what restrictions apply (or should apply).
Is it financial advice?
The FAA sets the ground rules for when someone is giving financial advice ...MORE»
New code's wider scope helps advisers: ChairmanThursday, October 19th, 6:00AM
Authorised financial advisers will benefit from being part of an industry fully bound by a code of conduct, the chairman of the working group developing the new code says. MORE» |
FMA fast-tracks roboadviceWednesday, October 18th, 6:00AM
Advisers can expect to see roboadvice in the New Zealand market next year, and the country’s banks and product providers are already developing their platforms. MORE» |
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Two groups working together for advisers
With regulation looming, mortgage adviser group need to develop their businesses to meet the on-coming changes. Mortgage Express and the Q Advisor Group, while separate, are working together to develop tools to empower their advisers. Here's what they have done so far. MORE »
Advice firms merge
One of Canterbury's longest standing financial advisory institutions is merging to become one of the largest independent financial advisory firm in NZ.
Bradley Nuttall has agreed to merge with IQ2, and has renamed the business Cambridge Partners.
The merged firm has around $540 million of funds under management on platform, Bradley Nuttall director Jacob Wolt says, and also provides advice on a further $200 million.
He says Cambridge Partners see itself as different to a lot of financial advisors as they offer a holistic package for planning for retirement looking at all areas ...MORE»
Leverage up your KiwiSaver fundMonday, October 16th, 6:00AM 1 comment
Booster chief investment officer David Beattie says people should be taking more risk in their KiwiSaver funds. MORE» |
Getting to Know: Lyn McMorranFriday, October 13th, 11:00AM
Lyn McMorran is a familiar face to many in the industry - an AFA, executive director of the Financial Services Federation and a former IFA president. Here she admits her worst investment yet... MORE» |
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News Bites
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BNZ signs on to AML tool
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GoodReturns TV
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Leverage up your KiwiSaver fund
Booster chief investment officer David Beattie says people should be taking more risk in their KiwiSaver funds. MORE»
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Insurers support robo options
An exemption to allow roboadvice in New Zealand will include the provision of personal insurance products, something which one insurer has argued could lower commissions to advisers. MORE»
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TMM Online
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Kick backs to agents shouldn't happen, but do
Relationships between mortgage advisers and real estate agents are being questioned by Consumer NZ, which is concerned about financial kickbacks. MORE»
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Former PM to chair ANZ
ANZ has revealed a high-profile former prime minister is to chair its board in New Zealand. MORE»
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FMA to KiwiSaver providers: We are getting impatient
KiwiSaver providers have been told they must do better, as the amount they earn in fees soars. MORE»
