Wealthpoint advisers benefit from commission changes

Wealthpoint advisers can expect to pocket up to $1 million of extra revenue following changes to the group’s structure.

The group, which emerged out of the old AMP Advisers Association in 2019, has around 50 member firms across the country.

The group’s chief executive, Simon Manning, says it made a commitment to progressively reduce member costs as new revenue lines were developed over time.

It has done this by introducing new business such as general insurance earlier this year.

Its new commercial relationship ...MORE»

NZ shares come roaring back Wednesday, December 8th, 6:25PM New Zealand shares chased Wall Street higher as a sudden turnaround in market sentiment sent key international indices up as much as 2% overnight. MORE»

EXCLUSIVE: Regulation and workloads driving advisers to drink Wednesday, December 8th, 6:55AM  7 comments Preliminary results from the recent AIA Adviser Wellbeing Survey have uncovered some concerning results with around half of those surveyed saying they are using alcohol to cope with stress. MORE»

Buy/sell spreads will cost KiwiSaver members

Four of the six KiwiSaver default providers are passing on buy or sell spread costs, or both, to their members to reflect the cost of buying and selling underlying investments.

The Financial Markets Authority (FMA) has said it will be monitoring those costs and that they should be moderate - unless too many providers try to trade at the same time.

On Wednesday last week, the move to switch about 233,000 KiwiSaver default fund members to new providers got underway.

Of the six default providers, Kiwi Wealth, Booster, the BNZ and Smartshares have signalled they would be recovering ...MORE»

AMP increases focus on digital distribution Monday, December 6th, 7:43AM  4 comments AMP exits aligned financial advice channel and plans to launch new funds and focus on a digital strategy. MORE»

The next big thing Friday, December 3rd, 7:30AM One of the new big themes for fund managers will be impact investing, and Harbour Asset Management has jumped onto it. MORE»

News Bites

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FNZ onboards new client servicing company

FNZ has agreed to acquire Appway, the leader in client onboarding and client servicing for financial institutions. MORE»

GoodReturns TV

[GRTV] Rob Everett on value for money, the great KiwiSaver land grab and fees

What's value for money with KiwiSaver? Former Financial Markets Authority chief executive Rob Everett provides answers in this Good Returns TV interview.  [Including Podcast] MORE»

Investments

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New rules for non-deposit takers

New details of long running finance sector reforms have been unveiled including guarantees for depositors and universal oversight of all institutions taking deposits from the public. MORE»

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Cigna helps advisers meet regulation requirements

Cigna New Zealand has released the first of a series of improvements to help independent financial advisers stay on top of their regulatory obligations. MORE»

TMM Online

RBNZ to pull back to neutral on the economy

The departing Deputy Governor of the Reserve Bank (RBNZ) thinks the central bank will gradually reduce its active support of the economy as economic conditions prove resilient. MORE»

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Cigna employs five senior staffers

Cigna New Zealand, which is soon to be rebranded as Chubb, has appointed five new faces to bolster its senior underwriting and business support teams. MORE»

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Simplicity drops membership fees for all products

Simplicity has dropped its membership fees from all of its products effective immediately. MORE»