GoodReturns
Archive - 2003
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December 2003
06 Dec 2003 Property problems: Unit trusts similar to company investment
06 Dec 2003 Looking down, it's looking up
06 Dec 2003 Licensing question needs to be considered: Dalziel
06 Dec 2003 Finding a good property management company
06 Dec 2003 News Round Up
05 Dec 2003 Personal Risk Profile and Asset Allocation seminar
05 Dec 2003 Money skills for kids
04 Dec 2003 Reserve Bank leaves rates unchanged
04 Dec 2003 RBNZ leaves cash rate unchanged
04 Dec 2003 Council tipped not to certify potential leaky homes
04 Dec 2003 Q & A: Managing monolithic cladding
04 Dec 2003 Builders forgo contracts for lack of staff
04 Dec 2003 Slowdown for listed property
04 Dec 2003 Home owners drive apartment boom
04 Dec 2003 Auckland waterfront land sells for $30m
04 Dec 2003 Population boom fuels Waitakere house prices
04 Dec 2003 South Taranaki revaluations cause concern for councillors
04 Dec 2003 'Happy' with progress towards zero increase
04 Dec 2003 Rates rises slowed in November
04 Dec 2003 Bollard leaves cash rate unchanged
03 Dec 2003 Alternative investment for ABN Amro
03 Dec 2003 Market Review: So far so good for the US – but will it continue?
03 Dec 2003 Rates rises slowed in November
03 Dec 2003 Many Kiwis missing out
02 Dec 2003 AMP plans to build its advice-based distribution
02 Dec 2003 New channel manager at Hanover
01 Dec 2003 Unit Title Act overhaul
01 Dec 2003 Sections fetch record prices
01 Dec 2003 Boom rockets house rents
01 Dec 2003 High rents pushing more families on to State house list
01 Dec 2003 Housing growth likely to continue
01 Dec 2003 Crowded house
01 Dec 2003 Economists split on whether Reserve Bank will hike cash rate
01 Dec 2003 Experts divided on this week's OCR announcement
01 Dec 2003 The Future of AMP Limited
November 2003
30 Nov 2003 ASFONZ happy with tax changes
30 Nov 2003 Planning for the future is not just about retirement
30 Nov 2003 Investment scheme 'too good to be true'
30 Nov 2003 Selling rental properties best solution - Mary Holm
30 Nov 2003 Alexander Speech: Nelson Property Investors Assn
29 Nov 2003 A different view on licensing
28 Nov 2003 ING Property Trust deal done
28 Nov 2003 Mixed news on housing market front
28 Nov 2003 Cullen explains civil servants saving scheme
27 Nov 2003 China - The Roaring Dragon
27 Nov 2003 Working in Retirement?
27 Nov 2003 Retirement now a matter of choice
27 Nov 2003 Manukau council buys large chunk of Papatoetoe
27 Nov 2003 Residents warned to be cautious
27 Nov 2003 Tower's NZ businesses shine
26 Nov 2003 SX gets a clean bill of health
26 Nov 2003 'Scam' costs couple's home
26 Nov 2003 Guardians appoint another manager
26 Nov 2003 More Wizards coming
26 Nov 2003 Waitaki property prices soaring
26 Nov 2003 Rotten luck hits tenant
26 Nov 2003 Property Vs Shares - Mary Holm
26 Nov 2003 Fund investors join forces against ING
26 Nov 2003 Rug businessman takes step into property
26 Nov 2003 Property developer foils IRD GST charges
26 Nov 2003 More Wizards coming
26 Nov 2003 Harding leaves CFSI
25 Nov 2003 Morningstar re-rates managers
25 Nov 2003 Liontamer Protected Investments
25 Nov 2003 PM Capital
25 Nov 2003 Prosecution wake up call for brokers
25 Nov 2003 Liontamer looks to unleash some new beasts
25 Nov 2003 Strategic asset allocation – set and forget or dynamic?
24 Nov 2003 Adviserlink Investments & Risk Management
24 Nov 2003 Adviserlink Essentials of Mortgage Broking
24 Nov 2003 Wozniak joins Arcus
24 Nov 2003 Putting something back
24 Nov 2003 Property prices send moon values skyward
24 Nov 2003 No decision on licensing: Dalziel
24 Nov 2003 Tokoroa faces reality of timber mill closure
24 Nov 2003 Slums cry greets city housing idea
24 Nov 2003 Whose land is it anyway?
23 Nov 2003 Property problems: Quick partnership fixes when friends fall out
23 Nov 2003 Kiwi Income Property 1st Half Profit Up
23 Nov 2003 Apartment tower plan in Takapuna
23 Nov 2003 Warning on 'bullying' estate agents
21 Nov 2003 Size of exemption notice row revealed
21 Nov 2003 Westpac says fix short
21 Nov 2003 BT Roadshow with Putnum
20 Nov 2003 Minister endorses sound advice
20 Nov 2003 The outlook and the future of the NZ Superannuation Fund
20 Nov 2003 Housing boils again
20 Nov 2003 Top planners named
20 Nov 2003 BT Roadshow with Putnum
20 Nov 2003 BT Roadshow with Putnum
19 Nov 2003 South Island leads boom in housing
19 Nov 2003 Financial Planner of the Year Awards
19 Nov 2003 Auckland market catching its breath: Trass
19 Nov 2003 Tougher regulation drives advisers nutty
19 Nov 2003 Tower powers up
19 Nov 2003 House prices jump whopping 5.6 per cent in October
19 Nov 2003 Auckland market catching its breath: Trass
19 Nov 2003 Broker defends house sale deal
19 Nov 2003 Dunedin rental market boom forces up prices
19 Nov 2003 Property price boom puts squeeze on house rents
Latest News
Advice adds at least 5% a year, but clients can’t see most of it
Advice adds at least 5% a year, but clients can’t see most of it
4 min read
Adviser use of ETFs likely to continue to grow, Smart says
Adviser use of ETFs likely to continue to grow, Smart says
2 min read
FMA outlines its latest expectations for advisers
FMA outlines its latest expectations for advisers
6 min read
[Weekly Wrap] KiwiSaver in play; but outcome unclear
[Weekly Wrap] KiwiSaver in play; but outcome unclear
2 min read
Latest Comments
FMA outlines its latest expectations for advisers
I agree with the "prevalence-induced" concept. It is definitely not Advisers re-defining what we're seeing or over-reacting to the "maturing" of regulation. The concept Steve put forward suggests that as the problem becomes less frequent, the criteria used to define the problem expands, resulting in lesser problems being treated like greater problems. The root of the regulations we have is based in answering questions nobody asked, addressing problems Advisers did not cause. Such as blaming investment advisers for the losses direct investors took from finance company collapses, or allowing lobbyists to succeed in defining BEOT VIOs' sales processes as "advice". So from the beginning - 2011 onwards - there has been so little prevalence of problematic advisers causing terrible outcomes through faulty advice processes that it does appear that the regulators are defining lesser problems as greater. Paul – the “rules” are not rules. Everyone knows what a forward pass is, and we all know that a whiskey still counts as a stroke. Our regulations are mostly principles supported by vague guidance notes. You have correctly pointed out that there has been a lighter touch at times, and perhaps a sledgehammer at other times. To a FAP owner that looks like inconsistency. With no clear safe zone, just vague principles to abide by, and watching patchy and inconsistent enforcement, FAPs have taken an approach to documentation and processes that are now being criticised by the same people who won’t set a bar. But they will say we’re jumping too dam high. “Size it right” is an insulting suggestion from someone who won’t say what the right size is. Recall people like Brent Sheather and Murray Weatherston openly and rightfully questioning what on earth was the problem these regulators and regulations were meant to solve? Recall also their criticism of the revolving door between the regulator and the regulated. If it feels like they are moving the goal posts it’s because they are starting to approach molehills with climbing gear. The hills are the same size. And they were never that big.
11 hours ago agressively passive
FMA outlines its latest expectations for advisers
Paul Flood: The danger is that the 'goalposts' (regarding what is acceptable or unacceptable adviser conduct) may be susceptible to change. Our 'Principles based' legal/regulatory environment lends itself to “prevalence-induced concept change” over time, perhaps not so much in the written laws and Code, as in the interpretation of the prescribed principles.
3 days ago Steve Wright
FMA outlines its latest expectations for advisers
Just a tip, if you use more than six, six letter words in a sentence you lose most Kiwi's. So avoid client/adviser confusion when writing your post or article if you would like it read and understood. Ironically, my last sentence was not likely read.
3 days ago Backstage
FMA outlines its latest expectations for advisers
All things said are great aspirational goals for a great financial advice industry, it mirrors what both the legislation and the code requires. However, like most things discussed it talks about what's expected not how it's done. The hardest aspect of financial advice today isn't what it is, it is how it is done. The how only comes from those that have done it, the how is only provided with examples. Guidance documents that spell out what's required along side how it it done. We’re still dealing with the same issues we started with in 2021, figuring out the how. And figuring out the how in every advice business is consuming resources that could easily be shortcut by the FMA demonstrating what they are expecting. It's not about “do it this way” its about this is the sorts of things we’re looking for. In the absence of standards and expectations, guesswork prevails. That represents significant risk to FAPs and the result is onerous overcooked advice processes for multiple advice operations and undercooked she’ll be right for single operators focused on getting the work done. Both approaches have potential for harm and as its been said earlier, leaves advisers open to explain they haven't been speeding with the authorities have pulled them over. The advice industry needs guidance on the how we know the what already.
5 days ago Jon-Paul Hale
Who is responsible for notifying policy changes?
Sticking an oar in, while we have “service” requirements the expectation that an adviser is responsible for discussing said change is relying heavily on assumption. 1. That the client hasn't moved and contact details haven't been updated. It happens more often than many think. 2. It assumes there is a servicing agreement in place to provide service. Remember the requirement is to scope service not provide it. A client deciding to have ad-hoc service on their request is a legally valid position to have. 3. If there is a service agreement that's realistic to what is expected, how long does the adviser push the issue to have the discussion before moving on with everything else they have to do? Again, a point that is not clear in the guidance to date. The challenge of the present rules is the adviser is responsible for ensuring the client understands the advice provided. How do you ensure you're covering this if a client doesn't engage despite genuine attempts to manage it? There's still a lot of “what if’s” in this whole are we’re only going to have clarity on once someone is taken to task about it. But first we need to have clarity on what ongoing service actually is, because right now demonstrated by the direct providers a letter once per year with a please call if you want to discuss is the current minimum…
5 days ago Jon-Paul Hale