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Archive - 2018
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December 2018
06 Dec 2018 BNZ pledges $3.8 million after error
06 Dec 2018 CLU back on agenda for Massey
06 Dec 2018 Fidelity Life waives policy fees
06 Dec 2018 Brexit boilover; It's all coming to a head
06 Dec 2018 Financial Advice NZ to support advisers through licensing
06 Dec 2018 Retail investors get passive strategies: Stevens
05 Dec 2018 OnePath put on negative credit watch following sale
05 Dec 2018 NZ shares join global decline as trade jitters re-emerge; Gentrack, F&P Health fall
05 Dec 2018 Calastone switches to blockchain
05 Dec 2018 Sales surge up in Super City
05 Dec 2018 Regan retires
05 Dec 2018 Another Auckland house price surge possible: Property Investment survey open
05 Dec 2018 FSC quadruples surplus as it regains strength
05 Dec 2018 Strong value growth in affordable centres
04 Dec 2018 Fidelity Life cuts trips for advisers
04 Dec 2018 Trade tailwind slows market; Spark, Z Energy decline
04 Dec 2018 Link pension to health expectancy: Report
04 Dec 2018 Focus on customers, not fees: Shanks
04 Dec 2018 LVR has worked but Auckland risks remain: ANZ
04 Dec 2018 Partners Life offers advisers support
04 Dec 2018 COMMENT: Setting policies good practice for landlords
04 Dec 2018 Apprenticeship for wealth management director
04 Dec 2018 More details of Newpark's new group; Take part in our survey
04 Dec 2018 The Third Scenario – The End of Goldilocks
04 Dec 2018 Women need to connect with advice: Asteron
04 Dec 2018 Kiwi banks may follow Australians out of wealth business
03 Dec 2018 NZ shares extend gain as cooling trade tensions buoy Asian markets
03 Dec 2018 AMP new chief executive in place
03 Dec 2018 Fidelity takes top award
03 Dec 2018 Shake-up for ANZ
03 Dec 2018 So what are you going to do differently?
03 Dec 2018 Newpark aims to double membership
03 Dec 2018 Queenstown price chill post-ban
03 Dec 2018 DIMS gets another shake-up
03 Dec 2018 Juno hires from Australia, police
November 2018
30 Nov 2018 OnePath deal done
30 Nov 2018 [The Wrap] Reality check for copy-pasters
30 Nov 2018 NZ shares end November higher in heavy month-end trading
30 Nov 2018 Climate change insurance threat
30 Nov 2018 Tyler Wren launches Insurance & Financial Services Division
30 Nov 2018 FSC: Industry has heard commission concern
30 Nov 2018 World first investment service based upon indigenous values
30 Nov 2018 Boom times for Auckland consents
30 Nov 2018 AMP Capital gets a new MD
30 Nov 2018 Surprising admission from ANZ
30 Nov 2018 Late Cycle Growth in Kapiti Coast & Horowhenua
30 Nov 2018 Lack of prescription could prompt race to the bottom
30 Nov 2018 Partners rings changes
30 Nov 2018 Southern Cross staff get wellness accreditation
29 Nov 2018 Local shares join global rally as Fed set to pause rate hikes; Pushpay gains
29 Nov 2018 AIA trials mental wellbeing technology
29 Nov 2018 $50k in sports grants awarded
29 Nov 2018 Branches not efficient for mortgage origination: Elliott
29 Nov 2018 Wellington rents riding high
29 Nov 2018 What advisers think of LVR loosening
29 Nov 2018 COMMENT: Embedded networks - what to watch out for
29 Nov 2018 Adviser fights insurance company for commissions after sex claims
29 Nov 2018 Public warning may mean career over
28 Nov 2018 NZX joins Asia-wide rally; Market led higher by growth stocks Pushpay, A2
28 Nov 2018 RBNZ clearly has life insurance commission in its sights
28 Nov 2018 LVR easing will prompt modest growth
28 Nov 2018 Preferred NZ dobs in adviser and shows him the door
28 Nov 2018 LVR loosening: advisers react
28 Nov 2018 LVR restrictions eased for investors
28 Nov 2018 LVR restrictions eased for investors and owner-occupiers
28 Nov 2018 Reserve Bank to ease LVR restrictions
28 Nov 2018 Reserve Bank to ease loan-to-value ratio restrictions
28 Nov 2018 Serve customers, don't ram products down throats: Everett
27 Nov 2018 NZ shares rise as upbeat Wall St bolsters A2, blue chips
27 Nov 2018 First home buyers outshine investors
27 Nov 2018 It's goodbye to Sovereign
27 Nov 2018 Partners bumps up medical pricing
27 Nov 2018 Halt to apartment law reform plan
27 Nov 2018 FSR Preview: Will the Reserve Bank loosen LVR restrictions?
27 Nov 2018 Equal weight vs. Market cap weight
27 Nov 2018 Smartshares: Market dip shows passive still best bet
26 Nov 2018 NZ shares fall with blue chips A2, Ryman; F&P Healthcare gains
26 Nov 2018 CGT would be repealed under National
26 Nov 2018 Good news, four million lives saved
26 Nov 2018 Belief in rental investment returns cools
26 Nov 2018 AdviceFirst on the block
26 Nov 2018 AMP to support women in advice
23 Nov 2018 FMA's review of insurers pushed back
23 Nov 2018 Peer-to-peer lending on the rise
23 Nov 2018 Court of Appeal rules against price fixers
23 Nov 2018 HSBC one year rate down to 3.79%
23 Nov 2018 AFA applications roll in
22 Nov 2018 AIA/Sovereign confirms trips axed
22 Nov 2018 NZ shares snap decline as growth stocks Tourism Holdings, A2 recover
22 Nov 2018 Kiwis paying off loans at faster rate: Westpac
22 Nov 2018 Migration at lowest since 2015
22 Nov 2018 Fee for service idea for mortgages played down
22 Nov 2018 Growth in NZ demand for co-working space
22 Nov 2018 Financial advisers stuck in limbo
21 Nov 2018 Trade Me soars on takeover bid; Fletcher sinks deeper
21 Nov 2018 Speed-dating to become regular non-bank event
21 Nov 2018 COMMENT: War on tenancies should stop
21 Nov 2018 Apprenticeship model possible under new regime
20 Nov 2018 Fletcher slumps to 9-yr low on profit warning
20 Nov 2018 ASB plays down fee-for-service talk
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
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.
2 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.
2 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.
4 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…
4 days ago Jon-Paul Hale
FMA outlines its latest expectations for advisers
To correct errors in my previous post: "policies, templates, and controls" should read "policies, processes, systems and controls", and "is more conductive" should read "is more conducive".
4 days ago Paul Flood