GoodReturns
Archive - 2014
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August 2014
15 Aug 2014 Sentiment falls to seven-year low
14 Aug 2014 New lending options coming
14 Aug 2014 KiwiSaver fees under the spotlight
14 Aug 2014 Advisers to do AML due diligence for fund managers
14 Aug 2014 Partners not concerned by loss
14 Aug 2014 Prices will keep rising: Alexander
13 Aug 2014 Another record profit for a bank
13 Aug 2014 Another record profit for a bank
13 Aug 2014 Bank KiwiSaver selling practices back on FMA radar
13 Aug 2014 'Good time to be commercial landlord'
12 Aug 2014 Westpac CEO resigns
12 Aug 2014 Strategic Finance investors about to get first payout
12 Aug 2014 BNZ follows suit: ASB changes OCR forecast
12 Aug 2014 Next OCR hike not till March: ASB
12 Aug 2014 Financial advisers not up to scratch yet: FMA
12 Aug 2014 Auckland, Canterbury driving prices: REINZ
11 Aug 2014 A finely balanced RBNZ decision
11 Aug 2014 Westpac cuts and lowers
11 Aug 2014 Tax campaign called 'self-serving'
11 Aug 2014 Migration impact appears limited
08 Aug 2014 [Weekly Wrap] A couple of bloopers this week
08 Aug 2014 The costs of being an AFA
08 Aug 2014 Westpac brings back trail commissions
08 Aug 2014 Property spending revealed
07 Aug 2014 Westpac brings back trail commissions
07 Aug 2014 van Eyk suspends fund redemptions
07 Aug 2014 It didn't take long
07 Aug 2014 Price rises ease: QV
06 Aug 2014 Lifetime expands
06 Aug 2014 World equity markets – bubble territory?
06 Aug 2014 Statement of investor rights
06 Aug 2014 Catch me if you can
06 Aug 2014 ANZ tackles portability problems
06 Aug 2014 Rates rises biggest rent driver
05 Aug 2014 [MRadio] Two-year the new hot rate
05 Aug 2014 The devil is in the detail
05 Aug 2014 BNZ joins in
05 Aug 2014 Size helps advisers
05 Aug 2014 Stats indicate sagging market: Economist
04 Aug 2014 New two-year special
04 Aug 2014 Month-on-month price drop
04 Aug 2014 Property investors easy target: APIA
01 Aug 2014 [Weekly Wrap] Why the financial advice world is great
01 Aug 2014 Financial advice firm gets diversified
01 Aug 2014 Realestate.co.nz hits out at Trade Me fee cut
01 Aug 2014 First-home buyers 'shouldn't hold out for dropping prices'
July 2014
31 Jul 2014 [Obituary] Peter Hensley
31 Jul 2014 Campaign to reduce savings tax
31 Jul 2014 First crowd funding licences issued
31 Jul 2014 Today it's the turn of the smaller banks and lenders
31 Jul 2014 Partners: No threat to advisers
31 Jul 2014 Concern at conservative fees
31 Jul 2014 Tenants not disadvantaged: APIA
30 Jul 2014 Direct service 'not a move away from IFAs'
30 Jul 2014 Plus4 adds adviser in Chch
30 Jul 2014 Kiwibank and AMP next movers
30 Jul 2014 Govt hails consent figures
30 Jul 2014 Trade Me offers monthly fee
29 Jul 2014 Westpac does a 35 basis point hike
29 Jul 2014 Van Eyk Advice eyes expansion
29 Jul 2014 Delay causes concern
28 Jul 2014 So little TPD, for tiny sums
28 Jul 2014 Fisher nets Marlin performance fee
28 Jul 2014 BNZ up; Westpac special
28 Jul 2014 Regulatory issues identified
28 Jul 2014 Banks call for low-deposit applications
25 Jul 2014 [Weekly Wrap] The consequences of giving bad financial advice
25 Jul 2014 Salt hires equity analyst
25 Jul 2014 Interest rates could fall during the OCR pause
25 Jul 2014 ANZ up first as usual; ASB second
25 Jul 2014 Stop selling product and start advising, FMA warns
25 Jul 2014 Bennett: Tell us about annoying red tape
24 Jul 2014 Entrepreneurs in our ranks
24 Jul 2014 What the Reserve Bank said about interest rates
24 Jul 2014 Cash rate rises; ANZ moves immediately
24 Jul 2014 Advisers should regulate themselves: Stubbs
23 Jul 2014 Advisers encouraged to take ethics courses
23 Jul 2014 Local factors driving yields: Report
23 Jul 2014 Market on tenterhooks: ANZ
22 Jul 2014 RBNZ speech
22 Jul 2014 Former adviser ordered to pay client $2.56mill
22 Jul 2014 Landlord to pay $5000 over tenant death
22 Jul 2014 Net immigration could hit 50,000: Report
21 Jul 2014 [MRadio] OCR preview and more on cash contributions
21 Jul 2014 Targets go; broker jailed
21 Jul 2014 Support for guarantee proposal
21 Jul 2014 Record price for Auckland lifestyle blocks
20 Jul 2014 [Weekly Wrap] Has the FMA over-stepped the mark?
18 Jul 2014 Rate hike on, but not a done deal
18 Jul 2014 Buddle sentenced
18 Jul 2014 HSBC dumps sales targets
18 Jul 2014 Hike coming, but what next?
18 Jul 2014 Newpark makes another senior appointment
18 Jul 2014 Return delay 'could be questioned'
18 Jul 2014 Better conditions for tenants could help housing 'crisis': Eaqub
17 Jul 2014 AML definition criticised
17 Jul 2014 New low rates from HSBC
17 Jul 2014 Auckland rents' slow rise
16 Jul 2014 New finance group emerges
16 Jul 2014 Real estate firm adds finance arm
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.
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
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".
5 days ago Paul Flood