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Archive - 2012
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December 2012
31 Dec 2012 Why advisers should take notice of housing
31 Dec 2012 First-time buyers told: Start small
30 Dec 2012 Advisers offered opportunity to net life sales
28 Dec 2012 The KiwiSaver conundrum
28 Dec 2012 Rent jump for city homes
27 Dec 2012 Little for advisers in trans-Tasman portability
27 Dec 2012 Think about cashflow: NZPIF
24 Dec 2012 Two big events before Xmas
24 Dec 2012 What pushed your buttons this year?
24 Dec 2012 Mortgagee sales decline
24 Dec 2012 Forget the malls for Boxing Day bargains
21 Dec 2012 Interest rate predictions for 2013
21 Dec 2012 AM Best affirms Cigna rating
21 Dec 2012 Specials all but gone
21 Dec 2012 No nasty surprises for NZ QROPS
21 Dec 2012 Migration turns positive: Westpac
21 Dec 2012 Complete our survey and win
20 Dec 2012 OnePath says sayonara to sign-off
20 Dec 2012 Complete our survey and win
20 Dec 2012 Low-end investors missing out on advice
20 Dec 2012 Boom not just Auckland: ANZ
20 Dec 2012 GST changes clear up bach rules
19 Dec 2012 One lender shuts up shop
19 Dec 2012 Landlord Tribunal experiences surveyed
18 Dec 2012 AFAs unhappy with regulation
18 Dec 2012 From China for Super Fund
18 Dec 2012 Home loan market too hot for Public Trust
18 Dec 2012 $60m settlement in Credit Sails debacle
18 Dec 2012 Landlords reminded of holiday requirements
18 Dec 2012 Free seminars for landlords
18 Dec 2012 Extra care needed when purchasing apartments
17 Dec 2012 Heartland becomes a bank
17 Dec 2012 Charging fees in risk advice
17 Dec 2012 NZ's newest bank
17 Dec 2012 Ross investors claim FMA ‘conflict of interest’
17 Dec 2012 Kiwibank cuts long; ANZ special gone
17 Dec 2012 Rates round-up: December 17
17 Dec 2012 AIA adds COO
17 Dec 2012 Harcourts reports strong sales lift
17 Dec 2012 Second developer sentenced to home detention
14 Dec 2012 OnePath records 500k members
14 Dec 2012 Mortgage fraudster sent to jail
14 Dec 2012 Coplestone goes Batty
14 Dec 2012 [Weekly Wrap] This week has been about clauses not Santa Claus
14 Dec 2012 Call for more prescriptive adviser regulation
14 Dec 2012 Reporting rules simplified: Dunne
14 Dec 2012 Market cooling: BNZ/REINZ survey
13 Dec 2012 NZ Home Loans cracks a record
13 Dec 2012 NZ Home Loans hits $1 bill mark
13 Dec 2012 Fate of exempted AFAs undecided
13 Dec 2012 Hamilton market strengthening: Agency
13 Dec 2012 Australian buyers keen on Kiwi apartments
12 Dec 2012 Avanti Finance fined $15,000
12 Dec 2012 Cullen calls for major KiwiSaver changes
12 Dec 2012 More discussion on fund managers
12 Dec 2012 Ex-adviser jailed for six years for fraud
12 Dec 2012 Earthquake proposals
11 Dec 2012 Madoff whistle blower visiting NZ
11 Dec 2012 Blame flies in AMP adviser dispute
11 Dec 2012 Auckland prices 10% above last peak: QV
11 Dec 2012 Tools must be deployed with caution
11 Dec 2012 Strongest monthly sales volume in five years
10 Dec 2012 Harbour Monthly Commentary: Theme watch in investment markets
10 Dec 2012 Perpetual sale this week
10 Dec 2012 Less comeback for non-adviser Ross referrals
10 Dec 2012 Fixing good value: Westpac
07 Dec 2012 NZ Super Fund scoops award
07 Dec 2012 [Weekly Wrap] More questions about Ross
07 Dec 2012 FSC committee to probe ‘viability’ of adviser distribution
07 Dec 2012 What we learnt about interest rates yesterday
07 Dec 2012 High-rise apartment buildings in Govt sights
07 Dec 2012 Dumb lending caused bubble: RE/Max chief
07 Dec 2012 Auckland sellers get close to asking price
06 Dec 2012 RBNZ talks about new tools
06 Dec 2012 The OCR ain't going anywhere
06 Dec 2012 No OCR cut on horizon
06 Dec 2012 OCR unchanged
06 Dec 2012 Advisers in the gun over Ross investments
06 Dec 2012 Wheeler says appropriate to keep OCR at 2.50%
06 Dec 2012 Ross Asset Management in liquidation
06 Dec 2012 OCR announcement 'good news for borrowers'
05 Dec 2012 How profitable are our banks really?
05 Dec 2012 Ross exempt from ‘most demanding’ AFA standard
05 Dec 2012 Housing market strengthening: Westpac
05 Dec 2012 New record house price for Auckland
04 Dec 2012 The top stock picks for next year
04 Dec 2012 Wheeler denies bank bias
04 Dec 2012 Online KiwiSaver site back again
04 Dec 2012 TOWER Health sale done
04 Dec 2012 More houses needed
04 Dec 2012 Ross liquidation continues
04 Dec 2012 Flawed strategy from commentator
03 Dec 2012 Tyndall Monthly Commentary:Looking beyond the fiscal cliff
03 Dec 2012 The problem with decumulation products
03 Dec 2012 What's your supermarket special to clients?
03 Dec 2012 Aging tipped to hit regional house prices
03 Dec 2012 Not enough new listings: Realestate.co.nz
02 Dec 2012 Ross's disclosure document
November 2012
30 Nov 2012 BT on the hunt for CIO
30 Nov 2012 What will happen to interest rates next week?
Latest News
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
Lifetime to buy Britannia and possibly get an equity injection
Lifetime to buy Britannia and possibly get an equity injection
2 min read
Latest Comments
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".
15 hours ago Paul Flood
FMA outlines its latest expectations for advisers
The goalposts haven't shifted, and no-one is moving the hole to the side of the green just to mess with the twilight burglars. The phrasing of the opening sentence ("having policies, templates, and controls in place is no longer enough") might suggest otherwise, but the wording is unfortunate. Having policies, templates, and controls in place was NEVER enough - it is a necessary, but not sufficient, condition of "playing by the rules" since 15th March 2021. A new player to golf might completely miss the ball on their tee shot - a swing and a miss. The wise coach/mentor/official knows that adding a stroke to the scorecard at this early stage of the player's development could have a deleterious effect. A reminder of the rule and the sanction - not applied at this early stage of development - is more conductive to continued participation. Focus on learning to hit the ball in the first instance, and move on to applying the penalty once the basics are firmly bedded in. No rule change, just a firmer application of the existing rules as the golfer matures.
18 hours ago Paul Flood
FMA outlines its latest expectations for advisers
Instead of goal posts let's talk about holes. I was at a working bee at the golf club. We were doing some maintenance near one of the greens, and there was a club twilight series coming up. Just for a laugh the greenkeeper moved the hole to a particularly difficult spot, down pitch, near the edge, which rolled over a steep angle to a downhill run away from the green. Miss the hole and your off - you'd need to chip back up. Oh Steve. What I'm talking about is not "prevalence-induced", it's not a blue dot, and it's not the invention of a new risk. It's the FMA effect. I'm calling a molehill a molehill. As the supervision moves into a "mature phase" they are redefining what our safe harbour is. Until now we moved to understand what the goals were - get this qual, do these things, and you'll be fine. Now they are looking at other things, "raising standards" or changing the definition of the already-vague "good outcomes". They literally picked up the goal posts and shifted them. Moving that hole didn't change the stroke index. The rules of the game didn't change. It affected every player equally, and we all had the same goal to aim for. But moving it sure made things harder for everyone.
1 day ago agressively passive
FMA outlines its latest expectations for advisers
Advisers can probably be forgiven for believing the ‘goalposts’ keep shifting, because they probably are, and there is a likely explanation for that, it’s called “prevalence-induced concept change”, a term coined by Harvard researcher Daniel Gilbert. Also called the ‘Blue Dot Effect’, this is a psychological tendency for humans to invent new risks, or expand existing minor issues into major ones, in the absence or reduction in the incidence of real threats. As real threats diminish, our brains tend to look for and redefine what threats are, making us see problems where there might be none, essentially making ‘mountains out of molehills’. Evolution has hard-wired us to expect threats regardless of whether there are any. As Daniel Gilbert says “Solving problems causes us to expand our definitions of them. When problems become rare, we count more things as problems”.
2 days ago Steve Wright
FMA outlines its latest expectations for advisers
Advisers outline their latest expectations for FMA Advice firms are raising the bar for their expectations of the FMA, warning that having vague requirements and constantly increasing expectations is no longer going to be tolerated. Adviser told FMA’s Michael Hewes that Advisers expect the FMA to demonstrate their systems are working, not by having systems that work, but by having records that show they do. So far their records is one adviser was found in a monitoring visit that lost their registration. Hundreds of monitoring visits, lost of angst and censures and chest puffing but the record currently stands at one. For advisers, the message from the FMA is not to create more paperwork. It’s to make sure a client file clearly has the paperwork that shows why advice was given and how conflicts were managed, and whether the client understood the recommendation. Advisers make the paperwork to meet these requirements, and now we’re being criticised for creating the extra paperwork. We have noticed and adage when they go though and engage with entites: don’t talk to us about our management issues, we want to talk about yours. Mr Hewes says the FMA recognises the significant work advice firms have done since the new regime was introduced, including rebuilding advice processes, policies and professional standards. Advice firms say they appreciate the recognition of the significant time and cost and effort that went into all that, which means that the shifting of goalposts to ever increasing requirements shows the FMA has no idea how significant that work was. Advisers say that good advice is what we have always provided and that we know it starts with the client, and always did. Regulation did not change that, it just added a ton of paperwork and record keeping and costs that made it harder to spend quality time with those same clients. In fact advice firms strongly resent the insinuation that our advice process starts with a product before a client. FMA says it believes in advice. Advisers believed in advice before the FMA existed.
3 days ago agressively passive