Armstrong Jones has changed its approach to supporting the financial planning community and will now only support advisers which sell AJ products.
Managing director Paul Fyfe says AJ has been placed in a position where it has had to review its distribution policy because of changes in the industry.
No longer will it continue with its broad bush approach and support all financial advisers, rather it will only support those which write business for AJ.
“We will now support the financial planning industry selectively and not collectively as we have done for the past eight years,” he says.
That means invites to events such as roadshows, golf days and rugby will be limited to advisers which write AJ business. Likewise the firm will be selective in who receives its sales and marketing tools, its advertising dollars and access to AJ seminars and books.
“The decision we have made has not been easy. We, in the best of all worlds, want all firms and planners to recommend our funds and hopefully this will once again happen,” Fyfe says.
He reiterated that AJ won’t go directly to investors.
During a national roadshow Fyfe also commented on the move by some planners into the funds management arena.
He issued a veiled threat to these firms, promising to compete with them for business.
“Those firms that compete with us, we will compete with them.”
AJ is on a mission to raise its profile in New Zealand and it is due to launch an advertising offensive which will include campaign two of its financial passages book, plus prominent advertising on billboards, at sports events and in the media.
Fyfe says AJ's mission has been expanded from offering quality products and service to including quantum.
The firm is now aiming to be “the number one provider of investment products in New Zealand.”
He asked planners to help the company achieve his goal.
While the emphasis is on investment products AJ may well seek to expand its product range into the risk market in the future.
Armstrong Jones has changed its approach to supporting the financial planning community and will now only support advisers which sell AJ products.