by Rob Hosking
The account, to be marketed under ING’s OneAnswer brand, is aimed at providing a simplified offering for financial advisers says ING’s manager of retail Wayne Becker.
ING is working with First New Zealand Capital to provide the service, and training of advisers is under way.
This is the second major account First NZ has recently picked up. The other one - at the end of last year was Bank of New Zealand.
The wrap account will report on all mainstream investments, as well as less conventional investments such as art and investment properties.
“The other aspect of it is to provide advisers with services within advice practices that might be systemised or process driven and incorporated into reporting – things that shift some of the burden off the adviser,” Becker says.
It is that last point which Becker says is going to be a major issue for the advisers over the next few years.
He points to the government’s Securities Legislation Bill, along with the Taskforce looking at financial intermediaries and the increasing pressure for a common trans-Tasman regulatory regime.
“We don’t know what the final environment will look like but we know more regulation is coming in one way or another.
“What we’re trying to do is pre-empt that by assisting advisers to create an approach which takes some of the compliance burden off them and builds in a best practice approach.
Becker says there is still “too much apathy” amongst advisers about the likely regulatory changes.
“What we’re saying is that you can move now and build the likely compliance changes into your business, make the changes to your firm and differentiate yourself from competitors,” he says.
ING plans to keep its master trust running alongside the wrap.
Rob Hosking is a Wellington-based freelance writer specialising in political, economic and IT related issues.
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