No doubt there are criticisms about how much real cash the shareholders are putting in, and what the real return to debenture holders will be.
My second observation is how the plan hasn’t really been pulled apart by commentators. Maybe it that’s because it is complicated? Or maybe it’s an acknowledgement that it’s not a bad proposal? There is only one person out there that I am aware of saying the plan is no good and receivership is the better option. Maybe we can read a little into the quality of that commentary?
Also with this point I was fascinated to listen into Hanover’s conference call with advisers and to find there were no questions. The only comment was from one financial planner in New Plymouth congratulating the company on the plan!
Brook Asset Management coped a bit of flack this week after it announced two of its founders, Simon Botherway and Paul Glass were leaving the shop. The good news for Brook is that it managed to go public at the end of this week with news of two new appointments. No doubt that will settle clients’ nerves.
Also in our People Page we reveal who is heading up Kiwibank’s wealth management business. All details are here.
The future of the advisory industry under new regulatory rules is seeing some interesting developments. One relates to what level of regulation advisers will come under when they deal with investment products. There is a view that many can escape the full brunt of the regime by coming under a provider's wing. However, a story we ran, suggests this might not be as easy as some suggest. (The story, also, is one of the last things we heard from former Commerce Minister Lianne Dalziel). I recommend you have a read of Huljich Kiwisaver not a Category One Killer.
Continuing education and professional development are also issues which we will hear more about as the advisory industry moves towards a more regulated environment. During the week the IFA announced its new rules around education.
Insurance news this week includes an update on the market share of the various life companies along with a practice management piece on the beliefs which run our lives
Late in the week mortgage rates started tumbling in advance of the next OCR announcement from the Reserve Bank. Keep up with the changes at our comprehensive rates table here. Also in the Mortgage Centre Jenny Ruth provides an update on what economists think the RBNZ will do next week.
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