A subject which we are likely to hear more about is professional indemnity insurance claims and advisers. The story Good Returns runs today is something which every adviser should be aware of. While Lumley has been singled out, I suspect they are not alone. If you would like to comment on the story, or have an experience with PI claims which you would like readers to know then click here.
The other big story of the week was that the inaugural chief executive of the Professional Advisers Association, Dave McMillan, is moving on and joining one of the insurance advisory groups in the market.
It’s a great coup for that group. I am sure you will agree with me that Dave has done a tremendous job getting the PAA to where it is now and setting it up for the future.
(Just on this subject, we still haven’t heard who will be appointed the Commissioner of Financial Advisers yet.)
Other investment news this week includes AMP Capital’s views on asset allocation, including its view that New Zealand shares are looking favourable compared to fixed interest.
Meanwhile, Magellan tells Rob Hosking about its views on markets here.
Yesterday’s OCR announcement was also big news. You will all know the details of the announcement by now.
With Reserve Bank governor Alan Bollard saying that the cash rate will be kept at this low level until the end of next year there will be some interesting asset allocation issues for advisers.
Also, I suspect, it will not be a surprise if such a move creates even more interest in the property investment market. Although the OCR has come down banks are still holding out on lowering their rates.
My guess is you may see some action towards the end of the day. If banks don’t cut rates there will be some public opprobrium.
In the Good Returns Mortgage Centre we have added some additional functionality. Amongst the changes is the addition of all the revolving credit rates, and also in our rates comparison graphing tool you can now track selected rates against the OCR.
Before we leave mortgage rates it’s interesting to see the Commerce Commission has cleared some banks on their break fees, but not others – yet.
Amongst our People and appointments news, we have Peter Conroy in a new role and three changes at Guardian Trust.
Triplejump is looking for a wealth protection consultant in Southland. If this sounds like you click here. Have a great weekend. Philip
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