As you will know the Institute reckons the standard of advice being given to the public is “scandalously poor”.
Today there is a new Blog outlining my thoughts on the research and the motivations behind it. The bottom line being that it does nothing to help an profession in a state of major change and that the survey seemed designed to suit the purposes of the Institute and its backers.
We also have some comment from the IFA and AXA chief executive Ralph Stewart in this piece.
In other news this week our Wellington-based reporter Paul McBeth met with Russell Investments senior investment strategist Andrew Pease. His views on what investment advisers need to be doing at the moment is worth a read – and a good break from regulation.
We are seeing some more action in the product space, with Liontamer getting another fund into the market. It is themed around emerging markets – an asset class many seem to be favouring at the moment. Also Morrison and Co is looking at doing an infrastructure fund with Craigs Investment partners.
Something New
This week the new-look www.depositrates.co.nz site went live. The site gives you access to more information on rates and data and also highlights some of the special offers in the market. It also has an improved rates tables. Check it out at www.depositrates.co.nz
In the news we report that St Laurence has staved off the threat of receivership, and also have an update how much Treasury is forecasting the government will have to pay out under its Deposit Guarantee Scheme.
The government this week told us a little more about super portability and KiwiSaver. It says here that legislation allowing Australian super money to come into KiwiSaver funds is not far away.
Across in the Insurance world the great commission shake-up is on. This has sparked the calls for the industry to do more to bring in new clients, rather than encouraging the churn of existing business.
Russell Hutchinson’s latest Opinion piece Success during a financial crisis on live in the Insurance News section.
When financial crisis happens, it's not easy. My strategy is to go back to the basics, like when I first started in the business. I try to be positive myself. More
We have reaction from key players in the Features section of the site, including a piece from Gareth Morgan calling for the ban on commissioned advisers and a fast-tracking of KiwiSaver regulations. See what he has to say here.
To round off this week’s (slightly shorter than usual) Wrap we have three new appointments this week. The head of Westpac’s Wealth Management business has been lured to newer pastures; Brook Asset Management founder joins an firm with ties to the former Money Managers and Diana Crossan is staying on as Retirement Commissioner. Details here.
Have a great weekend
Philip
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