The company, now called MMG Advisory Partners, has reached the end of its life. Some argue the writing was on the wall because the brand has been damaged beyond repair.
I take a more optimistic view. Firstly businesses evolve and change over time. Money Managers has done just that. Sure they made some mistakes along the way – the biggest arguably being the decision to become product manufacturers.
While the brand has been damaged it is worth pointing out that within the network there are some very good and successful advisers. I suspect if you look at the size of their operations they would (put many of their competitors to shame).
Now we will see more of what they do. What’s even more exciting is that they become independent firms, rather than franchisees and will operate on a fee-basis. That I would suggest puts them into the leadership group.
We know they are big, now they can show how good they are.
Other changes this week include Perpetual picking up some more Spicers advisers and Spicers finding some replacements.
Meanwhile AMP Capital is going through a bunch of changes which we reported on yesterday. (For those who read the site early in the morning you may have missed the article as it was a little late going live. Sorry about that – you can read it here though)
I mentioned a while ago my interest in seeing what sort of discussion there is around retirement savings products for retirees: that is the sort of things we can develop to help people manage their money in the so-called “decumulation” phase. Mercer has stepped up to the plate with one idea NZ Super Plus. It would be good to see some more ideas.
Our insurance adviser readers – and may I add some of the life companies – have continued with their debate on level premium product versus YRT ones. It’s a great discussion.
One voice we haven’t heard much from this week is Graeme Lindsay at Strategy Financial. He lives pretty close to the epicentre of Saturday’s earthquake and has other things to deal with. Our thoughts go out to Graeme and all the other people in Canterbury at the moment.
In regulation news we have more from the Securities Commission. As we report today it is now consulting on conditions people will need to meet to become AFAs. Also we have an update on QFE rules and news that the Banking Ombudsman scheme has now received ministerial approval.
Lots of events on at the moment. The PAA roadshow is winding up and the IFA is about to start. Details are in the Diary.
Also we have a few more appointments this week including a new BDM at Fidelity, a new GM at Dorchester Life and details of the new advisers at Spicers.
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