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Advisers react strongly to comments

Thursday, April 27th 2006, 7:04AM

by Philip Macalister

Last week's Blog on changes to the advisory industry have certainly hit a strong vein of feeling with readers.
Many advisers have emailed or called commenting on the Blog - all supporting what it said. Following are just some of the comments:

Sanity at last
Thanks for the sanity. The only voices up until now we have been hearing from are those with a vested interest to drive panicking advisers into groups.

We're not changing

It is good to see the likes of yourself standing up for the small guy/gal out there working hard and diligently and doing an excellent job in the insurance world. We happen to be part of that small group, just two of us, husband and wife advisers with a very strong business which has been very successful for more than 22 years.
We have experienced that bullying ourselves and refuse to believe we will be pushed out of the industry as the gossip goes. 'Boutique' style businesses can be extremely valuable to clients and often give better service than the glossy chrome and leather style organisations we socialise with.
We look forward to your ongoing support for the likes of ourselves and we intend to still be here in the same style and manner in another 10 years time.

It's only discussion
I for one read your Blog with interest, having seen a number of articles of late "telling" me that my days as an independent are at best numbered. I would remind everyone that at this stage to the best of my knowledge NOTHING has been decided, we are at the discussion stage and therefore everything is conjecture based upon previous discussion documents and reports.
The media can add balance to this bullying/discussion by making sure an opposing argument gains equal notice.
Thankyou and regards

Small guys do it better
The results I see from those advisors aligned to major groups are disgraceful compared what our non-aligned company has achieved for its clients over the last 12 months and last five years.
It seems to me these advisers do not have the interests of the client at the forefront and deserve the criticism that is levelled at the industry by the likes of Brent Sheather and Gareth Morgan.
Advisers should be asking their product suppliers why is it that a little company like ours produced balanced portfolio returns close to 30% for the last financial year while you, Mr Suppliers, with all your financial resources, have only averaged half that figure?

Been there done that; Not again
Good to hear your views - particularly as I agree with them.
I have had plenty of group experience - I started in the industry with IPD Securities in 1993 before moving on to Broadbase Otago for 4 years, then Reeves Moses in Napier for 3 years - before going out on my own in 2003. I am a more effective adviser now and, from the feedback I get, my clients are well satisfied. Groups tend to emphasise new business rather than looking after existing clients and if you aren't getting at least x new clients every y period you aren't doing ok. Processes get 'dumbed down' to suit the lowest common denominator and portfolio returns become secondary. Some advisors hide behind the brand and believe they aren't accountable for their actions and decisions. The MortgageCare debacle at Reeves Moses showed the ugly side of the industry and is something I personally wouldn't like to see again.
While there are high profile individuals like Gareth Morgan and Murray Weatherston out there on their own, and organisations like SIFA, I trust that the option will continue to be available for those of us who choose not to join a group.

No intention of plugging into network
Couldn't agree more about some larger players threatening smaller advisory firms over the impending regulatory changes.
We have absolutely no intention whatsoever of joining a network. We are a two-person practice with efficient systems and a very loyal client base. As long as we are financially able to deal with the new requirements, and we have yet to see any authoritative statement that says this wont be possible, then we will do whatever it is that we have to do to stay in business, and simply press on with a minimum of fuss.
The time to reconsider our position will come AFTER the dust has settled and we know exactly what we are dealing with.
I know of one large player who has been threatening smaller firms, on the basis that if you don't join them you will not comply with "best practice". Trouble is, no one can adequately describe what best practice is, or whether this firm's best practice is a better best practice than someone else's best practice.

And finally!
Thanks Phil
You are a man of integrity and courage.

« My view on the future shape of the advisory industryWhy we won't tell you about the FPIA's KiwiSaver submission »

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ANZ Blueprint to Build 7.39 - - -
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BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
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CFML Loans 9.45 - - -
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China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.15 - -
Co-operative Bank - Owner Occ 8.40 7.35 6.89 6.75
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Co-operative Bank - Standard 8.40 7.85 7.39 7.25
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
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Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.85 6.59
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Kainga Ora 8.64 7.79 7.59 7.29
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.35 7.89 7.65
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.35 6.89 6.75
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.90 7.39 -
Pepper Money Advantage 10.49 - - -
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Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.30 7.89 7.69
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Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.95 7.45 7.29
SBS Bank Special - 7.45 6.95 6.79
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 7.05 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.19 7.55 7.55
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TSB Special 8.64 7.39 6.75 6.75
Unity 8.64 6.99 6.85 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 7.15 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.45 7.37 6.77

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