It also seems particularly timely with some of the news we have had recently. ANZ put out some results from its regular Retirement Savings Barometer survey. A couple of the key highlights are here.
Also it is has been interesting to read through the Retirement Commission's latest statement of corporate intent. It is changing its focus to be on low income and vulnerable New Zealanders. On face value this seems like a good approach as the target group have been identified as ones with a high level of need.
Another story this week in the same vein was that an OECD study said New Zealand teenagers are above average when it comes to financial literacy. The Herald picked up on this and even ran a story today on a friend of one of my sons and her savings habits. (FYI: Here father is an AFA). Unfortunately her good habits don't rub off too strongly on that son! However, his older brother is home from varsity this week and I discovered he has a financial planner, and although a student, is making regular savings every month.
These real life stories sometimes tell a better picture of what is happening out there than all the economic guff often spouted on the subject.
I have noted before that arguments around savings rates are reasonably meaningless as each side can "prove" their point depending on what numbers they use. My firm view is that I don't think New Zealanders are heading into their retirement with the aim of being poor and destitute. There are many ways of preparing for the so-called golden-years, and they may not all be measured by savings rates, financial assets etc.
After this it's back to preparing my session. If you haven't signed up for, or checked out the IFA Conference go to its webpage here.
In other news this week it was interesting to hear Angus Dale-Jones, an ex FMA man, talk about the changing attitude of the regulator towards advisers. If you haven't seen what he had to say then click on this link.
This is arguably also shown in the changes made to the regulatory reporting requirements on AFAs. This story explains that the FMA is now suggesting a much shorter list of questions than previously proposed. The next cab off the rank will be AML and whether the regulators will be able to give some clarity to advisers on what information they really have to provide. We expect to hear about this any day now.
The other thing we are expecting to hear about is AMP's purchase of financial planning group Goldridge - the settlement day seems to be pushed back every week at the moment.
If you are interested in dealer groups and their future then I recommend you read this Blog from former Ginger Group boss David Whyte. He makes some interesting points.
In People News Tyndall has appointed a new head of equities to replace Rickey Ward.
Coming up next week:
Pengana Capital have a webinar on diversifying equity risks. More details here
Looking for a new job? Personal Risk Adviser wanted (applications close Monday)
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