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Milestone gets military contract

New Zealand’s Defence Force (NZDF) has appointed its official financial advisers.

Tuesday, October 6th 2015, 6:00AM 3 Comments

by Susan Edmunds

Milestone Direct, a joint venture between Milestone’s financial advice practises and compliance and training firm Strategi, will be on hand to provide advice to the 14,500 NZDF staff.

It follows a tender process.

Milestone said the deal would mean advisers would help NZDF staff with investments, personal insurance, mortgages, general insurances, health cover, travel insurance, wills and family trusts.

Milestone Direct chief executive Brian Cowley said it could be the largest financial advice contract NZ had ever seen.

It’s a game changer for the financial services industry and the scale of what NZDF is partnering with Milestone to achieve sets a new standard for employers regarding wellness and wellbeing for their employees.”

He said Milestone’s existing clients would benefit because the company would launch new technology and improved processes to improve service levels.

It will mean tweaks to the brand and website.

In a brochure, the NZDF says: "Milestone Direct Limited and the wider Milestone network has been appointed as the official financial advisers to members of the New Zealand Defence Force. They are able to provide you with financial advice on the Scheme plus all other financial products made available to you by NZDF.

"They must place your interests first and help you to determine what is the right choice for you. Milestone Direct will provide general advice on all NZDF saving solutions at no cost to you. If you require more detailed advice on a wider range of financial solutions you can receive their assistance at a reduced fee."

The NZDF is also offering a Mercer-backed KiwiSaver scheme to staff.

Tags: financial advisers

« Rest of industry gets taste of what advisers have been throughLVR restrictions to be reviewed »

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Comments from our readers

On 6 October 2015 at 10:10 am John Milner said:
I must admit to feeling uncomfortable about the appointment in two ways; Competing against the very company I exclusively use for all my compliance and Milestone signalling to the market, whether it was directly or indirectly that the appointment was in the bag well before the tender was closed. Doesn't look like the defence force tender process has changed much.
On 6 October 2015 at 1:09 pm Brent Sheather said:
I always get suspicious when Financial Advisors talk about “wellness and wellbeing”.
Would love to see one of their investment recommendations one day.
On 7 October 2015 at 7:52 am MPT Heretic said:
Well done to Milestone, Strategi and NZDF for working out how to deliver a mass advice solution that presumably works for all involved. KiwiSaver needs a few more creative risk takers

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