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[EXCLUSIVE] Banks capture most new AFAs

Research by Good Returns and ASSET Magazine shows the biggest proportion of new AFAs in the past couple of years have ended up in banks.

Friday, June 3rd 2016, 6:00AM

The majority of the new AFAs are with the country’s biggest bank, ANZ.

Of the 202 new AFAs since 2014 59, or 29% are working in banks.

Out of the banks there is one clear winner - ANZ. Twenty six of the new AFAs are with the country’s biggest bank. Second equal is ASB and BNZ with 12 apiece, and Westpac, which was considered to have strong advice business, only picked up seven of the new AFAs.

Sharebrokers where the second biggest employer of new AFAs with 20 people joining their ranks. Craigs Investment Partners was clearly the most active recruiting 50% of these new advisers.

The balance were spread across a number of firms including JB Were, First New Zealand Capital and Hamilton Hindin Green.

The next biggest employer of new AFAs was within funds management organisations. It should be noted that it is hard to know if the AFA is in a client facing role or not.

However, 19 people joined funds management organisations and Milford was one of the biggest homes for these people, closely followed by NZ Funds Management.

Milford Asset Management managing director Anthony Quirk recently described the company’s private wealth management business as the “jewel in the crown.”

Just one AFA joined the Financial Markets Authority.

The balance of AFAs are spread between many organisations. Some are within the real estate world, a couple work for external disputes resolution schemes. There is a small group who have already deregistered or have disclosed that they don’t give advice and there are a handful who, despite our research, are hard to pigeon hole.


Notes:

  • A full and more detailed break down of this research will appear in ASSET Magazine.
  • This research is based on current employer. Some AFAs started off with different employers to their current ones.
  • Our classification is based on employer rather than role within the company.

Tags: AFA

« Adviser helps train up new AFAsLVR restrictions to be reviewed »

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 3.95 4.49
ANZ Special - 3.55 3.45 3.99
ASB Bank 5.20 4.05 3.95 4.39
ASB Bank Special - 3.55 3.45 3.89
BNZ - Classic - 3.55 3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.35 3.35 3.35
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank 5.80 ▼4.14 ▲4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - ▼3.39 ▲3.55 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - ▼3.55 3.39 3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.55 3.45 3.99
Median 5.34 4.04 4.09 4.39

Last updated: 15 November 2019 4:16pm

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