2016 has been a challenging year for most people in our industry and it's time to reflect, relax and recharge for next year. For financial planners have to, once again, confront, regulation with a review of the Financial Advisers Act. Where this goes is a little unknown with a new Minister of Commerce coming on board.
On the plus it is good to see the associations working together on the Financial Advice New Zealand project.
Fund managers have had their heads buried in the murk of regulation and have had to get through the FMCA licensing process. It seems this has been a big distraction from business as usual for many, especially the smaller guys.
From what I hear the cost of being compliant, and remaining compliant, comes at a large cost for fund managers.
Life insurance companies have had an interesting year with three, AMP, Sovereign and Fidelity all getting new CEOs or managing directors. But what has generated more debate is the discussion around so called churn and remuneration levels. It's a debate which will continue for some time.
The mortgage broking world has been tumultuous, again largely thanks to regulation, this time from the Reserve Bank.
It's been our pleasure to keep you up to date with all the latest news in your industry. We have some exciting plans for next year which we hope to be able to tell you about in the next few months.
While you are on your break we will continue to keep the site updated with news and comment.
In the meantime everyone here at Tarawera Publishing would like to wish you and your families a Merry Christmas and a Happy New Year.
Philip Macalister
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