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Getting to Know: Andrew Kelleher

Andrew Kelleher - financial adviser, wealth manager... hole-digger?

Friday, September 22nd 2017, 10:56AM

by Susan Edmunds

 

Who are you and what do you do?

Andrew Kelleher: Director of JMIS Limited, Clarity Funds Management Limited and Select Wealth Management. Currently, most of my time is spent as Director and National Sales Manager for Select Wealth Management, although I am also actively involved with the client advisory business of JMIS Limited and assisting with the fund management of the Clarity Fixed Income Fund.

How did you get into the industry?

In the heady 1980s, I applied for a role as a trainee money market dealer at ASB Bank and, to my surprise, I got the job. Thirty years on, I have worked in Treasury roles, sharebroking, as a company director and over the last 10 years in the investment advisory area, with a fair bit of media work along the way as well.

If there is one thing you would like to change about the financial advice industry, what would it be? 

Thirty years on, I think it is time we all moved on from the 1987 sharemarket crash.

What’s the best advice you have ever received?

Work smarter, not harder. Often advice is not so much given as observed; I am trying harder as I get older to remember to listen.

What could financial advisers learn from other industries?

Having spent some time as a director of an infrastructure company, I was impressed with the peer review practice in engineering. Financial advisers could benefit from peer reviews; nobody ever has a mortgage on good advice.

What do you think the FMA has done well? What could it do better?

The FMA’s role is to ensure investors are well informed and the financial advisory industry is transparent about how they deal with investors. The FMA has done well in some areas, but there is still a lot of confusion for investors with the information that is being provided.

What have been the benefits of regulation?

The financial advisory industry has benefited from the examination of processes and disclosure, and will, over time, also benefit from the establishment of a credible educational standard. However, compliance has come at a cost and, unfortunately, investors are now paying for the overlay of compliance costs within financial advisory businesses. Some of the AML legislation is overly onerous and the industry needs to collaborate to ease the AML burden collectively.

What role should professional bodies take under the new advice legislation?

Being advocates for the financial advisory industry, education to help lift standards, and a forum for debate.

What could be done to improve New Zealanders' investment outcomes?

Playing a bigger part in educating New Zealanders on the need for investment advice. Less emphasis on residential property; a lot of investors think this is the only investment to have. As mentioned above, educating Kiwi investors on the basic principles of investments and helping them get a better understanding of risk and return.

Are you a KiwiSaver member?

Yes.

If so, what’s your investment strategy?

Growth; I plan on being around for a long time yet.

Outside of work what do you do?

I like to spend time with my family, I swim regularly (we are using a very loose definition of regularly); I have just stepped down as President of North Shore Swimming, but am still involved as my son is a competitive swimmer. I surf when I can (which isn’t often enough) and love to travel so I try and combine the two. I have also recently stepped down as a director of the commercial arm of the Ngati Kuri iwi, and am looking forward to having time to use some of the commercial skills learned over the last 30 years to help in the community.

What would you say if one of your kids told you they wanted to be a financial adviser?

I would help them out where I could, stress the need for good fundamental knowledge of financial markets and financial mathematics. I may offer them a job.

What’s one thing people may be surprised to know about you?

In my early twenties, I worked as an archaeologist for a private archaeological firm based in Milano, Italy. I dug a lot of holes, had a wonderful experience and was forced to learn a foreign language in a very short period of time.

If you weren’t in this job what would you be doing?

Back digging holes probably! Preferably near a beach with a nice wave and a sandy bottom. Spending more time with friends and family and possibly doing some more study – the older you get, the more you realise you don’t know.

 

Tags: AML compliance Disclosure financial advisers FMA Getting to Know investment JMIS KiwiSaver regulation Select Investments

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