|        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Monday, May 16th, 7:04PM


Latest Headlines

Are you part of someone else’s plan?

If you don't make plans yourself you will become part of somebody else's. It's an old saying but it’s true.

Monday, October 2nd 2017, 10:23AM

by Russell Hutchinson

Of course, sometimes its fine to drift along with the current. I have no objection to being part of the sales figures of people that make suits, run restaurants, and sell ice-cream on summer evenings. Sometimes it is good just to be a customer, just queue up, and be looked after.

But, do you want to do that with your business? I like my business choices to be intentional. I like to do this kind of planning annually, in an organized way, but every now and then a challenge comes along and one just has to go back to your criteria, your reason for doing what you do, and check - am I on the right path?

That challenge is, of course, the proposed new compliance regime. It isn't here yet - heck, we don't even have a new government capable of passing the law yet - but it will come. Besides, you are already being asked the question.

There are dealer groups, and even some insurers, asking you to take action right now. Some want you to start courses, sign up for things, indicate intentions, and more.

They may offer great solutions. Or, perhaps, solutions that will be great for some and not for others. That will depend, more than anything else, on you.

Before you make decisions about how you are going to meet compliance obligations, it is good to take stock. You have the time. If you’ve been worrying about how to meet possible compliance obligations, it may be comforting to know you aren’t the only one. At the FMA, they have been thinking about it as well, and they want to take a managed approach to the transition arrangement to smooth the workload over time. I suggest you use some of the time to make sure your decision isn’t one you come to regret.

The key is to think, first, what's important to me? Do I like my freedom? How much would I spend to keep it? What parts of my work do I like best? If it is getting out and meeting people, then maybe I don’t care about process being managed by someone else. But if it’s the technical bits of constructing recommendations, maybe I do… What about product range? Would I want complete control of this myself? Or am I happy to have someone else set the approved provider list? Think about the where, when, what, how, and, most especially, the why of the business.

Think hard, write it down, put it in your pocket and carry it around for a while. Ask your partner, ask old friends that have known you well. Use it to change the conversation with your accountant, lawyer, and best mates. Revise it a couple of times, check again. Get it really solid, and then use it as the criteria over the coming year or two to make your compliance choice.

Tags: compliance FMA Russell Hutchinson

« Insurance cover and suicide ratesDealer groups as part of your plan »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment



Printable version  


Email to a friend
Insurance Briefs

Partners first life company to cloud platform
Partners Life completes first stage of the company's claims transformation journey.

Celebrating Earth Day
Insurer takes early step on sustainability journey.

Fidelity Life launches new-look claims content
Fidelity rolls out education material to help explain insurance.

Health insurer response times balloon out
Accuro says its response times have become much longer as it implements a new system.

News Bites
Latest Comments
  • Brian Gaynor dies
    “RIP - a true icon and such a humble person who helped so many....”
    3 hours ago by p simone
  • Brian Gaynor dies
    “Very sad. Condolences to him family....”
    4 hours ago by
  • Brian Gaynor dies
    “Brian was someone you would always go and listen to if he was presenting at a seminar or conference, someone you would always...”
    4 hours ago by MikeBeuvink
  • Brian Gaynor dies
    “A true champion of the industry. My sincere condolences to family, colleagues and friends. ...”
    4 hours ago by Pragmatic
  • [GRTV] AIA rolls out direct life insurance plans
    “Thanks Lifeadviser1, and it is great to see you have been having a play in the system. You are right, in the original...”
    6 hours ago by Sam.Tremethick
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News
Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
Site by Web Developer and