About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Wednesday, December 12th, 8:38AM
rss
Latest Headlines

[The Wrap] FARs just RFAs spelt differently; Invest responsibly

Advisers get a wake up call on regulation and given a date to make a decision by; Ignoring responsible investing isn't an option and a case of spinning numbers.

Friday, August 17th 2018, 2:00PM 2 Comments

Yesterday I was fortunate to attend a dealer group's session on the coming regulation changes. It was aimed at Registered Financial Advisers. This group seek its own licence, but said to members that it would like to know by November 30 if members planned to join their licence or seek their own.

The point here is that November 30 is not that far away.

Although the FSLAB Bill is still waiting for its second reading in Parliament it could progress through these final stages quite quickly.  Advisers probably need to be thinking that the bill won't change too much and they will need to be thinking about the future shape of their business.

I did like the comment that officials wanted to get rid of acronyms like AFA, and RFA, but FAR is just RFA spelt differently.

We have had quite a bit of Responsible Investing this week. The Responsible Investment Association report shows that this is really an area that advisers can't ignore anymore.

The report has some useful information showing growth, trends and investing styles. It's well worth a read. If you would like a copy drop us an email.

The other piece, Getting to Grips with RI, also garnered some comments which are worth a read.

Last week we mentioned Naomi Ballantyne's recent podcast. To find out more about it read this article. I've now had a full listen and it's a good story.

And to wrap the week up here's a little story about creative use of statistics. The FMA, which seems a little obsessed with KiwiSaver fees rather than net returns put out a press release headlined: "KS members say dollar fee information is useful".

Thankfully, Tamsyn Parker at the NZ Herald looked at the data and headlined her story: "Most Kiwis fail to notice changes to KiwiSaver statements". 

And she was correct.

"While 50% did not notice the new fee information, among the 31% of respondents who did, 53% said they thought the fees were about right, 30% thought they were too high and 4% thought they were too low. 18% of those surveyed were unsure if they’d seen the new fee information or not."

The FMA is getting a little wayward with its use of numbers. The data it threw out around so-called life insurance was poor, or more technically, statistically unreliable.

DAILY NZX REPORT

If you are interested in the NZ sharemarket we have added a daily market close report on the site. This is posted each night around 6pm and gives you a good wrap of what happened during the day.

Here is the most recent one.

Tags: RFA

« Fund manager research: Where to from here?Ballantyne opens up on her career »

Special Offers

Comments from our readers

On 19 August 2018 at 9:18 pm mike6156@gmail.com said:
Your comment in regard to officials wanting to get rid of acronyms like AFA and RFA resonated with me. So I BICHOK: (Butt In Chair, Hands On Keyboard) and decided to PEE (An Essay-writing Technique:
Point - Make a point. Evidence - Quote the text. Review - Check your work. However replacing AFA and RFA with FAR may cause problems. A member of the investing public may conceivably confuse an Adviser who is part of a QFE an FARQ. Or a non-aligned non-vertically integrated Adviser as a FAROUT. If 50% of KiwiSaver respondents did not notice the new KiwiSaver fee information, there is not much hope anyone will care or notice whether their Adviser is a AFA, RFA, FAR, FARQ or FAROUT.
On 20 August 2018 at 4:30 pm Pragmatic said:
Thanks @mike6156, but I reckon there's a simple way to help minimize the inevitable confusion that arises with acronyms - by using words. For example the industry could distinguish the differing distributors by using one of the following:

"Adviser": a person who gives advice in a particular field... such as financial services. May also be referred to as counsellor, mentor, guide, consultant, consultee, confidant, confidante, guide, right hand man, right hand woman, aide, helper… you get the picture. They are usually recognized by putting the client's interests first.

"Sales Person": An individual who sells goods and services to other entities. The successfulness of a salesperson is usually measured by the amount of sales he or she is able to make during a given period and how good that person is in persuading individuals to make a purchase. They are usually recognized by putting their master's interests first.

...just saying...

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.79 4.55 4.79 4.99
ANZ Special - 4.05 4.29 4.49
ASB Bank 5.80 4.44 4.69 4.89
ASB Bank Special - 3.95 4.29 4.49
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.10 4.29 4.49
BNZ - Std, FlyBuys 5.90 4.69 4.79 4.99
BNZ - TotalMoney 5.90 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.15 5.20 5.25 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.70 4.85 -
Housing NZ Corp 5.80 4.69 4.79 4.79
HSBC Premier 5.89 3.99 4.19 4.69
HSBC Premier LVR > 80% - 3.79 - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.80 4.59 4.69 5.09
Kiwibank 5.80 4.55 4.69 4.99
Kiwibank - Capped - - - -
Kiwibank - Offset 5.80 - - -
Kiwibank Special - 4.05 4.29 4.49
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
Resimac 5.30 4.86 4.94 5.30
RESIMAC Special - - - -
SBS Bank 5.89 4.85 5.05 4.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 4.19 3.95 4.49
Sovereign 5.90 4.45 4.69 4.89
Sovereign Special - 3.95 4.29 4.49
The Co-operative Bank - Owner Occ 5.75 4.10 4.35 4.49
The Co-operative Bank - Standard 5.75 4.60 4.85 4.99
TSB Bank 5.80 4.45 4.69 4.99
TSB Special - 3.95 4.19 4.49
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.95 4.69 4.79 5.19
Westpac - Offset 5.95 - - -
Westpac Special - 4.15 4.29 4.59
Median 5.89 4.50 4.69 4.79

Last updated: 2 December 2018 8:39pm

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com