tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Tuesday, July 14th, 1:51PM

News

rss
Latest Headlines

Dodds helps old TFAS advisory group rebirth

The former TOWER Financial Advisory group is being reborn and Fred Dodds has returned to the group to help with the rebirth.

Friday, August 31st 2018, 6:00AM 1 Comment

TFAS was the old adviser association made up of TOWER aligned investors and is now called DNA Advice. When TOWER decided to sell its businesses TFAS ended up being owned by Fidelity Life (which also bought TOWER’s life business).

However, the company hasn’t done much with the group and has agreed to relinquish its ownership.

DNA Advice director James King (pictured left) says the group has around 30 advisers, $600 million of funds under management and $10 million of in-force business with both Fidelity Life and health insurer nib.

The group decided that it would “have a crack”at re-establishing itself as a non-aligned adviser channel in the new regulatory environment.

"We see an opportunity in the market under the new licensing regime," he says.

He says they are delighted that Fidelity Life has agreed to give them ownership of their books of business.

“It’s a huge relief for all our members that we can finally say we own our clients.”

He says Fidelity still remains an “important partner” for the group, but its advisers can now work with other life insurance companies.

DNA Advice advisers also have a deep relationship with Fisher Funds Management (which bought TOWER’s managed funds and KiwiSaver businesses).

King says the reborn group does not intend to apply for a licence and become a Financial Advice Provider.

His view was that using vanilla, templated solutions was not good for clients.

“We won’t be telling them they can use certain products.”

James KingHowever, he does see a role for the group to help members get their own licences

Advisers in the group use model portfolios developed and managed by Fisher Funds as it is a simple and cost-effective approach, however that doesn't stop advisers adding "a little bit of flavour outside of the model portfolios."

King says the reborn group may appeal to RFAs who want to dip their toes back into the investment space.

The group is more of a co-operative model rather than a corporate one. It has three directors; Shaw, Peter Crawford andClair Dodd. Former TOWER executive and IFA chief executive Fred Dodds has been appointed as a transitional manager.

Tags: Fidelity Life Fisher Funds Fred Dodds

« [The Wrap] The future of research; New groups coming; Milking big returnsBooster to fund university ideas factory »

Special Offers

Comments from our readers

On 31 August 2018 at 2:11 pm Greg Barratt said:
Congratulations Ladies and Gents, this is an Awesome outcome for you all!! It has been along time coming. I am so happy that you can now all concentrate on building an asset that you actually own yourselves! Brilliant to see Mr Dodds involved here. It would be fantastic to see you build this brand back to what it was like in the good old TFAS days. Best of luck with your future endeavours!! Greg Barratt

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • [The Wrap] Dealer group land like a game of Risk
    “Excellent. I've said for a long time that Dealer Groups were a necessary evil. Especially to the new entrant into the...”
    1 day ago by BayBroker
  • Harking back to the old days
    “Tactical move by CIGNA and looks like they have a lot of bench strength now in sales, underwriting and product / pricing...”
    4 days ago by hitting rock
  • Greens want ACC extended to cover sickness
    “Never happen. The Greens are such an aspirational bunch. Must all the weed. They 'want' all sorts of unlikely things...”
    4 days ago by All hat no cattle
  • Harking back to the old days
    “Really positive news. NZ has been blessed by many successful leaders and it is good that their skills can skill be utilised...”
    4 days ago by Francis L
  • Harking back to the old days
    “I dare say Cigna just got that extra grunt it's been looking for....”
    4 days ago by Matron
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 3.19 3.19 3.49
AIA Special - 2.69 2.69 2.99
ANZ 4.44 3.15 3.25 ▼3.39
ANZ Special - ▼2.55 ▼2.69 ▼2.79
ASB Bank 4.45 3.19 3.19 3.49
ASB Bank Special - 2.69 2.69 2.99
Bluestone ▼3.49 ▼3.49 ▼3.49 ▼3.49
BNZ - Classic - ▼2.55 2.69 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.25 3.29 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union South 5.65 4.75 4.75 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.60 2.65 2.80
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 3.99 2.58 2.68 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.40 3.54 4.00
Kiwibank - Capped - - - -
Kiwibank - Offset - - - -
Kiwibank Special 3.40 2.65 2.79 3.25
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.49 3.45 3.39 3.69
SBS Bank 4.54 3.29 3.19 3.49
SBS Bank Special - 2.79 2.69 2.99
The Co-operative Bank - Owner Occ 4.40 ▼2.69 ▼2.75 ▼2.99
The Co-operative Bank - Standard 4.40 ▼3.19 ▼3.25 ▼3.49
TSB Bank 5.34 ▼3.35 3.49 3.79
TSB Special 4.54 ▼2.55 2.69 2.99
Wairarapa Building Society 4.99 3.75 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.55 2.69 2.79
Median 4.55 3.19 3.22 3.39

Last updated: 13 July 2020 7:38am

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