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GoodReturns TV

[GRTV] Mint's Rebecca Thomas in studio

Good Returns TV is back for 2019. In this first episode Mint Asset Management chief executive Rebecca Thomas talks about a new way of remunerating advisers and suggests the FMA should be "bolder" in addressing performance fee issues.

Tuesday, April 16th 2019, 11:00AM

This episode is also available as an audio podcast. Listen now or download using the controls below:

Economists are expecting the Reserve Bank will cut the Official Cash Rate at least two times, taking it it to historic low levels. Thomas says that it is going to "become even more difficult" for investors in term deposits. However, the cuts are likely to great for home buyers.

She says advisers should be looking to add a portion of growth assets in portfolios to help clients generate income.

While it is a hard conversation to have she also says "one of the things we don't do well is talk about how well the New Zealand markets have done."

"Our long ran rates of return are very high by international standards."

She says there is still growth in the markets and highlights the listed property trust sector as an area investors should consider.

"We still think there is a story there of stronger for longer," however, she warns there is going to be a lot more volatility at the end of the cycle.

EASIER RESEARCH

Thomas is also a member of the Capital Markets 2029 industry review. This an industry-led forum established jointly by the Financial Markets Authority and the NZX which looks to deliver a 10-year vision and growth agenda for the sector.

Or as Thomas puts it, "it's an industry-led forum to see how do we make the boat go faster."  

She says people need to have access to advice, and the forum is looking at ways advisers can recommend products to clients. Some of the changes may include relaxing the requirements around product research. 

This may help advisers "explore smaller growth opportunities with confidence."

Thomas also talks about a new initiative Mint Asset Management is putting together to help they way advisers get remunerated

"If we want to grow the overall pot got we've got to be better at getting advice to people who need it."

The idea is to have some sort of fee rebate which don't stray into commission or commission by another name.

Finally Thomas explains why Mint has removed performance fees from its funds and says there is a real issue where some managers have a hurdle for performance fees which is different to the benchmark for fund performance.

She says the FMA should be "bolder" in tackling this issue.

To download as an audio podcast, click here.

Also available on SoundCloud.

Tags: GRTV Mint Asset Management

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