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Newpark doubles down on helping its advisers in the new era

Newpark has taken a stand to support the autonomy of its advisers to run their own businesses their way, control their own costs of compliance, and be trusted to raise the standard of their own practices and processes from which they receive their incomes.

Saturday, November 9th 2019, 10:55AM 4 Comments

Newpark has announced, at its conference Friday, three initiatives aligned to support advisers in the new licensed environment. 

The dealer group believes its members should be Financial Advice Providers (FAPs) than than the group being the licensed entity.

Chief executive Melanie Purdey says Newpark will roll out an administration hub in the New Year that will be dedicated to engaging only “experienced New Zealand insurance professionals who know our providers, their people and their processes and have existing relationships with all.”

Newpark will offer a Professional Assurance Certification from early next year to all advisers to ensure that Newpark advisers will qualify for the premium level of remuneration to be offered by providers in the new environment from next year. 

Certification will allay concerns banks or providers may have by demonstrating the adviser has obtained a standard of knowledge, competence and skills, has an effective advice process, and maintains appropriate business governance practices.

The group has also offered compliance audits to its advisers at no cost in the recent past, and will be building an internal ongoing compliance programme of support and training. 

This will be part of the dealer group value offering, along with technology education to enhance the client experience. These programs will be offered alongside the recently launched “Newpark Headspace” initiative to support advisers struggling with the strain of change through its funded EAP counselling access.

The dealer group has been actively committed to working with all of its advisers to build their business governance documentation and controls, and now have a substantial number through that process fully ready for the new regime.

In February, Newpark will be holding nationwide Big Day Out events for its advisers around the country.

Tags: Mental health Newpark

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Comments from our readers

On 11 November 2019 at 3:24 pm Fair deal said:
Newpark advisers will qualify for the premium level of remuneration to be offered by providers in the new environment from next year. - are Newpark actually saying that some providers will pay additional commission to financial advisers for undertaking Newpark certification? How would the FMA view this form of inducement?
On 12 November 2019 at 3:57 pm JPHale said:
@Fair Deal, it would seem with the noise on the grapevine that those advisers meeting a certain criteria (aimed at quality of advice and client outcomes) will receive higher remuneration from providers.

As a distinction to the production bonus system we have had. Which suggests that there will be different rem rates based on conduct and behaviour rather than sales performance.

Though in more recent times that hasn't really meant much as everyone basically had the same rates anyway.

Also too, this is likely to have differences of approach across providers, as we already have.

What that looks like in practical term, don't know, so far it has been noise and little in the way of direct confirmation yet.

But if this is where it lands it is going to introduce differences of rem within indicated providers that the market has not seen in a long time.
On 12 November 2019 at 4:27 pm Tash said:
I would think the FMA would be delighted by inducement based on better knowledge, skills and education.
On 13 November 2019 at 6:37 am Merlin said:
Top rate offered by who exactly? Not sure that insurers have expressed their rem terms yet. I know of two who say that they have said nothing to any group about what their terms will be and we’re a little surprised by this statement from Newpark.

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