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: Saturday, December 14th, 6:08PM

News

rss
Latest Headlines

Lifetime buys another super scheme

Ralph Stewart's Lifetime retirement income business is a step closer to its goal of $1 billion in funds under management.

Thursday, January 19th 2023, 3:47PM 3 Comments

Lifetime has just inked a deal to acquire management rights to AMP's $200 million Superannuation Master Trust.

SMT has around 3,400 members with the majority reaching retirement in the next 10 years. This customer base gives Lifetime a new market for its retirement income product.

Lifetime managing director and founder, Ralph Stewart, says "the retirement of AMP and the appointment of Lifetime reflects Lifetime's commitment of helping Kiwis make the transition from saving for retirement to living in retirement."

"Many of the SMT members have the benefit of working with a financial adviser, Lifetime is well positioned to support financial advisers going forward with Lifetime's reliable platform on which retirement incomes can be calculated."

As part of this deal BlackRock will be replaced as the investment manager. In its place Fisher Funds, Macquarie, Mercer, Simplicity, Kernel, Vanguard, State Street and Westpac will be the underlying asset managers.

Lifetime Asset Management (LAM) will be responsible for investment strategy, actively managing strategic and tactical asset allocation, currency hedging and manager coefficients.

LAM will also take over responsibility for QROPS administration and reporting.

Stewart says although the costs of transitioning away from BlackRock will be met by customers they will receive the benefit of lower administration and investment management fees. On average member fees will be reduced within 12 months of transition by 0.47%.

Commissions paid to advisers will remain unchanged, except the fortnightly payment option will become monthly.

Last year Lifetime acquired the Aon Master Trust from Fisher Funds. Stewart says as the company's funds under management grow it will be able to reduce management fees for members of both schemes.

Tags: AMP Lifetime Ralph Stewart

« Will Artificial Intelligence replace financial advisers?Tough times ahead for NZ economy: Nikko economist »

Special Offers

Comments from our readers

On 23 January 2023 at 10:20 am Another AFA said:
Great news and well done Ralph. Looking forward to offering investors in this plan online viewing and up to date balance information - something AMP refused to offer for SMT investors.
On 24 January 2023 at 9:19 am Gordon Gecko said:
A look at the fund update for the SMT Balanced fund tells a sorry tale, why an adviser would leave a client in this product begs a question. To be so far behind the benchmark for so long, and charging 2.86% (total fee) for the privilege.
I note 11% of the target allocation is cash too. Where is the FMA and their value for money chat.

Mr Ennis and Mr Ruscoe who have the most impact on the investment decisions of this fund either don't understand what they have been doing or just don't care, it's certainly been a good earner for them.

Hopefully, Ralph can restore some confidence for these stranded investors.
On 24 January 2023 at 10:25 pm ralph.stewart@lifetimeincome.co.nz said:
Comment 1
Grateful - thank you. We are terrified of IT!, working collaboratively with AMP (grateful for this) we (lifetime) have invested in data conversion from the old system to a new one (Capital - the good folk at Link Market Services manage Capital) which god willing will make the portal work easily ASAP. Best Ralph

Comment 2 - Thank you and hear you. To be fair to all we have worked closely with AMP to improve outcomes for investors. Genuinely improving investor outcomes has been the objective for both organisations.

We have restructured the investment strategy to a more active multimanager approach at a lower cost. We can also operate with a lower admin Fee.

The combination of both will deliver at least a 0.47% annual reduction in cost to members within the first 12 months (most within the first six months).

More to do - hear you. I hope a solid start.
Best RS

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 4.94 - - -
AIA - Go Home Loans 7.49 5.79 5.49 5.59
ANZ 7.39 6.39 6.19 6.19
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.79 5.59 5.59
ASB Bank 7.39 5.79 5.49 5.59
ASB Better Homes Top Up - - - 1.00
Avanti Finance 7.90 - - -
Basecorp Finance 8.35 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.54 - - -
BNZ - Rapid Repay 7.54 - - -
BNZ - Std 7.44 5.79 5.59 5.69
BNZ - TotalMoney 7.54 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.69 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 6.95 5.79 5.59 5.69
Co-operative Bank - Standard 6.95 6.29 6.09 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 5.99 5.89 -
First Credit Union Standard 7.69 6.69 6.39 -
Heartland Bank - Online 6.99 5.49 5.39 5.45
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.60 6.65 6.40 -
ICBC 7.49 5.79 5.59 5.59
Kainga Ora ▼7.39 ▼5.79 ▼5.59 ▼5.69
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.25 ▼6.69 ▼6.49 6.49
Kiwibank - Offset 7.25 - - -
Kiwibank Special 7.25 ▼5.79 ▼5.59 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 7.94 5.75 5.99 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.49 6.95 6.29 6.29
SBS Bank Special - ▼5.89 ▼5.49 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 4.94 ▼4.89 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.19 6.49 6.39 6.39
TSB Special 7.39 5.69 5.59 5.59
Unity 7.64 5.79 5.55 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 7.70 5.95 5.75 -
Westpac 7.39 6.39 6.09 6.19
Westpac Choices Everyday 7.49 - - -
Westpac Offset 7.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 5.79 5.49 5.59
Median 7.49 5.79 5.69 5.69

Last updated: 12 December 2024 9:22am

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