Reflecting back on 2025

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With the year drawing to a close we would like to that readers and advertisers for their support this year.

Wednesday, December 24th 2025, 10:33AM 1 Comment

by Philip Macalister

It’s a cliché, but one aptly true at the moment. Without your support Good Returns would not be here.

Good Returns has been around for 30 years now and it’s been heartening to see the supportive messages in LinkedIn and in emails. Thanks to those who have sent them.

Looking back over 2025 it’s been a tough year. One thing which has struck me is how tough many businesses have found the year.

Financial services is a fortunate sector as it seems to avoid the lows when they strike.

It’s always hard to summarise the past 12 months, but here are some of my reflections.

One of the biggest is how some product providers have treated the financial advice sector. At the top of the list is Westpac removing trail commissions for mortgage advisers.

Sure it’s their prejorotive to run their business how they want. But the communication with advisers was appalling and the value it destroyed for some advisers who have built sustainable businesses using trail commission is significant.

It was arrogant and treated it’s biggest source of new business with disdain.

Now it looks like ASB is going down the same line with its white labelled Go Home Loan sold under the AIA brand.

Will BNZ follow suit? I’d put money on that one.

Next up, and pretty much in the same week Westpac’s plans became public health insurer nib blind-sided advisers with its co-payment plan. Anger amongst advisers was palpable.

These organisations rely on advisers to generate new business. Yet they haven’t been treated with respect.

One of the bigger concerns is the rising cost of life and health insurance premiums. How all this plays out will be something to watch closely in 2026.

Another change which has been clear this year is the changing shape of the adviser community. It is pleasing to see numbers have finally started to increase after the regulatory changes brought in two years ago.

With this many of the older advisers have exited the industry and been replaced by young blood. That’s healthy.

KiwiSaver has had a pretty good year too – as you’d expect. It is playing a bigger and bigger part of the advisory businesses.

There is unity changes need to be made to take it to the next level and seeing the ideas and discussions has been healthy.

All we need now is for politicians to work together and take some action. How's that for a Christmas wish!

On that note we'd like to wish you all a Merry Christmas and prosperous 2026.

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