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Susan Edmunds
Susan Edmunds
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Everett: Get good advice

Wednesday 10th of September 2014

He spoke to the Shareholders’ Association about the quality of the regulatory environment in New Zealand.

Everett said the New Zealand public market was in a strong growth phase. “The public equities market is taking off steadily. New investors are buying and existing investors are buying in greater quantities. It’s harder to measure accurately the private capital market – including debentures and property syndicates – but we can assume it is also warming up.”

Everett quoted William McChesney Martin, who, as chairman of the Federal Reserve, said his job was to take away the punchbowl when the party got going.

“Let me say, I’m not here today to call a halt to the party and I’m not sure I could if I wanted to. But I am going to suggest turning down the music a little,” Everett said.

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@first time caller - I can see the complexity you highlight, but as above, investors should be able to see what they are paying without having to reference multiple documents. Investment admin can track and report deductions for tax, withdrawals, fees et al, would be /should be straightforward to aggregate advice fees into costs at member level... at least I hope so.
15 hours ago Goldcard
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1 day ago First time caller
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Schedule 4 of the FMCA regs 2014, particularly clauses 2(1) and 53(3) provide the basis for excluding individually charged advice fees from the statutory TER. This was introduced with the best of intentions, but now it is little more than an invisibility cloak for deductions from member accounts.
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