[GRTV] You never write off the Kiwis

Compared to Australia, the New Zealand financial advice industry is more advanced in some areas and a long way behind in others, says Inwood who grew up in Papakura but now lives and runs his business in Australia.

It has had nothing like the scrutiny of the Australian market where regulatory interference has resulted in some perverse but also some very good outcomes, he says.

New Zealand advice is more expensive than Australia, particularly in the insurance sector. Inwood says his personal financial adviser here costs four times more than in Australia where he has more funds under management.

Price competition, regulation and deep scrutiny by the government has meant adviser fees have been really compressed in Australia, he says. As a result people are trying to find margin in other places. Inwood says New Zealand didn’t have the misselling scandals as in Australia allowing advisers here to preserve their margins.