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Wednesday 9th of August 2017

Dr. Phillip M. Randall came out from America for the National Adviser’s Conference. It’s a 20-year retrospective for him, because the last time he was here was 20 years ago when the Sky City was opened, where the conference is.

Phillip, tell us what you do and what you are going to talk about.

In terms of my everyday activity, I am the Managing Partner of The Thorndyke Group, which is a human resource capital consultancy, involved in individual and organizational effectiveness. In addition to that, I think it’s important to note that I am a professor at the Capella University. I think what is relevant for my time here after 20 years is that I am the Board Member of the LearnLong Institute of Education and Research, which is very germane to this whole topic around life planning, whole-life planning and the issue of the older worker. 

Are you going to look at the 20-year time period since you were last here, and giving your stories on where we were then, where we’ve got to now and where we’re going?

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FMA outlines its latest expectations for advisers
Paul Flood: The danger is that the 'goalposts' (regarding what is acceptable or unacceptable adviser conduct) may be susceptible to change. Our 'Principles based' legal/regulatory environment lends itself to “prevalence-induced concept change” over time, perhaps not so much in the written laws and Code, as in the interpretation of the prescribed principles.
17 hours ago Steve Wright
FMA outlines its latest expectations for advisers
Just a tip, if you use more than six, six letter words in a sentence you lose most Kiwi's. So avoid client/adviser confusion when writing your post or article if you would like it read and understood. Ironically, my last sentence was not likely read.
19 hours ago Backstage
FMA outlines its latest expectations for advisers
All things said are great aspirational goals for a great financial advice industry, it mirrors what both the legislation and the code requires. However, like most things discussed it talks about what's expected not how it's done. The hardest aspect of financial advice today isn't what it is, it is how it is done. The how only comes from those that have done it, the how is only provided with examples. Guidance documents that spell out what's required along side how it it done. We’re still dealing with the same issues we started with in 2021, figuring out the how. And figuring out the how in every advice business is consuming resources that could easily be shortcut by the FMA demonstrating what they are expecting. It's not about “do it this way” its about this is the sorts of things we’re looking for. In the absence of standards and expectations, guesswork prevails. That represents significant risk to FAPs and the result is onerous overcooked advice processes for multiple advice operations and undercooked she’ll be right for single operators focused on getting the work done. Both approaches have potential for harm and as its been said earlier, leaves advisers open to explain they haven't been speeding with the authorities have pulled them over. The advice industry needs guidance on the how we know the what already.
2 days ago Jon-Paul Hale
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To correct errors in my previous post: "policies, templates, and controls" should read "policies, processes, systems and controls", and "is more conductive" should read "is more conducive".
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