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Jenha White
Jenha White
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MMG advisers glad to be moving away from the brand

Friday 24th of September 2010

NZ Funds, which has been a part owner for the past two years is taking full ownership of the MMG Advisory Partners and plans to close it down; at the same time creating at least 14 new, independent advisory firms.

Former MMG franchisee Jon Davies says the change is good as it has been hard to work under the MMG brand for the last three to four years.

 "I think to the outside world the change is fairly dramatic, as far as we're concerned, we've been working down a planning route with clients for a while now and other than the fact we're not part of a franchise, its business as usual and we'll be looking to grow."

Davies says MMG had acquired franchises in Auckland from retiring advisers over the last three years and with MMG coming to a close, he and his business partner Mike Jones have bought the North Shore MMG.

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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.
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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.
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FMA outlines its latest expectations for advisers
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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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