[The Wrap] Partners Life drops a bombshell

I never saw this coming. Partners Life has written to advisers and said this year's offshore conference will be its last. Partners has, arguably been the biggest player in the offshore trips market, spending, we reckon millions of dollars on taking advisers away.

There is clearly value for the company, and dare I suggest, advisers in these trips. For the companies it helps generate loyalty and sales. If it didn't they wouldn't do them.

Partners' decision has been driven by a number of factors including the bad press life companies get around their offshore trips.

Managing director Naomi Ballantyne says, in an email to advisers: "We have also heard repeatedly, and increasingly more assertively, from our regulators that soft dollar incentives such as offshore conferences for advisers are causing reputational damage to the New Zealand financial services industry.