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Two groups working together for advisers

Thursday 5th of October 2017

Q ADVISOR GROUP AND MORTGAGE EXPRESS. Working together to provide the tools to empower their Advisers.

Ask yourself what you have done to future proof your business?

Working cohesively together. This is what Mortgage Express And Q Advisor Group are doing and achievements to date include:

  • Have developed and launched a market leading end to end Mortgage business platform complete with templates which  have been signed off as being compliant.
  • Jointly appointed an in-house Compliance Manager, the first groups in New Zealand to have done that.
  • Plans to extend the existing platform to include Insurance (likely availability early 2018).
  • Worked with advisers to help them comply with existing and proposed requirements of FSPR and DSR registration.
  • Working with advisers to ensure websites and point of sale marketing material will meet the rigours of current and future regulation.
  • Reviewing mortgage files with advisers and providing advice to help them ensure they are compliant.
  • Adopting a structured approach to CPD recording and monitoring and assisting advisers to complete and maintain relevant Personal Development Plans.
  • Providing sound advice on Educational Pathway requirements.
MX and Q, while separate entities, understand the value that aligning themselves and working strategically together provides both for themselves and for their advisers.

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Latest Comments
Ideas for reforming KiwiSaver
@Ross The evidence is pretty clear on that. When advisers work in the best interests of their customers, as opposed to putting their customers into the products that pay them the most, outcomes are improved. (Makes sense doesn't it? Financial advisers go from sales people for fund companies to client fiduciaries.) It might reduce access, but does someone with $50K in a KiwiSaver really need investment 'advice'? A risk profile questionnaire or similar is a much better way to help consumers get into the right fund, i.e. move from a Balanced Fund to a Growth Fund. Why have more developed investment markets, e.g. US, UK, Canada, Aus, Netherlands etc. have banned adviser commissions from fund providers? I'd also add that there is a large group of KiwiSaver customers that are paying someone an advice fee without getting anything beyond a cursory email once a year in exchange. As @Paul says, it's 'easy money' for advisers...
4 hours ago Market Commentator
Financial advice complaints down, but still some concerns, FSCL says
Aside from other questions I have on the inheritance/trustee case, what was the trustee company 'guilty' of to make them liable for the loss? Was it negligence, breach of contract (presumably not), was the trust in breach of its fiduciary duty? Where is the evidence? What is the justification? My understanding is Trusts and Trustees must act prudently and soberly in protecting a beneficiary's interests and does not extend to taking undue investment risk. How can 'advice' or investment decision be condemned simply on the outcome and with the benefit of hindsight? The benefit of hindsight can never be the determining factor in liability for inherently uncertain and unforeseeable outcomes, such as investment returns. If the trustee company had put her money in a growth fund and that had suffered losses over the period compared to a balanced or conservative fund, I have no doubt the trustee company would have been found to have taken too much risk and would again be making good the 'losses'. This cannot be fair, reasonable or just, it condemns advisers to being 'damned if they do and damned if they don't'.
11 hours ago Steve Wright
Financial advice complaints down, but still some concerns, FSCL says
@Paul Flood: Noted, thanks. Call that fellow a pusher, then. :) Re: Inheritance/trustee case - She suffered no financial loss, and the trustees made an effort to contact her. Don't see the logic why the trustee should compensate her? Question - had there been a world stock market crash in 2024, wonder what FSCL's decision will be or the beneficiary be complaining? Point being, we can't predict what's going to happen in 8 years' time. Me thinks, greed. With this FSCL's decision - does this mean investors can now sue their financial advisers for not picking the fund that could have given them a better return?
23 hours ago Albert K
Financial advice complaints down, but still some concerns, FSCL says
@ Albert K - That person should not be called an adviser, because they should not be registered on the FSPR. Calling them a salesperson is an insult to ethical salespeople, and obscures the fact that they are (presumably still) a financial adviser. * Re: the inheritance/trustee case - this is not published on the FSCL site, so the only details are those included above. It doesn't appear to relate to financial advice (as defined in the FMCA), but rather to the duties owed by trustees to beneficiaries (including a duty to invest prudently.) The woman didn't get bad advice, because she received no advice. It was a trustee/beneficiary relationship, not an adviser/client relationship. Or so it seems to me.
1 day ago Paul Flood
Financial advice complaints down, but still some concerns, FSCL says
@Paul Flood: That person should not be called an adviser, it's a salesman / saleswoman. An adviser should be helping / guiding his/her clients plan according to their goals and objectives. Show clients the risks, pros and cons in the plan. Re: The lady who inherited $75k from her grandfather. Just my personal view, it is not right for the adviser to say she suffered a $110k loss because she did not invest in growth fund. I assume the period is 2016 to 2024. Would the adviser have guaranteed the $110k profit in 2016? What if covid occurs in 2024 instead of 2020? Or there was a war outbreak and the shipping industry was badly crippled in 2024? I stand corrected, I think the adviser probably picked the best performing growth / aggressive fund for the period 2016-2024 to justify his/her advice. Then the question, would the adviser have recommended that same fund in 2016?
2 days ago Albert K