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Articles tagged with 'Commission'

Advisers need $2000, clients will pay $500

21 March 2019 - Australian research has shown a disconnect between what clients are prepared to pay for risk advice and what advisers would need to charge – and commentators say the same situation would be found in New Zealand.

Aussie advisers welcome trail ban delay

18 March 2019 - The Australian mortgage adviser trade body the MFAA has welcomed the government's decision to soften its stance on trail commission.

Australian government delays trail ban

13 March 2019 - The Australian government has delayed plans to ban trail commission from next year, saying it will review the issue in three years' time instead.

Chatter about churn and commission

4 March 2019 - Given the latest chatter about commission, I thought dusting this off was appropriate now.

FMA says it's not lobbying for ban on life insurance commissions

26 February 2019 - Financial Markets Authority chief executive Rob Everett has reminded a select committee that, while the Government appears set to clampdown on adviser commissions, that wasn’t the automatic conclusion of the report into the life insurance sector.

Rethinking adviser remuneration

26 February 2019 - In a tiny business, the difference between how the business earns revenue, and how the adviser gets paid isn’t really very relevant.

Commission: The gun that needs to be in the right hands

25 February 2019 - Commission, it's like a gun, it's neither good nor evil until it is put in the hands of a human.

Product commission – Is it justified?

22 February 2019 - Should you be concerned about commission when arranging your insurance? With recent media commentary following the Reserve Bank and Financial Markets Authority paper, the way in which insurers remunerate or incentivise their staff and advisers has been raised around industry’s culture and conduct.

Aussie new insurance business falls after commission capped

22 February 2019 - If regulators want an indication of what might happen if they regulate insurance adviser commissions, they could look to Australia.

Sum-insured remuneration model progressed

13 February 2019 - As regulatory attention goes on upfront commissions, two insurance industry commentators have released a discussion paper on how they propose the sector should be remunerated in future.

How you get paid

11 February 2019 - There are two sides of the coin when considering the possible effect of commission and incentives on advice when you run an advice business. This article is about how you get paid, the next will be about how you pay your advisers.

Conduct, culture, and commission

1 February 2019 - The conduct and culture report published by the FMA and RBNZ recently was meant to be all about insurers, but a significant consequence will be felt by advisers.

Pipeline of new advisers could be stopped

1 February 2019 - A crackdown on high upfront insurance commissions could cut off the number of new advisers coming into financial services, it has been warned.

Govt confirms: Commission in the gun

31 January 2019 - High upfront commissions and overseas trips are in the spotlight as the government works to overhaul financial services sales incentives.

Advisers told: Get ready for major change

30 January 2019 - Significant change is coming for the life insurance sector this year, after the government vowed to take action on a damning report from the Financial Markets Authority and Reserve Bank.

FINANCIAL ADVICE NZ REACTION: Consumer focus welcome

29 January 2019 - Public confidence and trust in the life insurance sector is essential; life insurance contributes significantly to the financial well-being of New Zealanders. Reports like that released by the FMA and RBNZ on Tuesday play a vital role in highlighting areas where the sector can better serve New Zealanders, and importantly, maintain and grow public confidence and trust, Financial Advice NZ chief executive Katrina Shanks says.

Regulators: Life insurance needs to change

29 January 2019 - New Zealand’s financial sector regulators have slammed life insurers – and the way they deal with advisers - in their report into the sector’s conduct and culture.

Aussie advisers fight back against reform

11 December 2018 - Following a wave of criticism in the Royal Commission, Australian mortgage advisers have launched a fightback against industry reform.

FSC: Industry has heard commission concern

30 November 2018 - Insurers have taken note of Reserve Bank criticism of their adviser remuneration structures – but aren’t worried about the scrutiny, the Financial Services Council (FSC) says.

SBS changes commission structure

26 October 2018 - Invercargill-based bank SBS has scrapped volume-based commission and changed its remuneration model for advisers, as lenders respond to Australia's Sedgwick report. 

Shanks: Consumers don't care how advisers paid

17 October 2018 - Financial advisers need to turn conversations about remuneration around and shift the focus away from commissions, Financial Advice NZ chief executive Katrina Shanks says.

ANZ CEO defends adviser remuneration

16 October 2018 - The chief executive of ANZ has defended mortgage advisers before an Australian parliamentary hearing, as scrutiny on commission grows across the Tasman.

Clients 'should expect ongoing service'

4 October 2018 - The fact of having a financial adviser should give clients sufficient reason to expect an ongoing advice relationship - whether or not that person is paid trail commission, one insurance boss says.

ANZ scraps staff sales incentives

8 August 2018 - ANZ has scrapped sales-based bonuses for frontline retail staff, moving to a customer service focused bonus programme.

Conduct, not law, best way to deal with commission: FMA

8 August 2018 - Financial Markets Authority head of regulation Liam Mason says the regulator would like to improve conduct in the life insurance sector to tackle poor customer outcomes, rather than regulating to remove commission.

Commission model swaps one problem for another: Ballantyne

18 July 2018 - A new commission structure proposed for the industry is unlikely to solve any of the perceived problems with the existing one, an insurer says.

Proposed commission model 'cross-subsidisation'

11 July 2018 - A new commission model proposed is a nice idea but won’t work, one former insurance company boss says.

New advice rules to consider trail commissions

5 July 2018 - Whether advisers have an obligation to offer ongoing service when they receive trail commissions is one of the questions still to be pondered by those developing the new financial advice regime.

Commission disclosure no big deal for good advisers

2 July 2018 - Insurers expect little to change if advisers are required to disclose to their clients what commissions they are paid.

Westpac makes major commission changes

29 June 2018 - Westpac has made a series of sweeping changes to its commission structure for New Zealand mortgage advisers, including removing discretionary quarterly commission payments.

Fidelity: Incentives regime changing

11 April 2018 - Fidelity Life says its adviser recognition programme is evolving to emphasise education, professional development and corporate social responsibility.

BNZ move puts pressure on other banks

1 February 2018 - Changes to BNZ’s mortgage adviser commission structure are acknowledgement of the ongoing client management work they do, industry veterans say.

The Wrap: Bill gets yes, PAA gets no

8 December 2017 - We weren’t sure it was going to happen this side of the new year but this week the Financial Services Legislation Amendment Bill had its first reading in Parliament.

It's real; Financial adviser reforms are go

7 December 2017 - The Government has pushed the go button for significant reforms to how financial advice is delivered in New Zealand. This evening the Financial Services Legislation Amendment Bill has had its first reading in Parliament and now goes to Select Committee.  

FSC suffers financial blow but integration on cards

7 December 2017 - Insurers giving up their memberships have hit the Financial Services Council in the pocket.

New minister gets into client first debate

27 November 2017 - New Commerce Minister Kris Faafoi says he’s less worried about whether New Zealand has enough financial advisers to cater for the population – and more whether the financial advisers it has are putting their clients first.

Sovereign boost commissions; nib offers a new model

7 November 2017 - nib moves to spread commission offer as Sovereign boosts its advisers' pay cheques.

Aussie banks told to scrap commission payments

23 April 2017 - A review commissioned by the Australian Bankers' Association has recommended commissions for mortgage brokers be replaced with a fee-for-service model - and there are fears that may flow through to New Zealand.

Don't dismiss KiwiSaver, advisers told

26 October 2016 - Advisers are being urged to think about KiwiSaver advice as a way to capture clients for the future.

Commission ban 'errant nonsense'

26 September 2016 - New Zealand advisers are backing a prediction that there will be a global ban on commission within five years – but one fund manager has described it as "nonsense”.

Advisers 'must shake off product ties'

10 August 2016 - Advisers are being told they must find a way to disconnect the advice they give from the sale of products - as new statistics show the bulk of AFAs are still largely paid by commission.

Minister says no commission ban

29 June 2016 - Commerce Minister Paul Goldsmith says banning commissions isn't something the government will do, even though the FMA says they create problems.

'No commission' structure doesn't translate

24 June 2016 - An insurance broker who is advertising a “no-commission” business says while it works well for fire and general insurance, financial advisers who deal in personal risk products have a different set of issues to contend with.

Risk poor policy analysis could affect commission decisions

9 June 2016 - NZIER’s recent analysis of the NZ Life Insurance market for Sovereign Insurance purports to show that the life insurance market is shrinking, that new customers are more price sensitive than existing, and that a reduction on commissions could help reverse this, writes Michael Naylor.

Reserve Bank calls for lower commissions

18 May 2016 - The Reserve Bank, which regulates the life insurance sector, has joined the call for lower commission levels for insurance advisers.

Market pressures could prompt commission change: Report

13 May 2016 - Insurers are paying out 40% of their annual premium income in distribution costs - a pressure point that could force them to cut advisers' commissions, a new report says.

Final call in MTF case

12 May 2016 - Lender credit fees precedent established after Supreme Court dismisses Motor Trade Finances Ltd (MTF) appeal.

ANZ happy with broker remuneration model

3 May 2016 - ANZ New Zealand chief executive David Hisco talks about the bank's latest results, the role mortgage brokers play in the business and what he thinks of new competition and remuneration models for advisers

Westpac commission review - what does that mean for brokers here?

27 April 2016 - Westpac says it has no plans to review commissions paid to brokers in New Zealand, despite a review across the ditch. Read more.  ...

Industry can't fix itself: MJW

3 March 2016 - Melville Jessup Weaver (MJW) says the fallout from its report into life insurance commissions shows that the industry cannot be left to find its own answer to its problems.

ASIC outlines commission review scope

26 February 2016 - Key differences between New Zealand and Australia’s mortgage markets will probably mean a review into mortgage broker remuneration across the ditch will have limited impact here.

MTF case reaches Supreme Court

12 November 2015 - A long-running battle over what exactly lender credit fees should cover has hit the Supreme Court this week.

Competition cited as a reason to cut commission

5 November 2015 - Insurance companies should cut their commission payments to advisers to enable them to compete more effectively with bank insurance channels, it has been claimed.

Lines drawn in commissions debate

15 October 2015 - There is general support for insurance advisers being paid commissions, but debate about whether there should be restrictions on how much they get, submissions made to the Financial Advisers Act review show.

Effect of commission changes on your business

10 September 2015 - Michael Naylor, a senior lecturer in finance and insurance at Massey University, has designed a template for advisers to work out what commission changes would mean for them.

No plans for trail from ASB

13 August 2015 - Mortgage advisers can rule out ASB introducing trail commissions anytime soon, according to comments from chief executive Barbara Chapman.

Commissions put pressure on: Report

7 August 2015 - It is very capital intensive for insurers to run an adviser distribution channel in New Zealand because of the high upfront commission structure, a new AM Best report says.

Advisers represent less than half of insurance market

3 August 2015 - Relatively few life insurance products are sold via advisers earning high upfront commissions, new research suggests.

FSC launches commission investigation

24 July 2015 - A “mini-Trowbridge Report” has been commissioned by the Financial Services Council, to investigate sales incentives in New Zealand’s personal insurance industry.

Advisers doing no-commission deals

23 July 2015 - Roughly 3% of risk advisers in New Zealand are operating on a no-commission basis, it has been claimed.

Trail commission rules blamed for churn

15 July 2015 - Churn rates could be reduced if trail commissions followed a client when they switched risk adviser, it has been suggested.

AMP supports commission cut

7 May 2015 - AMP New Zealand has lent its support to colleagues across the ditch, who have slashed advisers' upfront commissions on life insurance to 80% of the first year’s premium.

ASB and Sovereign increase upfront commissions

1 May 2015 - ASB and Sovereign have, from today, increased the amount of upfront commission they will pay to mortgage advisers.

BNZ's back for brokers with trail commission

10 April 2015 - BNZ will officially return to the mortgage adviser market after controversially leaving it 12 years ago.

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.79 4.45 4.49 4.69
ANZ Special - 3.95 3.99 4.19
ASB Bank 5.80 4.49 4.49 4.45
ASB Bank Special - 4.09 3.99 3.95
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.05 3.99 3.95
BNZ - Std, FlyBuys 5.90 4.69 4.59 4.79
BNZ - TotalMoney 5.90 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.15 5.20 5.25 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.70 4.85 -
Housing NZ Corp 5.80 4.69 4.79 4.79
HSBC Premier 5.89 3.99 3.99 4.39
HSBC Premier LVR > 80% - - - -
HSBC Special - 3.69 3.69 3.95
Lender Flt 1yr 2yr 3yr
ICBC 5.79 3.99 3.99 4.49
Kiwibank 5.80 4.80 4.94 ▼4.84
Kiwibank - Capped - - - -
Kiwibank - Offset 5.80 - - -
Kiwibank Special - 4.05 3.99 ▼4.09
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
Resimac 5.30 4.86 4.46 4.69
RESIMAC Special - - - -
SBS Bank 5.89 4.85 5.05 5.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 4.05 3.99 4.49
Sovereign 5.90 4.49 4.49 4.45
Sovereign Special - 4.09 3.99 3.95
The Co-operative Bank - Owner Occ 5.75 3.99 4.15 4.35
The Co-operative Bank - Standard 5.75 4.49 4.65 4.85
TSB Bank 5.80 4.55 4.49 4.65
TSB Special - 4.05 3.99 4.15
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.95 4.69 4.79 5.19
Westpac - Offset 5.95 - - -
Westpac Special - 4.05 3.99 3.95
Median 5.89 4.49 4.49 4.47

Last updated: 17 April 2019 8:49am

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

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