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News Bites

Booster Foundation takes off

The Booster Foundation inks five partnerships in first year.
2 min read
Booster Foundation takes off
Select Wealth joins $1 bill club

Select Wealth Management has passed $1 billion in funds under management mark.
2 min read
Select Wealth joins $1 bill club
Booster Savvy ups for tech gongs

Booster Savvy double finalist in international Banking Tech Awards.
2 min read
Booster Savvy ups for tech gongs
Fin Advice partnership extended

Financial Advice New Zealand extends partnership with Massey University’s Fin-Ed Centre.
2 min read
Fin Advice partnership extended
Nikko explains its new name

Nikko Asset Management is changing its name to Amova Asset Management. Find out what it means.
1 min read
Nikko explains its new name
A large portion of investors don’t know what they’re taxed, survey says

An InvestNow survey of investors has found 38% of respondents don’t know what taxes apply to their investments.
3 min read
A large portion of investors don’t know what they’re taxed, survey says
Raining PIE funds

1 min read
Raining PIE funds
ANZ stays active and replaces one manager

ANZ Investments is replacing MFS Institutional Advisors (MFS) with BlackRock Investment Management (Australia).
1 min read
ANZ stays active and replaces one manager
Calling all Hawkes Bay advisers

1 min read
Calling all Hawkes Bay advisers
Newton Ross joins NZXWT

Newton Ross, now part of Alvarium, has gone live with NZXWT’s technology platform.
1 min read
Newton Ross joins NZXWT
TE sells another business unit

Apex Group is acquiring Trustees Executors’ Custody and Investment Accounting business.
1 min read
TE sells another business unit
Pyramid scheme promoter ordered to pay fine totalling millions of dollars

A woman touting herself as “the biggest scammer out there” has been ordered to pay a $5.9 million fine – the biggest ever individual criminal fine under the Fair Trading Act.
3 min read
Pyramid scheme promoter ordered to pay fine totalling millions of dollars
AMP adds term deposits

AMP Wealth Management NZ is the first of New Zealand’s large, non-bank KiwiSaver provider to offer term deposits.
2 min read
AMP adds term deposits
FMA offers CoFI support

The Financial Markets Authority (FMA) has published an information sheet specifically for smaller firms to assist in establishing and maintaining a Fair Conduct Programme (FCP) and applying for a Financial Institution (CoFI) licence.
1 min read
FMA offers CoFI support
Consilium picks up $65 mill mandate

Become Wealth has successfully transitioned $65 million in funds under management to the Consilium Wrap platform
2 min read
Consilium picks up $65 mill mandate
Singapore investor takes stake in Betashares

Temasek, a global investment company headquartered in Singapore, has taken a stake in Australian-based ETF manager Betashares for A$300 million.
3 min read
Singapore investor takes stake in Betashares
Deemed rate of return set

1 min read
Deemed rate of return set
Generate gets on board with Spirit of Adventure

Generate partners with the Spirit of Adventure Trust to help empower more Kiwis get ahead.
1 min read
Generate gets on board with Spirit of Adventure
Would-be scammer convicted after running one of biggest pyramid schemes in NZ

A pyramid scheme promoter who says she was going to “make history as one of the biggest scammers in New Zealand” has been convicted on five charges laid by the Commerce Commission under the Fair Trading Act.
3 min read
Would-be scammer convicted after running one of biggest pyramid schemes in NZ
Aligning disputes resolution schemes

Commerce Minister Andrew Bayly is planning to align the rules of the four approved financial dispute resolution schemes.
1 min read
Aligning disputes resolution schemes
Janus Henderson joins PIE menu

3 min read
Janus Henderson joins PIE menu
Smartshares trials NZXWT with large client

NZXWT is extending its technology expertise and wealth custody and operational services to sister company Smartshares.
1 min read
Smartshares trials NZXWT with large client
Octagon targets FAPs via NZX Wealth platform

Forsyth Barr-owned Octagon Asset Management has made its funds available for independent financial advisers and financial advice providers (FAPs) via the NZX Wealth Technologies (NZXWT) platform.
1 min read
Octagon targets FAPs via NZX Wealth platform
Multiply partners with NZX Wealth Technologies for tech innovation

NZXWT adds another advisory firm to its platform.
2 min read
Multiply partners with NZX Wealth Technologies for tech innovation
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Value of index tracking seen in the numbers, says Kernel
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3 min read
NZ sharemarket starts week up 0.6%
NZ sharemarket starts week up 0.6%
4 min read
Can Games Teach Financial Literacy?
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Latest Comments
New customers locked out of ASB’s pre-approvals
As much as I disapprove of the ASB stance, I totally understand it, ESPECIALLY as the ComCom expect us to put an application to 4-5 banks, and not just the one we believe to suit the client the best. By demanding this, we would be tying the banks up with 4-5 times the applications necessary to secure a settlement. Banks would know that only 20-25% of applications are going to make it through to settlement. This shotgun approach is why banks are overloaded.
1 month ago Andy Phillipson
New customers locked out of ASB’s pre-approvals
This is pure BS from the major banks. In front of ComCom earlier in the year they denied any policy of channel inequality yet there clearly is from some (at board level) both in turnaround times and cashbacks for example. They need to staff up, sort their antiquated IT and give Advisers the respect they deserve. New Zealand borrowers are voting with their feet and using Advisers more and more. Are some banks starting their pushback? One as done it before so no surprise there.
1 month ago Jeff Royle
New customers locked out of ASB’s pre-approvals
As a financial adviser, business owner and ex-banker/home lender in NZ & Australia with almost 20 years experience I can tell you that this is very concerning for several reasons - first one being that as bank staff you still get paid regardless of whether you put the approval thru, lazy/incompetent/time poor bankers are often declining loans rather than taking the time to push a difficult deal thru as they get paid either way, as a financial adviser who doesn't get paid unless the deal settles we are more committed to securing an approval which is why more volume now comes thru the broker channels. This feels like it's the banks way of reducing costs by not having to pay brokerage to advisers when bank lenders doing nothing should be sitting on the broker overflow lines. This directly affects small businesses and is another example of banks playing God & redirecting profit margins back to their own coffers - there is no valid excuse for branch lenders doing nothing to not be sitting on these overflow lines. It makes a mockery of giving the choice back to the clients who are already typically having poor banking experiences when dealing direct with bank staff.l and in no way supports small businesses already doing it tough.
1 month ago Natasha Viliamu
New customers locked out of ASB’s pre-approvals
Another major bank today has announced no pre approvals via Advisers for under 80% LVR. That's at least 3 of them. All applications whether direct or through Advisers should be given the same priority and go through the same assessment process. Banks don't appear to have invested (enough) in staff or technology and given how much money they make, it is unacceptable. Lets hope it gets sorted soon!
1 month ago Craig Pope
New customers locked out of ASB’s pre-approvals
Sorry I don’t believe ASB are overrun with applications as we are traditional in a slow market so I think this” high volume “ excuse is rubbish, ASB will still post a massive profit due margins being so high but they can’t hire extra staff?? This is a disgrace! for consumers that choose to go through an independent mortgage adviser ASB are turning them away, but an ASB branch can write that deal no problem? , what happened to offering choice to the consumer? And being competitive? Are Comcom silent on this? Are the dealer groups /master FAP’s who have a monopoly over mortgage advisers’ access to bank mortgage lending silent on this? Why do we pay dealer groups /Master FAPs thousands in fees and costs if they can’t or don’t want to even back the people that pay their wages. All mortgage advisers want is an even playing field no more no less. How would ASB feel if all mortgage advisers in NZ stopped sending business to them for a few months?
1 month ago Valkyrie Vulcan