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News Bites

PAA Legacy Trust supports FANZ

Financial Advice New Zealand (FANZ) has entered a long term strategic partnership with the PAA Legacy Trust to support further development of Campus, its adviser-led, professional development hub designed to deepen capability across the financial advice profession.
2 min read
PAA Legacy Trust supports FANZ
Shaw and Partners buys Wellington advice firm

Shaw and Partners, previously JMI Wealth, has expanded its reach buying a Wellington-based financial planning business.
1 min read
Shaw and Partners buys Wellington advice firm
Morningstar finalists this year

Morningstar has revealed the finalists for this year's Fund Manager of the Year awards.
1 min read
Morningstar finalists this year
Castlepoint funds take unexpected hit

Two of Castlepoint's funds have taken an unexpected hit following accounting irregularities in one of their long term holdings, Corporate Travel Management (CTD).
2 min read
Castlepoint funds take unexpected hit
The wedge edge for businesses and trusts

Wedge is making its high interest on-call account available to business and trusts.
2 min read
The wedge edge for businesses and trusts
10 years; $10 billion

In just over a decade Consilium since its founding the company has just passed through $10 billion in funds under management.
2 min read
10 years; $10 billion
Wealth management firm enters its own retirement

JMI Wealth becomes Shaw and Partners Financial Services.
1 min read
Wealth management firm enters its own retirement
Twists and turns in FNZ court case

FNZ shareholders, who are suing the company for US$4.6 billion have lost their institutional backer and at the same time further criticised FNZ's chairman and private equity firm Motive Partners.
2 min read
Twists and turns in FNZ court case
Open banking planned for KiwiSaver

Sevaka and Qippay Partner to bring open banking to KiwiSaver.
2 min read
Open banking planned for KiwiSaver
FirstCape consolidates JBWere NZ’s custody and platform

FirstCape has selected FNZ as JBWere NZ’s consolidated wealth management platform and custodian.
2 min read
FirstCape consolidates JBWere NZ’s custody and platform
KiwiSaver nirvana

Simplicity cuts KiwiSaver fees for seventh time.
1 min read
KiwiSaver nirvana
JB Were trumps Jarden

JBWere New Zealand and Jarden Wealth officially unite under a single name – JBWere – marking a major milestone for the leading wealth management and investment advisory firm.
1 min read
JB Were trumps Jarden
FSI creates new brand for its affiliate investment teams

First Sentier Group has unveiled a new visual identity and brand narrative across all markets.
2 min read
FSI creates new brand for its affiliate investment teams
FMT cracks $2 bill

Tauranga-based First Mortgage Trust (FMT) has hit a major milestone and now has more than $2 billion in funds under management.
2 min read
FMT cracks $2 bill
AI provider to KiwiSaver secures funding

Sevaka secures $1 million to scale AI platform for financial services.
1 min read
AI provider to KiwiSaver secures funding
Generate makes another PE investment

Generate invests in a firm creating operating system to run a dairy or beef farms.
2 min read
Generate makes another PE investment
InvestNow adds another low-cost Foundation fund

InvestNow has launched the Foundation Series Nasdaq-100 Fund, which offers exposure to the Nasdaq-100 Index through a Portfolio Investment Entity (PIE) fund structure, with low fees and added tax advantages.
2 min read
InvestNow adds another low-cost Foundation fund
Australian ETF giant cracks $50 bill FUM

2 min read
Australian ETF giant cracks $50 bill FUM
Booster Savvy returns $1 million to customers

Booster's Savvy celebrates a milestone.
2 min read
Booster Savvy returns $1 million to customers
Trust Investments partners with FundRock

Trust Investments partners with FundRock to transform PIE Funds operations.
2 min read
Trust Investments partners with FundRock
NZX Wealth Technologies onboards two new advice firms

Private Wealth Advisers (PWA) and Fortitude Financial are the latest financial advice firms to migrate to the NZX Wealth Technologies (NZXWT) platform.
2 min read
NZX Wealth Technologies onboards two new advice firms
Sneak peak at new brand

Nikko Asset Management's new brand, Amova Asset Management, has been quietly unveiled.
1 min read
Sneak peak at new brand
QuayStreet nabs another gong

QuayStreet Asset Management won the Diversified Growth Fund Manager of the Year at the INFINZ Awards, recognising outstanding long-term performance and excellence in portfolio management.
1 min read
QuayStreet nabs another gong
Financial planners optimistic about AI's potential

Worldwide, financial planners are optimistic about AI’s potential to help them better serve clients, enhance the quality of advice, reduce the cost of advice and increase public access to advice.
2 min read
Financial planners optimistic about AI's potential
Latest News
[GRTV] Earnings season; Iran; War and the NZ housing market - what it all means for investors
[GRTV] Earnings season; Iran; War and the NZ housing market - what it all means for investors
1 min read
Active managers see opportunities created by passive funds
Active managers see opportunities created by passive funds
3 min read
SBS readies to expand into adviser market
SBS readies to expand into adviser market
5 min read
Aurora moves management of KiwiSaver inhouse
Aurora moves management of KiwiSaver inhouse
1 min read
Latest Comments
Political parties given outline of KiwiSaver 2.0
$5000 for each child and $100 matching top-ups, in other words, taxpayers' contribution required, right? wouldn't it be more effective to teach kids to learn how to save? and what is opportunity cost mean?
1 week ago W K
Where to for mortgage advisers?
Mr. Cunningham comments that the value of trail books have limited to 0 value for a critical perspective and no one is going to buy a mortgage advice business if it only has a customer list, but if that customer list or database is already owned by a dealer group or on a dealer groups CRM the advisor does not own that information anyway so they don't actually even have a client list to sell, and if that dealer group has their own branded advisers Wouldn't the customer list be given to them to farm.
2 weeks ago Valkyrie Vulcan
Where to for mortgage advisers?
Westpac remains the only bank of the big four that has chosen to ignore the Commerce Commission’s directive issued last year about adviser clawbacks. These clawbacks, currently 100% at 14 months and 50% at 28 months, have been deemed by the Commerce Commission to hinder those clients changing lenders seeking a better deal on their home loan. Westpac told advisers last year their remuneration model was changing to better align with customer outcomes and regulatory expectations. Why then have they not also changed their clawback policy on adviser commissions? As someone else has pointed out above our head groups are no longer our advocates as they have done nothing to confront Westpac about this. Isn’t the whole point of the aggregator model to fight for your members? I don’t know about other advisers but aside from existing Westpac customers who need to rely on the first home loan scheme to secure a first home it’s increasing hard nowadays to recommend Westpac to anybody else. Westpac’s extra repayment policy is useless, they are frequently uncompetitive with interest rates for existing customers and yet they appear incapable of understanding why they don’t rank as number 1 or 2 currently on advisers list as a good bank for customers to have their home loan with. I think the above will be even more the case after midway through this year. As somebody said to me at a conference a few weeks back, what possible incentive do mortgage advisers have to keep their customers with Westpac from the 2nd of June?
2 weeks ago Steve Thomson
Where to for mortgage advisers?
Although the FMA was involved in subsequently setting up the CoFI principles it’s obvious from their subsequent lack of enforcement that the law might as well not have been introduced in the first place. I mention the elephant in the room i.e. the introduction of bank rate cards for mortgage advisers but advisers having no current ability to guarantee/hold these interest rates for their customers. This means they don’t now have time to make an informed financial decision. By comparison, all front-line lenders at the banks apparently quoting from the same rate card can guarantee these rates are held for 1-2 business days minimum. This applies to both new loans and those loans been refixed, although the banks are now obviously pushing customers to refix online which is another subject for a different day. There is an work-around available to the above however that such a discrepancy exists today looks like an attempt by banks to discourage customers from using the adviser channel which I am sure if the Commerce Commission got involved now would constitute a clear breach of consumer law. That we work in an “advice orientated” industry which instead seems to be working against customers who choose to use a mortgage adviser is absolutely appalling. All the regulatory changes that have been introduced in the last few years essentially count for nothing if banks can be allowed to get away with the above. The FMA as a taxpayer funded government agency appears incapable or unwilling to enforce a law change introduced by Parliament. This pretty much sums up the current state of the Wellington public service which the Public Service Commissioner has previously said is no longer fit for purpose saying it needs to be overhauled. Where you might ask are the supposed advocates for the mortgage adviser industry on the above aka the aggregators and associations? You guessed it. Missing in action again… What a surprise.
2 weeks ago Simon Rule
Removing FBT on insurance would cut premiums, FSC says
JPHale, minimum number for concessions is 15, but discounts off the retail premium apply from 5 employees up. The govt could at least look to bring the FBT rate in line with personal income tax rates. Most I see have an FBT rate over 60%. And the government collects GST on the premium as well. Agree all medical insurance premiums should be tax deductible.
2 weeks ago Peter Wilkening