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News Bites

AML360 recognised

1 min read
AML360 recognised
Don't expect Super Fund returns to continue

The NZ Super Fund, the global investment fund set up to help pre-fund national superannuation, returned 6.5% over 2015, increasing in size by $2 billion to end the calendar year at $29.5 billion.
2 min read
Don't expect Super Fund returns to continue
Harmoney chair steps down

1 min read
Harmoney chair steps down
SBS boss dies

1 min read
SBS boss dies
FAA forums

1 min read
FAA forums
Harmoney to launch insurance product

1 min read
Harmoney to launch insurance product
Partners offers mobile tests

1 min read
Partners offers mobile tests
GFS scoops up adviser awards

Auckland brokers Global Financial Services (GFS) have been named Mortgage Adviser of the Year 2015 by ANZ.
1 min read
GFS scoops up adviser awards
NZTS deal done

1 min read
NZTS deal done
Pro bono work for IFA members

1 min read
Pro bono work for IFA members
Senior Trust achieves listing

1 min read
Senior Trust achieves listing
PIMCO platform launches

PIMCO has launched a new digital platform customised for financial advisers, institutions and individual investors in this part of the world.
1 min read
PIMCO platform launches
Devon 12th manager to get licence

1 min read
Devon 12th manager to get licence
Barnes counter-sues Kerr over trustee company sale

2 min read
Barnes counter-sues Kerr over trustee company sale
Rabo puts Edmonds' funds on direct platform

1 min read
Rabo puts Edmonds' funds on direct platform
Win for Hawkes Bay advisers

1 min read
Win for Hawkes Bay advisers
UDC sees debenture book growth

1 min read
UDC sees debenture book growth
Macquarie launches roboadvice

1 min read
Macquarie launches roboadvice
Options paper coming

1 min read
Options paper coming
Top ratings for KiwiSaver schemes

1 min read
Top ratings for KiwiSaver schemes
4 of the best MJW quotes

1 min read
4 of the best MJW quotes
Chinese bonds offer returns, stability, ICBC says

New Zealand financial advisers are being asked to consider Chinese government and corporate bonds as a way to give their clients a stake in that country’s economic growth.
3 min read
Chinese bonds offer returns, stability, ICBC says
Listed debt market grows

1 min read
Listed debt market grows
NZX lists ETFs

1 min read
NZX lists ETFs
Latest News
Sold sign goes up on Consilium
Sold sign goes up on Consilium
2 min read
Another global fixed interest manager comes to town
Another global fixed interest manager comes to town
2 min read
NZ financial system holding up, but global risks growing
NZ financial system holding up, but global risks growing
1 min read
Global share trading platform Tiger Brokers goes local
Global share trading platform Tiger Brokers goes local
2 min read
Latest Comments
Are life advisers expected to recommend the ‘best’ product?
Well said! The FMA is going to act on answers to questions asked that don't put the client first. Mentat’s point on considering all of the market variables is what we all should be considering. Yes, its more work, but that's what we’re paid for. This is also where good scope definitions are critical. Its fine to state you only consider one insurer; you could go as far as saying you only provide $500k life cover contracts from one insurer. If its scoped and disclosed appropriately and the client accepts that scope of service, then go for gold. But don't expect that client to remain one, because another adviser explaining all of the above will pick them up in a heartbeat.
1 month ago Jon-Paul Hale
Sold sign goes up on Consilium
Congratulations to Scott and the outstanding team at Consilium. When I first joined as a partner firm, there were about eight staff and no platform. But they did have a dream and spoke the same investment language I understood and believed in. Courageously built and beautifully executed at sale time. Well done.
1 month ago John Milner
Why did ANZ's adviser originated loans fall in the past six months?
Talking to a lot of advisers around the country a lot say that when ANZ disallowed advisers to negotiates new interest rates for their customers with ANZ took away a part of the adviser's service to their customers, of which advisers had been doing for a long time. ANZ customers are now directed to lock in a new fixed term interest direct online without any advice, not all customers want this.
1 month ago Valkyrie Vulcan
Are life advisers expected to recommend the ‘best’ product?
"I know the FMA will not accept an adviser using the, "well, they rate the best" as sufficient rationale for suitability and marketing only 1 insurer. Also, using that same phrase for changing a client's insurer." That's an interesting thing to 'know' with such clarity. It's a good discussion point, but if you want a more realistic glimpse of what is likely to happen here in the future, speak to those involved in the Australian market about the removal of the 'safe harbour' provision in their financial advice regulation. Not only is it likely that product research into features and benefits likely to become more necessary, not less, but it also seems more and more likely that the actual underwriting terms offered across the entire market will need to be considered. Sounds good, right? In theory this might be true if all insurers were roughly of equivalent standard in underwriting and product with minor divergences. In practice, this will likely mean it's actively wrong to NOT market only one insurer for the majority of cases - whichever insurer currently has the best product to price to underwriting ratio, and marketing any insurer other than that one will be actively breaching regulation.
1 month ago Ross Alexander
Are life advisers expected to recommend the ‘best’ product?
From my two FMA audits, I believe the regulator just needs a reasonable and logical justification for why you selected a particular insurer. If you can't provide one and the product selected just happens to pay the highest commission in the market, then problems could be coming your way.
1 month ago Bryan Tucker