Financial advisory group Apex Financial is the latest risk-based firm to consolidate under a tighter corporate structure with the launch of its new brand, Share, this week.

Bronwyn Shanks, the recently-appointed general manager of Share, said 36 advisory businesses have signed up to the new brand, which was officially structured in January this year.

The government has rejected calls to standardise default KiwiSaver schemes as recommended in the Review of Retirement Income Policy.

The review, released just before Christmas last year, recommended that the government investigate whether KiwiSaver default funds should have the same level of fees, on the prescribed asset mix.

It also recommended that default KiwiSaver funds should, essentially, be the same "in order for KiwiSaver members to stand a fair chance of an even outcome."

Instant Finance says it has doubled its profit, achieving a net surplus after tax of $3.8 million for the year to March 31.

Since April 2007 the investment advisory industry has been hit with an unprecedented flurry of events – not many of which were particularly pleasant.

Kapiti

Gould Wealth Management approaching $400 million; NAB may buy ABN Amro units; ASB has new PIE fund; Fruition Asset Management Pacific Fund returns 5.8%; Liontamer funds close; Fidelity reports excellent results; Biggest drop in household wealth in 10 years

Adviser regulation is certainly the theme of the week.

Adding insurance to a mortgage broking business has been good for national group the Kiwi Mortgage Market (KMM).

The aim of the Insurance Adviser of the Awards is to identify and celebrate best practice in the risk advisory profession.

Auckland

On the eve of adviser regulation it appears a new model is being promoted strongly to lawmakers, although it hasn't had wide discussion in the industry.

Wellington broker Finlay Abbot has been named New Zealand's top mortgage broker for 2008 by the New Zealand Mortgage Brokers Association.