NYSE-listed global insurance giant buys New Zealand financial planning firm

A new managed fund spearheaded by an ex-Fisher Funds manager aims to offer savers an alternative to banks promising retail access to wholesale rates.

Investment firm Craigs has confirmed the sale of half of the company to global private equity firm TA Associates is now complete and takes effect from today.

A snapshot of AI use by financial planners globally has found more than half are using it in their businesses despite sharing some of the common concerns with other professions about the rapid technological shift.

Advisers will need to do plenty of client hand-holding as balances increasingly battle volatility and managers delve into more illiquid assets, according to research house Morningstar.

A week into the CoFI regime one industry commentator says consumers do stand to benefit from providers having to work hard to ensure they hold on to their licences.

Much of the financial advice world still lacks the specialist knowledge required to meet investors’ expectations for advising them on ethical and responsible investment choices, according to the latest survey by Mindful Money and the Responsible Investment Association Australasia.

The reputation of the advice sector is up for a makeover with a collaboration between the Retirement Commission and Financial Advice New Zealand to help promote the value advisers bring to their clients’ lives.

The regulator is launching a review to help it better understand why many New Zealanders are reluctant to access financial advice. The review will also delve into industry business models.

Minimum industry entry requirements are not enough to qualify an adviser to give advice in some specialised areas but it looks unlikely the Financial Advice Code will change to raise the bar any higher.

The regulator wants to see advisers avoid burying disclosure in lengthy documents full of jargon and consider finding more creative ways of getting the information across.

Multiple surveys out of the US show financial advisers’ appetite for crypto exposure is on the rise, with ETFs and the protections they offer seen as an effective way of exploring digital assets.

The latest guidance from the FMA appears to allay some industry concerns about how it will  regulate based on consumer and market outcomes but some areas will likely remain grey until it is really put to the test.

There remains no real incentive for clients to direct extra contributions into KiwiSaver, so long as New Zealand is still a global outlier in its choice of tax structure around retirement savings, according to one financial advisory firm leader.

Those subject to FMA regulation will need to look to the regulator’s annual Financial Conduct Report for clues to its shifting priorities as it focuses its efforts on end results.

A month after the launch of its new look and expanded offering, online investment platform Snowball says it has been a good move but also prompted some further questions about what exactly triggers investors to commit their funds.