KAN chair calls for financial advisers to be exempt from CoFi

David Seymour's Ministry for Regulation should exempt Class 1 and Class 2 financial advice providers (FAPs) from complying with the Financial Markets (Conduct of Institutions) Amendment Act 2022 (CoFi), according to consultant David Whyte.

Class 1 FAPs are sole advisers while Class 2 providers are groups of advisers.

Whyte, who chairs the Kiwi Advice Network (KAN) and owns the DCW Management consultancy, says that only the financial product advisers should have to comply with CoFi.

Advisers already have “a clear fiduciary duty to represent their clients' interests” under other financial services legislation, such as ...MORE»

Retail investors seek relative safety in managed funds and ETFs Tuesday, October 15th, 4:23PM Sharesies’ latest quarterly index shows the platform’s retail investors have become increasingly shy on company-specific investment, favoring a diversified approach in what’s been a volatile period for markets. MORE»

Tattoo removal and IVF companies are part of Generate's new PE deal Friday, October 11th, 3:46AM Generate KiwiSaver makes another investment into private equity. MORE»

NZX’s Smart links up with iShares to launch new funds

Smart, formerly SmartShares, is launching four new ETFs in a new strategic alliance with BlackRock's iShares.

BlackRock-owned iShares increases its reach into the New Zealand market offering three ETFs through Smart.

The ETFs are sector focussed investing in Bitcoin, gold and technology. A fourth new ETF tracks the NZX20.

Smart, plans to list the new ETFs on October 24.

“The combined expertise of Smart and iShares will pair Smart’s local investment insights with iShares’ global ETF line-up, ...MORE»

Advisers frustrated with NZCFS L5 marking Wednesday, October 9th, 6:19AM  3 comments South Island FAPs say NZ Certificate of Financial Service L5 marking is taking too long and is inconsistent. MORE»

Sharesies KiwiSaver to offer self-select for US shares Tuesday, October 8th, 1:57PM Sharesies KiwiSaver is ramping up exposure to the US, and will allow members to select individual US stocks, as well as a new Sharesies US500 fund based on the Vanguard S&P 500 ETF (VOO). MORE»

News Bites

Fin Advice partnership extended

Financial Advice New Zealand extends partnership with Massey University’s Fin-Ed Centre. MORE»

GoodReturns TV

[GRTV] Stronger and more unified voice needed to force KiwiSaver changes

The Retirement Commissioner Jane Wrightson talks to Philip Macalister about changes she would like to see made to KiwiSaver. MORE»

Why the Reserve Bank should cut interest rates by a further 1% before Christmas

Last week the RBNZ came through with a “super-sized” rate cut of 0.5% that many economists proclaimed they had predicted. The move was not exactly a huge call given the state of the economy. Another 25bps was arguably an option, and investors took heart that the cut was larger. A more aggressive central provides a prospective tailwind for exporters. Falling interest rates significantly boost the appeal of high dividend companies. MORE»

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Don’t overlook impact of TPD, adviser urges

Total and permanent disability (TPD) cover is something that might be being underestimated by a lot of clients and their insurance advisers, says Travis Hamilton of Plan B Financial Services. MORE»

TMM Online

Basecorp gets more funding for short-term mortgages

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FMT adds another investment director

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Tattoo removal and IVF companies are part of Generate's new PE deal

Generate KiwiSaver makes another investment into private equity. MORE»