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November 1997
28 Nov 1997 AMP Investments buys Southpac
28 Nov 1997 IAFP board on the offensive
25 Nov 1997 The merger's off
21 Nov 1997 Merger mayhem
21 Nov 1997 Weekly briefs
21 Nov 1997 Pathfinder takes off
21 Nov 1997 AMP does it
20 Nov 1997 Hot property
17 Nov 1997 Learning the American way
17 Nov 1997 NMFM goes for the quinella
17 Nov 1997 Second property offering in a week
17 Nov 1997 Weekly briefs
11 Nov 1997 The income story
11 Nov 1997 Equitilink exits retail business
06 Nov 1997 A grape investment
06 Nov 1997 New software package launched
05 Nov 1997 Kiwi trust alive
05 Nov 1997 Marriage of two firms
05 Nov 1997 Colonial outsources backoffice
03 Nov 1997 Weekly briefs
October 1997
30 Oct 1997 Securities Commission to get tough
29 Oct 1997 Sun Alliance sits in the centre
28 Oct 1997 Sovereign early market casualty
25 Oct 1997 What's going on in Hong Kong?ol
25 Oct 1997 Weekly briefs
24 Oct 1997 $3 bill wiped off market
23 Oct 1997 ASB funds launch
23 Oct 1997 Bulldoze the playing field
22 Oct 1997 Tax incentives please
21 Oct 1997 Fund rations
20 Oct 1997 Booming ten years on
16 Oct 1997 Waltus takes a raincheck
15 Oct 1997 AMP to list $500mill property trust
15 Oct 1997 Sovereign confirms listing
14 Oct 1997 TODD CALLS FOR NEW ACCORD
08 Oct 1997 AMP offers share bonanza
07 Oct 1997 Telstra prospectus registered
06 Oct 1997 Uncertainty remains with capital gains tax
06 Oct 1997 Confusion reigns with super funds
03 Oct 1997 NZRPT suspension to be lifted
03 Oct 1997 Public wants consensus
02 Oct 1997 Kerr's view
September 1997
30 Sep 1997 ANZ mixes active with passive
29 Sep 1997 Money Managers appeals independence ruling
26 Sep 1997 Blair tells politicians to stop bickering
19 Sep 1997 Active management used too loosely
18 Sep 1997 Fund managers co-operate
12 Sep 1997 Asian tigers sick
09 Sep 1997 Invest in reform process
04 Sep 1997 INDEPENDENCE DEFINED
02 Sep 1997 There's more to equity management than just active or passive08
01 Sep 1997 ANZ CONSIDERING ITS OPTIONS
August 1997
29 Aug 1997 IAFP CORPORATE MANAGERS RESIGN
26 Aug 1997 Getting on the Internet
23 Aug 1997 Public Trust Office holds hands
21 Aug 1997 Compensation for managed fund investors
19 Aug 1997 Star ratings
Latest News
MBIE confirms investigation into FMA
MBIE confirms investigation into FMA
1 min read
KiwiSaver funds shake off Middle East tension
KiwiSaver funds shake off Middle East tension
2 min read
Staffing cuts helped Fisher Funds lift annual net profit 21.7%
Staffing cuts helped Fisher Funds lift annual net profit 21.7%
3 min read
[The Wrap] What the heck is happening at the FMA?
[The Wrap] What the heck is happening at the FMA?
3 min read
Latest Comments
FMA CEO on leave
At the risk of sounding like a broken record, the fundamental flaw in the legislation came about partly through the event that Murray mentions, and also through the negligence of the Select Committee in ignoring the single most cited recommendation in all the submissions (over 34% from memory) of drawing a distinction between product sales and financial advice. To add to their misdemeanour, the Committee then added a paragraph to the Bill confirming that recommendation of one product only constituted financial advice - or words to that effect. The inherent conflict of interest lies in an individual retained by a Class 4 licensee being required to adhere to a code of conduct that requires prioritisation of client interests. To expect a product sales person to subordinate their contractual obligation to their employer is unrealistic, unworkable, and unreasonable. To emphasise, I have no issue with a product provider marketing and selling their own products - but not behind the opaque veil of legislation intended to govern financial advice. If MBIE ever gets around to review FSLAA, Financial Advisers, FANZ, and all other interested stakeholders should mount a fully-funded intensive campaign to persuade our employees in Wellington to remove class 4 licensees from FSLAA, and replace their obligations within an amended CoFI Act.
22 hours ago David Whyte
FMA CEO on leave
@Murray: The reps seemed to be acting on their personal interests rather than the interests of advisers. Conflict of interest, isn't it?
3 days ago w k
KiwiSaver funds shake off Middle East tension
In this recent presentation of mine https://www.knowrisk.co.nz I show that the average Balanced KiwiSaver fund has added approximately +0.43% over and above the gross average policy Benchmark's return's. However, the averge annual costs of -0.97% for Balanced funds have eroded that to be slighly below BMK after costs consistent with typical SPIVA studies. Note this cost number is for the 45 Balanced Funds used only - for all KiwiSaver Funds it is closer to -0.70% p.a. The presentation goes on to show that quite a bit of return is being left on the table by the one size fits all view of risk.
3 days ago P Urbani
FMA CEO on leave
@pragmatic The most elegant description of what you are talking about was retired Chief Justice of Australia speaking at a conference in Australia in 2009. Sir Anthony Mason said "our system of regulation proceeds on the footing that the adviser may be a product seller. Indeed our system enables the product seller to adopt the guise of a financial adviser and endows that disguise with the aura of legitimacy by calling him a "licensed financial adviser. The sales vs advice distinction was lost a long time ago. I believe the final straw happened at an industry/professional association meeting with MBIE where I was arguing very strongly for such a divide - those who were there might recall my Venn diagram. But I got completely white anted by the PIA rep, and the FPIA reps were so tied up in their wish to appease the officials in the hope they would meke them the self reluator that they chose not to engage in the inter-association stoush. My subsequent discussion with a senior MBIE person told me we lost the sales vs advice argument that day because of an advisor body representative exhortations.
4 days ago Murray D Weatherston
Are we doing right by our clients when it comes to TPD?
Great article, Kat. The problem is that none of this feels real to people until it is. I'm as guilty as anyone. Death is at least a concept everyone has sat with. Surviving and never earning the same way again is abstract enough that it gets traded away first when the premium needs cutting. For us, TPD riders on trauma, mortgage and income cover are an opt-out, in as standard on every recommendation, and standalone TPD is discussed separately on its own merits. Nobody should be leaving without some form of long term disability protection if we're looking at someone's bigger picture. Granted that premiums will usually be the reason for opting out.
4 days ago Own Occupation