News Round Up

Consumer mystery shops advisers, Tower outsources admin, NZX figures up and down, Super communicators named.

Monday, December 12th 2005, 2:44AM

Consumer magazine has once again mystery shopped financial planners – and this time come out with some reasonably positive results.

The previous report, three years ago, was highly critical of advisers, claiming there was “a disturbing mindset of ship ‘em in, ship ‘em out.”. This time around the institute has made none of the controversial claims it made three years ago and also says there “have been some positive changes.”

The report is more of an attempt to tell people what they can expect from advisers and to warn them to be well-prepared when looking for an adviser.

Tower outsources more admin work
Tower is outsourcing the administration of its retail superannuation and insurance bond products to Jacques Martin. Earlier in the year it outsourced administration of its workplace superannuation business.

Tower says the service proposition for these products will not change with the company retaining full investment management, product and client relationship services.

“The administration outsourcing of our superannuation and insurance bond products will allow us to focus our efforts on what we do best – providing clients with high quality investment management and servicing,” Tower investment business chief executive Tony Hildyard says.

NZX stats up and down
The average volume of daily trades on the stock exchange fell in November compared to the previous year, but the daily value of trades rose.

The average number of daily trades fell to 2412 this November, down 10% on the same time last year. NZX said trading numbers were stronger last November due to higher activity fuelled by the takeover of energy company Powerco by Australia's Prime Infrastructure.

While volumes were down, the average daily value traded was up 12% on the previous year at $131 million. [MORE]

Award winners
ASFONZ has announced the winners in its annual Communication Awards. The entrants are divided into three categories, either, Annual Reporting (Large Scheme), Annual Reporting (Small Scheme) and Other Communications. In each category there are gold and silver awards for excellence in reader appeal, presentation and ease of understanding.

The winners of the top 2005 awards are: Platinum Award – Seafarers Retirement Fund, Gold Award – Annual reporting – Large Scheme – Carter Holt Harvey Employee Benefits Plan, Gold Award – Annual Reporting – Small Scheme – Seafarers Retirement Fund, Gold Award – Other Communications – Fonterra Superannuation Scheme.

The awards encourage excellence and innovation in superannuation scheme reporting.

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