News Round Up: June 16

Adviserlink liquidated; Study trip opportunity.

Monday, June 18th 2012, 6:36AM 4 Comments

Adviserlink liquidated

Adviserlink, which offers training services to financial advisers, was liquidated in the HIgh Court at Auckland on Friday.

Now Australian firm Mentor Education has taken full ownership of the Adviserlink business in New Zealand.

Mentor Education has agreed to take over all existing Adviserlink students and has retained all student records as required.

All the current staff will stay with the business.

"Mentor Education, through the acquisition of Adviserlink, will be a significant training force in the New Zealand financial services market and is now taking new student enrolments for level 5 courses and Continuing Professional Development (CPD)," Mentor Education general manager David Cairns says.

Study tour of China

Premium Funds Management is organising a study tour of China for financial advisers. The tour is an "immersive experience" which aims to give participants a deeper understanding of the strong interconnections between Chines culture, its people and the economy.

It will be hosted in Beijing and Shanghai. Each stage will blend company visits and tourist attractions to balance out the day. There will also be an opportunity to meet with the fund managers of the Premium China Fund, Value Partners, as well as to hear direct from company executives.

To register your interest contact info@premiumchinafunds.com.au.

New savings plan needed, says FSC

New Zealand requires a new savings plan if young Kiwi's are to retire with the same levels of superannuation benefits today's retirees enjoy, according to the Financial Services Council (FSC).

"The country needs a new savings plan built on KiwiSaver, which allows those closer to or in retirement to keep enjoying a pension like NZ Super," said chief executive Peter Neilson.

"We also need a 21^st Century retirement savings which can allow those under 40, and future generations, to nearly double their retirement incomes through their own savings."

The FSC has been pushing for private savings to make a greater percentage of people's retirement incomes, saying it's at least 60% more efficient as a means of funding superannuation, and probably more than twice as efficient.

"It does not appear that the mix of a low tax rate and early eligibility that has made New Zealand Superannuation attractive until now can be maintained," Neilson said.

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Comments from our readers

On 18 June 2012 at 3:14 pm w k said:

Interesting - a quick check with the companies registry, the director of Adviserlink and Mentor Education is the same person, Mark David Sinclair.

Wondered why liquidate one company and set up another and take over the liquidated company? Are advisers allowed to do the same thing?

On 18 June 2012 at 4:24 pm btw said:

to wk; They're not allowed to... but they do. Just ask Sue Tierney. http://www.stuff.co.nz/business/money/6121135/Broker-escapes-conviction

On 19 June 2012 at 7:36 am Mike said:

Yes - Tierney "could have received a prison term of up to five years or a fine of up to $200,000 for the offence but last week in the Auckland District Court she was discharged without conviction after the sentencing judge took various factors into account, including the state of her mental health and her parlous financial situation.

In his written decision Judge Stan Thorburn said he considered the appropriate penalty for Tierney's offending would have been 300 hours of community service, but noted that a conviction might affect her ability to continue operating as a registered financial services provider."

What is this great legal mind thinking? Isn't that the whole POINT of regulation?

On 19 June 2012 at 9:20 am w k said:

Thx btw. wow ........ seems that there are things others can do legally, advisers can't. check mate.

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