Looking back on 2015

Good Returns asked industry participants to name a highlight of 2015.

Thursday, December 24th 2015, 6:00AM

Michael Dowling, president, Institute of Financial Advisers:
Highlight has been the positive engagement from members, MBIE, FMA and other adviser bodies in the discussion on the FAA review. It has been both a highlight to have all groups working and talking together, as well as a heavy workload to co-ordinate the responses. I must say I have relied on the support of the board and staff of the IFA to get through this year, it has been a credit to them all what we have done.

Natalie Cameron, chief executive, AIA:
It was definitely the launch of our Real Life products, which included pretty attractive bundling discounts and a health product with the highest limits in the market. The only problem since launch has been getting all the business through quickly but we now have new Underwriters on board and more coming. I hope that launch is indicative of the type of innovation and boldness we hope to bring the market 2016. For me personally, it was moving to this beautiful place and joining the beautiful people of AIA NZ.

Clayton Coplestone, Heathcote Investment Partners:
For the first time in a very long time, the advisory community are thinking more about risk mitigation strategies in their portfolios. This has been an extremely satisfying development following three years of presenting downside risk management strategies, and urging the investment community to look beyond the vested interests that encourage temptation.

David Boyle, Commission for Financial Capability:
·         Seeing the FAA review take shape and the way the industry has got behind it. I hope that it will lead to more New Zealanders getting good quality information and advice when they need it
·         The Financial Services industry supporting the work of the Commission particularly at our Summit workshops on the FAA Review and KiwiSaver
·         Being able to get our stories, ideas, and competitions, in the media to get people thinking about what retirement might mean for them in the future, and highlighting it is never too late to start preparing!

Robert Oddy, SiFA:
Having MBIE people much more accommodating in terms of meeting and discussing the options for progressive changes down the track. That has got to be a highlight for us. MBIE deserve credit for that. In terms of the market, there hasn't been a highlight. It's been more like constant tasering by the local cop.

Murray Weatherston, SiFA:
The fact there were no adverse disciplinary findings and that there don't appear to have been any adverse findings among the external disputes resolution schemes. That has to be a good outcome for the adviser world. Next year the highlight will be what MBIE finally decides is the outcome of the FAA review.

David Ireland, Code Committee chairman:
The highlight of 2015 will be getting to the end of it in one piece. Touch and go at present.

Jordi Garcia, NZ Financial Planning:
It's been a good year for markets, a good year for clients. There haven't been any unpleasant surprises. Overall it's just been a good year, I've had no disgruntled clients, everyone is very happy with the way things have gone. We've had four quite good years for financial markets and experience tells me it isn't going to last forever. We are overdue for ructions somewhere and I approach 2016 with mixed feelings.

Simon Hassan, Hassan and Associates:
It's been a very good year for the business, one of the best ever. I've found it hard at times to keep up with it, which is a good position to be in. 2016 could be the year when some of the new regulatory bites start taking effect and we'll see how that pans out. New Zealand needs a sound workforce of capable people giving financial advice and one way it could go is that numbers could further shrink if it is tough to comply. But compliance as long as it is done in the right way and is good for consumers, you can't complain.

Rod Severn, PAA:
The conference mid-year with the IFA was a great highlight for both organisations, it went very well. That's given us a great catalyst to move into 2016 with another one already taking shape. The FAA review process this year has allowed us to have a reflective, preparatory year and get ready for the next couple of years. The FAA review won't go to the Minister until July so nothing will happen next year in terms of options, 2017 will be the big year but this has allowed us to get geared up and ready for the changes that will happen to make the industry more robust and effective and promote the value of advice. The board has been terrific, very supportive and dynamic and willing to take bold decisions. You will see the PAA step up next year in terms of profile and activity across the board.

Tags: financial advisers