tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, November 1st, 10:39AM

News

rss
Latest Headlines

[The Wrap] A bouquet and a bloody big brick bat

This week had good and bad news for financial advisers. Advisers were spared a shake up of the big decision maker for their future; but then more anti-adviser sentiment was pouring from an organisation which should be a bastion of objectivity.

Friday, June 28th 2019, 6:03PM

Kris Faafoi

First up, I think the industry can breathe a sigh of relief. Prime Minister Jacinda Arden promoted Commerce Minister Kris Faafoi to cabinet yesterday and there was a fear a new minister would be overseeing the financial advice sector.

Faafoi has been well-regarded across the industry so it was pleasing that he was promoted, but also kept the Commerce portfolio. While the FSLAA is now enacted there is still more work to do in our space. Having ministerial continuity is welcomed (even if some people reckon MBIE are the key proponents of the changes).

One of the big stories this week was MBIE's assessment that the new FSLAA laws may push 900 advisers out of the market. 

It's an area we are particularly interested in. This week Good Returns started a survey to try and gauge what advisers are thinking when it comes time to exit. If you are thinking of hanging up your shingle,  please take a few minutes to complete the survey. CLICK HERE TO GET STARTED.

It would also be interesting to hear your thoughts on this 900 number. You can email them to philip@goodreturns.co.nz

Losing nearly 1000 advisers seems like a lot, but maybe it is just a changing of the guard?

THE REAL STORY CONSUMER IGNORES

The soapbox issue for me this week is Consumer's survey of its members around insurance. For a reputable organisation this piece of work was a real blot on its record book. Indeed it was nothing more than a call to its members to fill in a templated moan form and send it to MBIE which is doing some work on the proposed amendments to the Insurance Contracts Law.

The survey was poor as it didn't separate out the difference insurance sectors such as life, fire and general and travel. To lump them all together is not representative of the level of trust and complaints.

Then to compare results from advised life insurance clients to ones who brought directly is no doubt statistically irrelevant. We know very little life insurance is bought directly. 

If you really want to know proper answers to the questions Consumer asked talk to the external disputes resolution schemes like FSCL and Fairway. They will prove that there are relatively few complaint around life insurance and much higher figures in the other insurance areas.

Likewise, how about looking at how many millions of dollars life companies pay out in claims each day? 

To really illustrate the story. I want to recall two stories from my recent MDRT conference trip. The first is about veteran adviser Peter Chote. Life insurance companies have paid nearly $4 million in claims to his clients in the most recent quarter. I bet if any of those people were surveyed by Consumer then they would give a glowing endorsement of their adviser and the life companies.

The second story is about MDRT South Island chair Brian Burgess. One of his clients wrote this piece in Stuff, Cancer snuck up on me, recently about his insurance and medical issues. Unfortunately he died around the time we left for MDRT. To give you an idea of how important their adviser was to this family, they delayed the memorial service until Burgess was back in New Zealand so he could attend and speak.

As Burgess said; "This why we do it folks..."

The important point is the role advisers play in assisting with claims and supporting their claimants and the millions of dollars paid out by the industry in claims for the living trauma, TPD and income protection.

These are the real stories Consumer should be talking about. 

 

Tags: Consumer

« Degree takes shapeMann on a mission to diversify financial advice »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 ▼5.65 ▼5.55 ▼5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 ▼6.39 ▼6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - ▼6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.50 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.17 5.79 5.69

Last updated: 30 October 2024 9:36am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com