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[GRTV] Rick Willis shares MDRT secrets

Thursday 11th of July 2024

Premier global adviser association MDRT is on a roll in New Zealand with membership growth growing 30% in the past year.

Willis says MDRT New Zealand has a vry active executive and Christchurch-based adviser Brian Burgess has risen up the ranks of the organisation to be the Oceania chair.

Last month 42 New Zealanders went up to Vancouver for the four day MDRT annual meeting. Willis says it's an important event for both personal development and growing his business.

One of the clear themes of this year's event was the focus on how advisers can use AI in their businesses.

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Advisers embrace Westpac after trail commissions removed
Doesn't this result call into question the criticism from certain quarters that Mortgage Advisers are driven predominantly by commission considerations?
6 hours ago The Laird
FMA wants clearer fees
@first time caller - I can see the complexity you highlight, but as above, investors should be able to see what they are paying without having to reference multiple documents. Investment admin can track and report deductions for tax, withdrawals, fees et al, would be /should be straightforward to aggregate advice fees into costs at member level... at least I hope so.
1 day ago Goldcard
FMA wants clearer fees
@goldcard - how would you propose that a fund manager calculates the TER to include adviser fees given not all clients pay them and different advisers charge different fees, not to mention some advisors charge different fees to different clients? The advice fee gets disclosed in the adviser's disclosure statement and the statement of advice, so the client can add that to the published TER of the fund they are invested in to see how much they are paying overall.
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Schedule 4 of the FMCA regs 2014, particularly clauses 2(1) and 53(3) provide the basis for excluding individually charged advice fees from the statutory TER. This was introduced with the best of intentions, but now it is little more than an invisibility cloak for deductions from member accounts.
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