« July 2019 | Main | September 2019 »

Professional IQ moving offices

In Professional IQ's latest newsletter they announced their office move from Auckland CBD on the 29th of August to Albany on the 2nd of September stating:

We will endeavour to minimise disruption to you, and whilst our email and CRM systems are cloud based and therefore will not be affected, our internal systems are not. Thursday 29th and Friday 30th August may see some downtime in our backend systems. Our phone and email remains the same so please feel free to call us if you need anything.

Partners Life receive 5 star rating from Lewers Survey

Congratulations to Partners Life who have received a 5-star rating from the Lewers Survey for the ninth year in a row. 

Partners Life state in their newsletter that 'The Lewers Survey measures the satisfaction of independent financial advisers, and this award reaffirms for us that we are servicing our financial advisers to the highest standard possible.'

AIA makes new appointments

AIA has appointed Anna Schubert as Head of IFA and Group Insurance Distribution. AIA has also announced a number of Regional Business Development Manager appointments. Aaron Baker is the new NZ Strategic Accounts Manager, and Ben McQuay is the Regional Business Development Manager - North, Marty Hickling is Central, and Michael Doherty is South Island.

Click here to read more. 

FMA session on transitional licensing

The FMA ran a good session on adviser transitional licencing yesterday - and they are on the road, coming to a venue near you. Very worthwhile attending to get an initial look at the application process for transitional licensing and to be able to ask officials direct questions. It is complicated, but there were some good general guidelines and help for specific situations. We are working through some of the more complicated structures in a series of examples to explore the operation of interposed persons in the new regime - and the extent of flexibility that can be expected by adviser businesses through transition. At the moment it all seems quite encouraging. 

Congratulations to winners of awards at the Financial Advice New Zealand conference

The following were winners of awards at the Financial Advice New Zealand conference last week - congratulations to them all: 

  • Service to the Profession - Fred Dodds
  • Outstanding Adviser, Insurance – Peter Leitch, SHARE
  • Outstanding Adviser, Lending – Maria Thackwell, Maria Thackwell Mortgage Company
  • Outstanding Adviser, Financial Planning – Tim Fairbrother, RIVAL Wealth
  • Rising Star Award – Sarah Bloxham, Let’s Talk Mortgages
  • Outstanding Support Person Award – Liz Cannon, Westpac
  • Community Services – Darcy Ungaro, Ungaro & Co Financial Advisory Services. Garth Clarricoats, SHARE. Marie Quinn, Marie Quinn Financial Services.

The direction of travel in remuneration

Commerce Minister Kris Faafoi confirmed the changes largely happening in the market with his speech to the Financial Advice New Zealand conference. The legal mechanism for this change looks likely to be a law based on the recent Conduct of Financial Institutions consultation paper. Link. The question on my mind is whether this is the destination, or simply the direction of travel - and further changes could come once the structure envisaged in the options paper is established. 

AFR on AMP - orphan policyholders and fee-for-no-service

The AFR has this lengthy piece placing the recent announcement of a cut in adviser business BOLR in the context of AMP's recent history. Including ASIC's investigation into the charging of fees for no service. It is worth a read - a subject I am bound to return to in the upcoming quarterly review in September. Along with the fee strategies of advisers and the recent boost to direct.