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RiskinfoNZ Weekly News SummaryRiskinfoNZ Weekly Wrap for W/E 8 April 2022Financial advisers from across the country are expected to descend on Christchurch in September to attend Financial Advice NZ’s two-day Ignite conference.Ignite is being held at the Christchurch Convention Centre and among those confirmed to take part include optimist Chris Riddell and financial adviser, best-selling author and podcaster Victoria Devine. - Dee-Vine – among many others....Cigna has updated the occupation classes it uses in its online quote tool. A new field has been created so advisers can indicate whether the customer’s occupation is E (eligible), U (uninsurable), or IC (re...
2022-04-0504 minRiskinfoNZ Weekly News SummaryRiskinfoNZ Weekly Wrap for W/E 1 April 2022News for financial advisers in New Zealand Hosted on Acast. See acast.com/privacy for more information.
2022-03-2903 minRiskinfoNZ Weekly News SummaryRiskinfoNZ Weekly Wrap for W/E 25 March 2022Speaking during an FSC webinar that attracted more than 600 viewers, the FMA's recently appointed CEO Samantha Barrass announced the publication of an updated draft Conduct Guide for industry consultation.She also said there will be substantial change at the organisation over the next few years, building new capabilities, and employing new staff with different areas of expertise.Actuality - BarrassHow insurers take Covid-19 vaccination status into account when setting life and health premiums is fraught with issues, write lawyers Andrew Horne and Olivia de Pont of law firm Minter Ellison...
2022-03-2103 minRiskinfoNZ Weekly News SummaryRiskinfoNZ Weekly Wrap for W/E 18 March 2022News for financial advisers Hosted on Acast. See acast.com/privacy for more information.
2022-03-1503 minRiskinfoNZ Weekly News SummaryRiskinfoNZ News Wrap for W/E 11 March 2022Growing your advisory business by book acquisition could mean biting off more than you can chew.Strategi's Dave Greenslade cautions business owners not to buy a book that is so large it would be hard to contact all the new clients within 12 months.He says the FMA expects the purchaser to undertake due diligence to ascertain the quality of the client advice records within one year of purchase.A new advertising code came in on 1 March that means all financial advertising needs to demonstrates a high standard of social responsibility....
2022-03-0803 minRiskinfoNZ Weekly News SummaryRiskinfoNZ News Wrap for W/E 4 March 2022Fidelity Life has completed its purchase of Westpac's life insurance business having got the nod from the regulators. The insurer now has a 17% share of the life market in New Zealand.Details of the purchase were first released by Fidelity Life in July 2021 when it said it would acquire Westpac Life from Westpac Group for NZ$400m, and will also into a 15-year life insurance distribution arrangement with Westpac NZ.Fidelity Life’s largest shareholder the NZ Super Fund and new investor Nigh – Tahoo - Ngāi Tahu Holdings will fund the majority of the acqui...
2022-03-0105 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for W/E 18 February 2022Since September 2020 Grant Willis has been overseeing the sales, products, claims and client servicing at Asteron Life. Against a backdrop of modernising the company's operations it is helping advisers get across the line when it comes to full licensing.However, speaking to RiskinfoNZ he says the whole licensing process is still distracting advisers from doing the things they enjoy most...Read our full interview with Grant Willis at RiskinfoNZ.co.nzWelcome back.Writing for Riskinfo Katrina Shanks says...
2022-02-1503 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for W/E 11 February 2022PodcastThe FMA has re-stated its ongoing concerns around what it refers to as ‘commission creep’ within the financial advice sector.Its concern was raised in the authority’s 2021 annual report – released at the end of January.“Sales-based incentives for staff have generally been replaced with incentives that focus more on good outcomes for customers,” says the FMA.However, it still has concerns about commissions paid to intermediaries.When Minister of Finance Grant Robertson announced details of a proposed State-backed income insurance scheme, RiskinfoNZ sought the reaction...
2022-02-0803 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for W/E 14 January 2022Cigna is extending its two-month free cover offer for new and existing policy holders, while paying advisers double service commissions during the campaign.Originally slated to end on December 17 2021, the offer has been extended to January 31 2022, where the new or updated contract is issued before 18 March.In keeping with its ‘Good things come in two‘ campaign, advisers will receive twice the normal service commission for two months for all new business or existing policy increases sold during the campaign period.Former Act...
2022-01-1003 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for W/E 17 December 2021Early results of AIA NZ’s financial adviser wellbeing survey show government regulations have hit those working in the sector hard with more than half the respondents finding it stressful complying with the new regulatory framework.Work overload was also cited by almost 50% of respondents as another major cause of stress.AIA fears 25% of Kiwi advisers are considering leaving the industry and another alarm bell is that around half the advisers surveyed use alcohol to cope with stress, aren’t sleeping enough, and a good portion are seeking medical care due to work pressure and stre...
2021-12-1404 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for W/E 10-December 2021News for financial advisers Hosted on Acast. See acast.com/privacy for more information.
2021-12-0704 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for W/E 3 December 2021News for financial advisers Hosted on Acast. See acast.com/privacy for more information.
2021-11-3003 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for W/E 26 November 2021News for financial advisers Hosted on Acast. See acast.com/privacy for more information.
2021-11-2204 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for W/E 19 November 2021News for New Zealand financial advisers Hosted on Acast. See acast.com/privacy for more information.
2021-11-1503 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for W/E 12 November 2021News for financial advisers in New Zealand Hosted on Acast. See acast.com/privacy for more information.
2021-11-0803 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for W/E 5 November 2021News for financial advisers Hosted on Acast. See acast.com/privacy for more information.
2021-11-0204 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for W/E 29 October 2021News for financial advisers Hosted on Acast. See acast.com/privacy for more information.
2021-10-2603 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for W/e 22 October 2021igna is reminding advisers this week about its pendulum commission model – also known as the swing system - and how it can be used to improve cash flow and possibly reduce this year's tax bill.The remuneration model, first launched by the firm in March, allows advisers to swap a large upfront payment for a smaller monthly income – something that could help avoid troublesome clawbacks.The firm's David Haak, General manager – Distribution, says: its Pendulum model is one of the most reliable ways to build a long-term resilient business.Cigna...
2021-10-1904 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for W/E 15 October 2021News for financial advisers in New Zealand Hosted on Acast. See acast.com/privacy for more information.
2021-10-1204 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for W/E 8 October 2021The Adviser Platform has launched a new resource called OAT – the Online Advice Tool – to help advisers work within the regulatory regime when advising clients.Scott Duncan – TAP's Head of Compliance and Advice – says the app has been created with a focus on client engagement, making advice accessible and providing a framework to demonstrate a robust and repeatable process.With effect from 1 November 2021, level life premium rates at Partners Life will increase by up to 20% for new business.In a statement the company says the change will bring pricing for guar...
2021-10-0504 minRiskinfoNZ Weekly News SummaryAIA NZ's Wellbeing SurveyInterview with Sam Tremethick Hosted on Acast. See acast.com/privacy for more information.
2021-10-0106 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for W/E 1 October 2021News for financial adviers in New Zealand Hosted on Acast. See acast.com/privacy for more information.
2021-09-2804 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for W/E 24 September 2021News for financial advisers Hosted on Acast. See acast.com/privacy for more information.
2021-09-2104 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for W/E 17 September 2021News for financial advisers serving the insurance sector Hosted on Acast. See acast.com/privacy for more information.
2021-09-1405 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for W/E 10 September 2021News for financial advisers Hosted on Acast. See acast.com/privacy for more information.
2021-09-0704 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for W/E 3 September 2021News for financial advisers Hosted on Acast. See acast.com/privacy for more information.
2021-08-3104 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for W/E 27 August 2021The regulatory regime in New Zealand is far easier to work with than in Australia, and financial advisers have a world of opportunity, says Bronwyn Kirwan, Fidelity Life’s recently appointed Chief Sales and Service Officer.Having just returned from Sydney, where she was Head of digital insurance firm, Kirwan says the advice regime across the Ditch is too restrictive for advisers.Despite this year’s changes and tightening of the regulatory landscape, Kirwan says the advice industry here is “…laden with opportunity”.CLIPThat...
2021-08-2403 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for W/E 20 August 2021News for financial advisers Hosted on Acast. See acast.com/privacy for more information.
2021-08-1704 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for W/E 13 August 2021News for financial advisers in New Zealand Hosted on Acast. See acast.com/privacy for more information.
2021-08-1004 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for W/E 6 August 2021Weekly News Wrapf for W/E 6 August 2021 Hosted on Acast. See acast.com/privacy for more information.
2021-08-0304 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for W/E 30 July 2021News for financial advisers in New Zealand Hosted on Acast. See acast.com/privacy for more information.
2021-07-2703 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for W/E 23 July 2021For week ending July 23, 2021.The government has taken the first steps to establish a Consumer Data Right (CDR), a legal framework for companies to share their client’s personal information with competitors – so consumers can easily switch their business from one business to another.However, based on submissions to MBIE, the idea does not have the universal support of insurance firms.For example, Partners Life says a potential problem in developing a CDR system is the collection of legacy information from older systems – which could be expensive.And...
2021-07-2004 minRiskinfoNZ Weekly News SummaryWeekly news Wrap for W/E 16 July 2021News for financial advisers in New Zealand Hosted on Acast. See acast.com/privacy for more information.
2021-07-1303 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for W/E 9 July 2021News for New Zealand financial advisers Hosted on Acast. See acast.com/privacy for more information.
2021-07-0603 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for 29 June 2021With industry speculation rife that Westpac is close to sealing a deal to offload its New Zealand life business – the big question is – who's in the running.JP Morgan is handling the sale for Westpac and Riskinfo NZ has contacted New Zealand's top insurers to see what their interest is in obtaining the bank's Life book – said to be valued at around $500 million.A new publication from Strateg - eye Compliance aims to show financial advisers that working under the new regulatory regime is more flexible than many may believe – while also revealing the firm’s c...
2021-06-2903 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for 22 June 2021News for New Zealand financial advisers Hosted on Acast. See acast.com/privacy for more information.
2021-06-2204 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for 15 June 2021Industry training and support firm mySolutions has formed alliances with Kiwi Adviser Network (Trail) and Prosper Group to broaden the aggregation and services options for independent advice business owners.Kiwi Adviser Network and Prosper Group are fee-based services that provide a range of business support offerings to advisers – primarily in the lending area – in addition to compliance, software, and mortgage broking.AIA NZ has announced a string of key appointments this week as it bolsters its support to advisers and clients across the country.It's appointed business development managers in W...
2021-06-1503 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for 8 June 2021When a client makes a negative comment about the advice they've been given, should it trigger the official complaints process? That was one of the key questions addressed during a Financial Advice NZ webinar with Insurance and Financial Services Ombudsman Karen Stevens.Stevens says if a client appears to say they're not happy, then they are telling you they have a complaint.She says while some complaints are crystal clear, others may be couched by the client in terms of general unhappiness, and then it is up to the company to delve deeper.
2021-06-0803 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for 1 June 2021News for financial advisers Hosted on Acast. See acast.com/privacy for more information.
2021-06-0104 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for 25 May 2021News for financial advisers Hosted on Acast. See acast.com/privacy for more information.
2021-05-2503 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for 18 May 2021News for New Zealand financial advisers Hosted on Acast. See acast.com/privacy for more information.
2021-05-1803 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for 11 May 2021News for New Zealand financial advisers Hosted on Acast. See acast.com/privacy for more information.
2021-05-1103 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for 4 May 2021News for New Zealand financial advisers Hosted on Acast. See acast.com/privacy for more information.
2021-05-0403 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for 27 April 2021News for financial advisers in New Zealand Hosted on Acast. See acast.com/privacy for more information.
2021-04-2703 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for 20 April 2021News for New Zealand financial advisers Hosted on Acast. See acast.com/privacy for more information.
2021-04-2003 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for 13 April 2021News for financial advisers in New Zealand Hosted on Acast. See acast.com/privacy for more information.
2021-04-1303 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for 6 April 2021News for financial advisers in New Zealand Hosted on Acast. See acast.com/privacy for more information.
2021-04-0603 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for 30 March 2021News for New Zealand financial advisers Hosted on Acast. See acast.com/privacy for more information.
2021-03-3003 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for 23 March 2021News for New Zealand financial advisers Hosted on Acast. See acast.com/privacy for more information.
2021-03-2304 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for 16 March 2021News for New Zealand financial adviser from RiskInfo Hosted on Acast. See acast.com/privacy for more information.
2021-03-1604 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for 9 March 2021News and information for financial advisers Hosted on Acast. See acast.com/privacy for more information.
2021-03-0904 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for 2 March 2021News for financial advisers in New Zealand Hosted on Acast. See acast.com/privacy for more information.
2021-03-0203 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for 23 February 2021News for financial advisers Hosted on Acast. See acast.com/privacy for more information.
2021-02-2304 minRiskinfoNZ Weekly News SummaryWeekly News Wrap For 16 February 2021News for financial advisers Hosted on Acast. See acast.com/privacy for more information.
2021-02-1603 minRiskinfoNZ Weekly News SummaryWeekly News Wrap For 9 February 2021News for New Zealand financial advisers Hosted on Acast. See acast.com/privacy for more information.
2021-02-0903 minRiskinfoNZ Weekly News SummaryWeekly News Wrap for 2 February 2021News for financial advisers in New Zealand Hosted on Acast. See acast.com/privacy for more information.
2021-02-0202 minRiskinfoNZ Weekly News SummaryWeekly News Wrap For 26 January 2021News for financial advisers in New Zealand Hosted on Acast. See acast.com/privacy for more information.
2021-01-2603 minRiskinfoNZ Weekly News SummaryWeekly News Wrap For 19 January 2021Aussie advisersAustralian financial advisers will be free to service clients in New Zealand without an FMA licence from 15 March.The regulator says the exemptions will allow Australian licensees and their representatives to give financial advice to New Zealand retail clients from offshore without getting a financial advice provider licence.This week's pollWhich brings us on to this week's poll question. With financial advisers in Australia soon to give advice to clients living in New Zealand, is this something you support? That's the question in...
2021-01-1903 minRiskinfoNZ Weekly News SummaryWeekly News Wrap For 12 January 2021Partners Life IPOPartners Life is preparing to list on the New Zealand Stock Exchange, but only when the time is right, says the firm's Managing Director Naomi Ballantyne.Just before the year-end the firm announced its purchase of BNZ Life for $290 million and confirmed plans to launch an Initial Public Offering.While saying any IPO needs to be in a market that is conducive to its success, Ballantyne says the firm has a dividend strategy in place.Massey University Offers Advisers New Route to Qualification
2021-01-1202 minRiskinfoNZ Weekly News SummaryWeekly News Wrap For 15 December 2020PI InsuranceNZI is to limit its professional indemnity insurance to FAPs with three or more advisers, says the firm. The announcement last week surprised Katrina Shanks,CEO of Financial Advice NZ, who says her organisation will need to settle on a different PI insurer by the end of 2021.Clinton Stanger of Curated Risk recommends advisers hold PI insurance and not self-insure.Steven Burgess, Director of Compliance Refinery says while advisers can be diligent and careful, that doesn’t stop the energetic litigious client trying their luck. He says defending claims can quickly ru...
2020-12-1504 minRiskinfoNZ Weekly News SummaryWeekly News Wrap For 8 December 2020Closing the GapsStrategi Institute has a new training course called Closing the Gaps.It is aimed at advisers who hold one of the level 5 qualifications but need to prove they have the competence, knowledge, and skill to operate in the new regime which starts on 15 March. The half day course starts at $250 plus GST.AdvertPI InsuranceCompliance Refinery has published its four top tips for advisers when it comes to professional indemnity insurance.The firm’s latest briefing document says some PI providers ha...
2020-12-0803 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 2 December 2020The Partners Life MatrixThe Customer Outcome Matrix launched by Partners Life in April has been well-received by advisers, says the firm this week. The matrix is a system that includes the insurer surveying customers and marking advisers against a six-point check list that can determine their annual bonuses. The company offers an 80 per cent annual bonus that can be raised to 100 per cent based on survey results.New ad camapignPartners Life has launched a advertising campaign featuring popular nursery rhyme characters to promote the importance of having life insurance. The first...
2020-12-0103 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 24 November 2020New appointment at NZFSGNZ Financial Services Group, which acquired Kepa at the end of October, has appointed Keri Ball-Guymer to the newly-created role of Head of Customer Outcomes. She will work with the firm's CEO Brendon Smith to take on overall responsibility for the company's risk and compliance frameworks. She will join the firm on 14 December from ANZ Bank.Consultation Opens On FMA's Advertising ExpectationsThe regulator is preparing to publish a guide to help advisers and the wider financial services industry understand what they can and can't say when it comes...
2020-11-2404 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 17 November 2020Industry news for New Zealand financial advisers Hosted on Acast. See acast.com/privacy for more information.
2020-11-1703 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 10 November 2020FMAThe FMA has released its final standard conditions for a full Financial Advice Provider (FAP) licence and dropped its proposed requirement for advisers to have professional indemnity insurance following industry lobbying.However, the regulator says professional indemnity insurance is an important decision for financial advisers.Katrina Shanks, CEO of Financial Advice NZ welcomed the decision saying her organisation had asked for professional indemnity insurance to be removed from the final standard conditions saying there were questions over its availability and affordability in the future.Event
2020-11-1003 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 3 November 2020News for financial advisers in New Zealand Hosted on Acast. See acast.com/privacy for more information.
2020-11-0303 minRiskinfoNZ Weekly News SummaryPodcast News Wrap for 27 October 2020News for financial advisers Hosted on Acast. See acast.com/privacy for more information.
2020-10-2704 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 20 October 2020Too Many Insurers In New Zealand?There's too many firms selling medical and life insurance in New Zealand says a former Fidelity Life executive. Speaking during the FSC's Generations conference last week Financial Services Executive Don Allerston said the New Zealand market is over-saturated with 17 medical and life insurance companies operating in the country.He also pointed to industry competitors such as Amazon, which is now selling insurance in India. See this week's poll question.Consumers Better Off With Financial AdviceNew Zealanders who receive professional financial advice are better...
2020-10-2004 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 13 October 2020Asteron LifeAsteron Life has raised its upfront commission rate to 190% and topped it up with a temporary 10% to offer financial advisers a 200% commission rate.The firm’s Graham Hill, executive manager Life Distribution says the changes will help to support the business and the industry to remain sustainable for the long term.Asteron Life says this will be reviewed at the end of June 2021.NibHealth insurer nib is extending some of its member support packages, first introduced in April, until the en...
2020-10-1304 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 6 October 2020Weekly news for financial advisers Hosted on Acast. See acast.com/privacy for more information.
2020-10-0603 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 29 September 2020AIA New Zealand is offering free life insurance policies. Customers who take out an eligible policy by 28 February 2021, will be able to gift one AIA Everyday – Life cover to someone they know. Each free policy will offer $50,000 of cover for six months.Compliance Refinery Steve Burgess, CEO of the Compliance Refinery, has worked with financial adviser businesses for more than 15 years and in a special opinion column for RiskInfoNZ covers off the various stages advisers should now be at as they prepare for the incoming regime. He says advisers should either be in a FA...
2020-09-2904 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 22 September 2020FMA Urges Advisers Not To Delay Licence ApplicationThis week financial advisers were given a vote of thanks by the FMA for helping their clients through the Covid-19 alert levels.Speaking during Financial Advice NZ’s Bounce conference John Botica, the regulator’s Director of Market Engagement, told an online audience of 385 industry players that he knows the past six months haven't been easy for advisers or their clients.Based on the number of applications for transitional licenses the FMA says about 2,000 financial advisers yet to apply. They were urged to get thei...
2020-09-2203 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 16 September 2020Leveraging Social Media to Grow Your Advice BusinessLifestyle content shared by financial advisers on social media rates the highest among their followers, according to a US study that challenges the traditional marketing narrative.Tara Clark, founder of a Vancouver-based social media agency, recommends advisers use LinkedIn to increase engagement with clients, build brand awareness, and generate leads.She says advisers should create a content calendar based on your audience’s needs and wants.–Strong Reminder To Advisers On Client ObligationsTreating clients fairly and...
2020-09-1504 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 9 September 2020CommissionMoving from a commission structure for financial advisers to a user-pays model “...could significantly reduce access to insurance advice for customers”, says an independent report on New Zealand's life insurance sector.Authors of the Deloitte report also say changing the way advisers are remunerated has the potential to further exacerbate the underinsurance issue in new Zealand.Client surveysFinancial advisers working with Partners Life should encourage their clients to take part in the insurer's customer care surveys, says Andries van Graan the firm's General Mana...
2020-09-0802 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 2 September 2020With a little over six months until 15 March 2021 and the start of the new regulatory regime, Katrina Shanks, CEO of Financial Advice NZ, looks the four key areas of change financial advisers need to consider.In an exclusive column published by Risk Info NZ Shanks covers off …New regime and licensing pathwaysQualification and competence during the two-year competency safe harbour periodDisclosure obligations - as outlined by the Government in JunePrivacy Act 2020 (coming into force on 1 December 2020)WebinarFinancial Advice NZ will provide a snapshot of the wealth aspirations of Ki...
2020-09-0104 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 26 August 2020A Dunedin financial adviser will have to return more than $370,000 to Asteron Life after the Court of Appeal agreed he was not entitled to all money paid to him under an income protection policy.Peter Taylor said he couldn't return the money having spent it on luxury cars and a holiday home.The court said Taylor did not meet the insurer's definition of totally disabled and had earned too much money to qualify for payments under the policy.AssistanceAsteron LifeAsteron Life, a division of Suncorp New...
2020-08-2503 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 19 August 2020Partners Life has forfeited more than $5 million in premiums as a result of its Covid-19 premium holiday support package.So far it has helped 4,800 customers with premium holidays, paid out more than $500,000 to policyholders whose policies were on a premium holiday, and paid financial advisers $500,000 in commission payments for policies that were operating under a payment holiday.The majority of financial advisers are finding it harder to place new business with insurers as a result of the Covid-19 pandemic according to the latest Risk Info NZ poll.Of the votes cast so...
2020-08-1804 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 12 August 2020Insurers Remain Cautious To New Business – ReportInsurers are taking a cautious approach to new business in the Covid-19 environment, says a report by advisory, broking and solutions company Willis Towers Watson.Its 2020 Insurance Market Update says that while New Zealand has been relatively unscathed by the pandemic from a risk benefits insurance perspective, insurers operating in the group life, income protection, and trauma markets are nervous.The report's authors write that economic impacts are likely to continue to lead to restructuring of business leading to job losses.Fidelity Life...
2020-08-1103 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 5 August 2020Speakers for the upcoming Financial Advice NZ conferences have been confirmed with a wide range of experts and thought leaders leading the pack.This year the conference is called Bounce and is being held at 4 location across New Zealand from September 21 – with all events also being broadcast online.Among the keynote speakers are Keith Abraham, Erik Qualman and political economist Dr Angus Hervey. Tickets are available now.Melanie PurdeyMelanie Purdey has been appointed Head of Aligned Advice at AIA New Zealand and will report to Sam Tremethick, the company's Chief Pa...
2020-08-0404 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 29 July 2020As New Zealand continues operating under Covid-19 Level 1, it seems an air of cautious optimism is percolating among financial advisers as they start to put the near total shutdown of the country behind them.Katrina Shanks, CEO of Financial Advice NZ, says there is no doubt financial advisers’ revenue was reduced during the Level 4 lockdown, but that today they are just getting on with business as normal.Read our special report – Mood of the Financial Adviser Nation - at riskinfonz.co.nzFMA ReturnsAmong the FMA’s priorities for th...
2020-07-2803 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 22 July 2020News for New Zealand financial advisers Hosted on Acast. See acast.com/privacy for more information.
2020-07-2104 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 15 July 2020Under the incoming regulatory regime industry regulator the FMA will look to financial advisers to detail their process for handling conflicts of interests, such as receiving gifts from product providers.An FMA spokesperson says there's no specific financial value threshold for disclosing gifts and that advisers need to consider what would be reasonable and provide appropriate levels of clarity.Advisers, says the FMA, already have an obligation to “…exercise care, diligence and skill and not act in a way that is misleading, deceptive or confusing”.Poll questionIn this week's...
2020-07-1403 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 8 July 2020Podcast News Wrap For 8 July 2020Lawyers at Dentons Kensington Swan are questioning the A, B, C class system for financial advisers proposed by the FMA.They say consumers could be confused by the system thinking someone with a class 'A' licence is somehow better than someone with a 'B' or 'C' licence. They suggest the licences be called: single adviser licence; a multi-adviser licence; and an unrestricted or comprehensive licence.The FMA is partway through its consultation on the incoming regulatory regime that starts in March 2021. Anyone wanting to have their say can...
2020-07-0704 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 1 July 2020A quality service mark for financial advisers is being proposed by Financial Advice NZ which is seeking feedback on the criteria and design for its ‘Trusted Adviser' accreditation.The organisation's CEO Katrina Shanks says that once the Trusted Adviser criteria is approved it will be available for qualifying members to use in the promotion of themselves to the public.Shanks says the Trusted Adviser mark is intended to be aspirational and if adopted will make it easier for the public to seek out quality financial advice.She says it will create a pathway to...
2020-06-3004 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 24 June 2020The Reserve Bank has approved the sale of AMP Life to Bermuda-based Resolution Life New Zealand, with one of the conditions being the creation of a trust to protect policyholders.The trust, says the bank, will hold capital and assets in New Zealand to help provide long-term security for insurance policyholder benefits or investments.The board of Resolution Life NZ will have a majority of New Zealand resident, independent directors.AMP says the sale will complete on 30 June 2020.AMP, which is to retain its Wealth Management business, will provide an update...
2020-06-2304 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 17 June 2020During a webinar organised by the Financial Services Council, David Ireland, a partner at law firm Dentons Kensington Swan, strongly suggested financial advisers start meeting some of the requirements of the incoming regulatory regime before it is introduced next year.He said financial advisers have at least nine months before ‘day one’ of the Financial Markets Conduct act, but they could start meeting the record-keeping requirements now.“It is no good telling the FMA what a good job you have been doing about complying with all you have to do,” he said. “You need to be able to...
2020-06-1604 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 10 June 2020Insurance firms and industry bodies say proposed changes to the Financial Markets Amendment bill are confusing and need to be changed before becoming before being made law.More than 50 submissions have been lodged with the select committee charged with looking at the changes – its first meeting is today – Wednesday 10 June.Among those calling for more time is Katrina Shanks, CEO of Financial Advice NZ. She says the the bill should be suspended for the foreseeable future to allow the sector overcome the impact of Covid-19.A view echoed by Richard Klip...
2020-06-0904 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 3 June 2020CEO resignsLife insurer Fidelity Life announced the resignation of its CEO Nadine Tereora last week. The Fidelity Life’s Board will start searching for a new CEO immediately.Chief Distribution Officer Adrian Riminton and Chief Financial Officer Simon Pennington have been appointed as joint acting CEOs as this is Tereora’s last week at the firm.Bonus commissionBonus commission rates of up to 40% will be paid to financial advisers selling AIA New Zealand’s Living products until September.The company had already increased its basic initial commis...
2020-06-0204 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 27 May 2020Thrive AdviceTwo FAP support service companies have been launched by Cecilia Farrow, founder of cloud software platform Triplejump. The companies are Financial Advice Provider Services and Thrive Advice.Farrow says advisers in the life insurance sector are looking for partnerships that will give them leverage and differentiation, whether this is supporting their FAP license or the ability to join a FAP license (Thrive Advice says it will hold a FAP).Hardship policiesFinancial Advice New Zealand has compiled a list of insurance company responses to the...
2020-05-2604 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 20 May 2020Podcast News Wrap for 20 May 2020The issue of adviser commission claw-backs was raised with the Minister of Commerce and Consumer Affairs Kris Faafoi during a webinar hosted by Financial Advice New Zealand this week.The organisation’s CEO Katrina Shanks is concerned clients will cancel policies to save money – due to the economic impact of Covid-19 – and insurance companies will claw-back payments in the months after government wage subsidies have ended. Leaving advisers without a safety net.Transitional LicencesThe FMA has approved almost 800 transitional licence applications, representing around 5,500 financial advisers, says t...
2020-05-1904 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 13 May 2020Cigna New Zealand has launched a new quote tool for financial advisers in what the company says is the first of a series of planned improvements to its systems.The firm has worked with advisers to build the policy quoting platform which also integrates with Cigna's admin system.The new platform launched Monday 11 May and any quotes already in the Cigna system will need to be accepted by 11 June 2020.Partners LifePartners Life is closing its Covid-19 premium holiday to new claims from Monday 18 May 2020....
2020-05-1204 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 6 May 2020The Risk Info NZ Podcast with Steve HartThis week RiskInfoNZ looks at how insurance companies are working to build long-term relationships with their customers.For example, AIA New Zealand is using its ambassadors, including Dame Valerie Adams and Ian Jones, to promote health and wellbeing via a series of TV commercials they recorded at home with their phones.An AIA spokesperson say the commercials encourage viewers to exercise and practice mindful breathing.Elsewhere, Fidelity Life carried out a survey of 1,000 of its customers to gauge the state of the...
2020-05-0504 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 29 April 2020Partners Life is hoping to reassure industry regulator the FMA that upfront remuneration systems do not influence the advice given by financial advisers to clients.The insurer says financial advisers are the “good guys” and that the industry regulator's concerns about upfront commission payments are unfounded, and that commission structures do not need to change.Partners Life is in the process of building a body of evidence to show that the upfront commission structure doesn't compromise the advice given.The FMA says it remains concerned about high upfront commissions being paid to advisers.
2020-04-2804 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 22 April 2020Welcome to the Risk Info NZ podcast for Wednesday 22 April 2020; my name is Steve Hart.The COVID-19 lockdown has forced the hand of some financial advisers to adopt systems so clients can sign agreements using their computer, tablet or smartphone.Dean Logan, Managing Director at Logan Smythe in Christchurch, says a sudden event such as the lockdown means you either stand still and do nothing, or embrace change.Look for our story – Digital Signatures Save Time and Money – at RiskInfoNZ to see how two advisers are getting business done with...
2020-04-2103 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 15 April 2020Risk Info NZ Podcast for 15 April.Government-backed LoansFinancial advisers looking for support from the banks to keep their businesses afloat during the lockdown are discovering the government-backed scheme is not quite as easy as it first seemed.While the government has agreed to guarantee 80% of any COVID-19-related bank loan to business owners, the remaining 20% of the loan has to be guaranteed by the borrower – and that could involve putting their home or some other asset on the line.Katrina Shanks, CEO of Financial Advice NZ, is sure many fi...
2020-04-1403 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 8 April 2020FMA Warns AdviserThe Financial Markets Authority has warned a financial adviser for making misleading claims in news-style advertorials about needing private medical insurance for the treatment and testing of COVID-19 in New Zealand.The advertorials failed to mention that emergency treatment and testing for the virus is free.The FMA told the adviser to take down the posts which appeared on Chinese-language social media platform WeChat.Liam Mason, the FMA's director of regulation says advisers need to remember their fair-dealing obligations under the Financial Markets Conduct Act which prohibit misleading...
2020-04-0704 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 1 April 2020A weekly round-up of industry news for financial advisers working in New Zealand's insurance sector. Hosted on Acast. See acast.com/privacy for more information.
2020-03-3104 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 25 March 2020RiskInfo NZ Insurance News Hosted on Acast. See acast.com/privacy for more information.
2020-03-2405 minRiskinfoNZ Weekly News SummaryPodcast News Wrap For 18 March 2020RiskInfo NZ Insurance News Hosted on Acast. See acast.com/privacy for more information.
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RiskinfoNZ Weekly News SummaryPodcast News Wrap For 11 March 2020RiskInfo NZ Insurance News Hosted on Acast. See acast.com/privacy for more information.
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