Outside the lush greenery is wilting while colourful changing leaves make autumn a scenic delight.
“The Only Thing That Is Constant Is Change ” - Heraclitus
As advisers we see change every day in the life of our clients – and this often means that plans need to be reviewed and re-evaluated. We know that advice matters and so everything we do is advice orientated.
Over the last few years there has been an increasing regulatory focus on the role of financial service providers – like banks, insurers and advisers. This is continuing into 2019 and soon there will be a new Code of Conduct for all – with the first code principle being that the clients’ interests are paramount. You will be comforted to know that this principle has always been the view of SHARE and SHARE advisers.
Earlier this year the Reserve Bank of New Zealand and the Financial Markets Authority released a report on the culture and conduct of the financial services sector. It has given participants to the end of June to respond to how changes are being made to the culture of the organisation.
As SHARE advisers, we are very supportive of these changes, and welcome the long overdue reviews, which will hopefully drive the outcomes we are all looking for. You can expect some changes in the advice process, but fundamentally we have been following the recommended processes for over a decade.
The hearings and subsequent report of the Australian Royal Commission into Banking, where last year evidence was provided of poor outcomes for clients, have already driven some surprising results. OnePath has been sold by ANZ to Cigna. AMP has split its business into Fund Management/KiwiSaver, and Insurance, with the intention of selling its insurance division. CBA, Commonwealth Bank of Australia, parent company of the ASB, have sold Sovereign to AIA.
It is some years since there has been such change in a short space of time, and there is more to come. Change is certain. But so is the support and confidence that comes with having SHARE assist you with advice, and we as an organisation are excited about the continuum of change and the benefits that will bring to you, our valued client.