This week marks the start of a new era of co-operation between SHARE NZ and Newpark. We are delighted to have this opportunity to work with you, your businesses, and our team at Newpark. Most importantly we wish to reiterate that from our perspective, it is business as usual for Newpark. First of all we would like to acknowledge Darren and Adele Gannon for the enormous contribution they have made to our industry and for the lifetime of work they have put in to making Newpark the company it is today. We wish them both well for the next adventures
Same brand. Same people. Same values. Newpark is now proud to be partnered with the ShareNZ group to bring financial Advisers more choice, more options, and more independence under regulation. Rock on 2021.
Never before has your choice in an Adviser group been so important, or confusing. Whether you are a sole operator, or part of a bigger operation, the new regulatory regime means you and your business will face a multitude of new challenges. We recommend that Advisers that currently have their own clients and operate as a standalone business consider becoming a Financial Advice Provider (FAP). This enables you to control your destiny, potentially maximize revenues, and run your business the way you want to, within the confines of the new regulatory regime. Above all else that means having a proactive
The first major reform to trust law in the lifetime of most New Zealanders will occur on 30 January 2021 when the Trusts Act 2019 comes into force. All Advisers will need to come up to speed with the new provisions and Newpark will assist by providing Zoom study group sessions facilitated by Perpetual Guardian. The Trusts Act 2019, which comes into force on 30 January 2021, is the first major trust law reform in New Zealand in 70 years. Many of the key changes are aimed at making trust law more accessible to both Advisers and the public, strengthening the ability of beneficiaries
We are all getting excited about a well-earned Christmas break. The team at Newpark have worked hard this year to bring you quality learning opportunities, regular licencing communications to help you understand your obligations, Headspace, Conference and a number of webinars to motivate your progress towards securing your future as an Adviser. All of this in addition to the regular work we have tried to sustain for you. As I've heard many of you are leaving for your break soon, I wanted to take an early opportunity to say we have absolutely loved every minute of getting to know many of
Speaking at the TMM Better Business Conference in Auckland this week, most groups in attendance said the demands of the regime would require extra costs to cover audit and compliance. Groups gave varying estimates of the potential impact. Andrew Scott of Newpark Home Loans said Newpark had conducted “financial modelling” to assess the cost for advisers working under a group FAP. Scott claimed the new regime would cost advisers an additional $21,000 per year under a group FAP. Scott said: “That’s a conservative estimate, and not to make a profit, but just to break even. If you come under someone
Newpark has taken a stand to support the autonomy of its Advisers to run their own businesses their way, control their own costs of compliance, and be trusted to raise the standard of their own practices and processes from which they receive their incomes. Newpark has announced, at its conference Friday, three initiatives aligned to support Advisers in the new licensed environment. The dealer group believes its members should be Financial Advice Providers (FAPs) than than the group being the licensed entity. Chief executive Melanie Purdey says Newpark will roll out an administration hub in the New Year that will
Mortgage advisers could find their selection of available lenders limited by their financial advice provider under the new regulatory regime, Newpark’s Andrew Scott has warned. Newpark Home Loans general manager Andrew Scott believes group FAPs, with responsibility for diligence on lenders, are likely to have an “approved product list” for their advisers, controlling who they can place business with. “Advisers may join a group thinking they have open access to every lender, but they might be in for a shock, and there could be restrictions on what they can and cannot do,” Scott says. Scott believes group FAPs will be