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Quota’s, incentives, and Moneyworks withdrawal from offering mortgage advice

Background In 1997 when I set up Moneyworks, there were very few options to operate in an ‘independent’ manner.  After a lot of research, I selected AXA (for insurance) and Armstrong Jones (for investment) as the two key providers for our clients.  The respective decisions were made on their competitiveness for our target clients, and their low cost, high returning innovative investment solutions. Both of these agreements had ‘quota’s associated with them.  We had no difficulty fulfi...

Are these the best kids test answers ever?

This article is from the Daily Mail in the UK via the NSZ Herald.  A little bit of light relief.  These are my favourites (Actually that was hard as there are some classics, but I managed to get ti down to three) ...

Global Investment Indexes outnumber Mongolians – what does this mean for monitoring your investments?

Over the last ten years, the number of ‘index’ products has ballooned. An index, an artificially constructed conglomeration of shares that can be used as a benchmark for investing. ...

Travel insurance is pretty important stuff

When our clients discuss their travel plans, we are pretty heavy handed on insisting that they put in place travel insurance (and good quality insurance too).  Your credit card insurance might be good quality – read the wording and policy document. It is vital that you know the rules of your travel insurance. In particular, if you have any pre-existing conditions that might affect your cover, you need to contact the travel insurance company and let them know. It will probably cost you more m...

So... how long are YOU going to live for?

Many of my parents friends are in their mid 80’s and only now starting to suffer from illnesses.  These people were born in the late 1920’s and during the 1930’s, when life was different, getting chores done was far more physical than today and medical care was not as developed as now.  Yet, they are continuing to thrive, many for a lot longer than they anticipated. As we learn more about health and fitness, and nutrition, we are likely to live for longer (even with the counterbalancing...

What might your retirement look like – the three stages of retirement

When we are creating our Retirement Savings Analysis for our clients these days, we calculate how long your money is going to last based on the assumptions of saving and spending that you establish with us. As you are likely to live longer than you might think, we make sure that this information shows you the impact of you living to 95 or even 100 years old. It used to be that you could count on living for 15-20 years after the age of 65, but we are living longer and longer now.  But we arenâ€...

Your health and your financial planning

Although part of a full financial planning process involves looking at the role of your insurances in achieving your goals this is NOT what I want to talk about today.  I also don’t want to talk about how mis-managing your money can cause you stress and affect your health (When I googled health and financial planning ALL the articles that came up – in three different searches were about this topic.) I want to discuss how your goals and dreams can get derailed, even if you do have enough mo...

Some entertaining tennis videos/ads

Roger Federer and the Robot (and of course Jura coffee) This one is always a good one to make you laugh. Roger Federer and Rafael Nadal cant stop laughing when they are trying to record a promotional vido. And Roger Federer again, this time with Nike   Finally - if you are enjoying these - here is a link to a whole lof of ads and videos (many of them starring Roger Federer) https://www.followyoursport.com/article/41854/funny-tennis-videos-players-in-commercial-ads/ ...

Taking a break from reality - the Australian Tennis Open

I can’t recall the rationale that we used, when we first went to the Australian Open Tennis in Melbourne in 2007, for choosing which days to attend, but it has worked well for us.  After going to the tennis every year for five years, we took a long break, until deciding that 2018 was the time to return to being an in person spectator. If you haven’t watched professional tennis in person, it is difficult to explain how different it is to watching it on TV.  While good commentary on TV (and...

Tennis, Business and Money

When Peter and I attend or watch sports we make a great team. Peter is passionate and knowledgeable about the sports side of the contest, and I am fascinated by the business of the sport.  The professional tennis world is a huge business world. In our seven years absence from the Australian Tennis Open, the business side has become even more commercial and lucrative for the organisers and the stars. The prize money (which is the same for both men and women) has increased dramatically from 2007...

5 tips on how to be better with money in 2018

The start of the year is the time of New Year Resolutions, and we all know how easy those are to break. So instead, why not take this time and change the way that you deal with your money? One of the tricks that our clients have - is that by working with us each year, they have an annual check in - and an accountability to themselves, through that annual review meeting with us.  ...

What is your money personality?

Understanding how you interact with money will help you with managing your money - whether by yourself or working with a life partner. Sorted has money personality quiz, that it is worth taking the time to complete.  Check it out at Sorted Money Personality Quiz. I completed the quiz to see how realistic I thought it was - and am pretty comfortable with my results. Of course, they are influenced by the fact that I live and breathe the world of money and finance and talk to people about money ...

A financial to-do list

We all know how easy it is to procrastinate about money things. Here is a checklist of things that it might be time for you to review and sort out: ...

The impact of money on your relationship

Over the 21 years that we have been working with clients, we have discovered that our most successful clients are those that also have a great relationship - with themselves and with their life partner. How you think about money and more particularly how you discuss money can have a huge impact on the success of your relationship. Money can be hard to talk about . ...

Make sure that you and your loved ones AREN’T hit by a scam

One of the benefits of working closely with a financial planner, is that they are there to answer any of your questions about financial offers that look interesting.  As well as pointing out the risks and costs and lack of liquidity of offers, because we live and breathe the investment and financial world, we tend to be able to spot a scam immediately. However, for people who don’t have those kinds of relationships, the risk of being hit by a scam can be very real.  The FMA has just release...

FMA KiwiSaver Tracker Tool

This website is operated by Moneyworks NZ Ltd and is not endorsed by, or affiliated with, the New Zealand government or Inland Revenue. Moneyworks NZ Ltd is using the KiwiSaver trade mark and logo under licence from Inland Revenue. To view the official New Zealand Government KiwiSaver website, please click Here. ...

Confuddling and confusing the scammers

I have a system now for my spam and scammers, I have a well trained inbox that sends my spam straight into it (and every now and then something that isn’t spam).  About 3 times a day (if I am in the office all day), I check it to make sure that something didn’t accidentally get in there and delete everything else. It is a pain, but it is better than the alternative, clicking on something by mistake and being harassed. ...

What does the internet know about you?

It's no surprise that the internet collects a great deal of information about all of us.  As well as knowing what your risks are with cyber security and taking steps to protect yourself, it is important to understand what your privacy settings are. There are a number of ways that you can check what the internet knows about you - we have given you some links below. ...

Elder Abuse (including financial abuse)

When we talk to financial advisers or go to conferences in other countries, the topic of financial abuse of elders comes up regularly.  Sadly will happen more often as our population ages and lives longer. Although there isn’t a high profile about this issue in New Zealand we regularly see articles in the media (in the court news area) about older people who have been taken advantage of by unscrupulous people. While we sincerely hope that none of our clients are in the situation where they a...

Why?

At a recent conference, one of the key note speakers was Carl Richards.  You probably won't have heard of him (we hadn't), but he has a weekly column in The New York Times - it is titled 'The Sketch Guy'. He used to be a financial planner, and found himself drawing this little sketches to explain basic concepts to clients.  The New York Times picked up on this and got him to do his weekly column and he now works with financial advisers, sharing ideas and training them on running their financi...

Corruption, money laundering and Brazil [video 4:48]

As financial advisers, we are required to comply with the Anti Money Laundering and Countering Financing Terrorism legislation (AML-CFT).  This is why we regularly need proof of our clients identify, proof of residential address and proof of source of your funds.  At times, it seems like a waste of time, but when you understand how corruption really does work, we realise that although we are a tiny cog in the global wheel, every little bit counts.This four minute video from the Economi...

What are some of the important changes to the Trusts Bill?

As outlined above, it is vital that you understand what your responsibilities are as a Trustee.  Some of these duties might surprise you, particularly the fact that Trustees decisions need to be unanimous (unless your Trust Deed says otherwise), that you must act in the interest of all beneficiaries, and that you need to understand the Trust Deed. If you want to continue operating your Trust and you are going to be a Trustee, we strongly recommend that you learn more about your responsibilitie...

Changes to Trust law – Trust Bill -why do you need to know about this?

This is relevant to you if you are a Trustee or Beneficiary of a Trust, have considered having a Trust, or know someone who is a Trustee of a Trust. In 2016, I studied the third year compulsory law paper ‘Equity and Succession’.  As well as covering the different issues with wills, we studied the detail of the various types of trusts – express/discretionary trusts, resulting trusts, constructive and charitable trusts. From the creation of trusts in the Commonwealth legal system in the 14...

Financial Planning - Infographics and Columns

Every two weeks, we have a column in the Cambridge News newspaper, addressing issues that our clients ask about and that we cover in our financial education seminars.  We have shared these with you below. ...

How do criminals make money from disasters?

Since the beginning of 2016 we have been highlighting cyber risks with our clients, with a focus on protecting your assets and finances by having good cyber security. With Hurricane Harvey, Hurricane Irma, Mexico’s earthquake all top of mind, the article from the Economist highlighting how criminals make money from disasters struck a chord.  The link is below, but to summarise, here are some of the ways that criminals take advantage of disasters to make money for themselves: Phishing scams r...