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Russell Hutchinson
Auckland
I'm the principal the Chatswood Consulting Limited, live and work in New Zealand.
Interests: Family, financial services management consulting, living a good life in New Zealand. I love to read, run, work out, and soon I may admit to gardening.
Recent Activity
Client base sales can sometimes go awry. Here are a list of agreements and agreements issues that may arise. Types of agreements Full settlement + pay backs Deferred portion and wash up Complex - which may involve transfers of other... Continue reading
Posted 2 days ago at moneyblog
In a video message Naomi Ballantyne has provided an update on various changes due to the current COVID-19 crisis. This message covers premium increases, premium suspensions available for current clients, changes to what is offered to clients in the pipeline,... Continue reading
Posted 3 days ago at moneyblog
Most of the people I know have had a very busy few days - apart from those that were already in self-isolation. The small business buyer wasn't at Pak N Save - they were at PB Tech. Not everyone is... Continue reading
Posted 3 days ago at moneyblog
Sharon Corbett, Manager Financial Markets Policy, at MBIE has made the following announcement: The Minister of Commerce and Consumer Affairs has agreed that the start of the new financial advice regulatory regime set out in the Financial Services Legislation Amendment... Continue reading
Posted 4 days ago at moneyblog
As most people cancel their life and trauma insurance before retiring, the majority of life and trauma policyholders are younger and more likely to survive COVID-19. For this reason, life insurers are not expecting an increase in claims as a... Continue reading
Posted 4 days ago at moneyblog
The FMA has confirmed a list of essential financial services, worked out in conjunction with the council of financial regulators in a recent statement: The Government has confirmed that financial services are essential services that will continue operating when New... Continue reading
Posted 5 days ago at moneyblog
Cigna has made the decision to no longer accept new applications on redundancy cover in the next three months. Cigna CEO, Gail Costa has said that people with existing policies will be entitled to make a claim after the 180-day... Continue reading
Posted 5 days ago at moneyblog
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It has long been reported that New Zealanders have high life expectancy. We know the leading causes of health loss, but we do not know how severely COVID-19 will affect the the health of New Zealanders. A good view of... Continue reading
Posted 5 days ago at moneyblog
I am glad to confirm that we have now completed the shift to remote working for the Chatswood team. Of course, for several of our team (Rob, Shaun, Wanyi) this is the usual mode of operation. For Fran, Kelly, Jerusalem,... Continue reading
Posted 6 days ago at moneyblog
The FMA has indicated that implementation of the new licensing regime will be delayed. That's a relief. Now advisers can focus on helping worried customers - everyone seems to be asking if insurers will pay out life policies if someone... Continue reading
Posted 6 days ago at moneyblog
The FMA is encouraging advisers to keep helping their clients: The Government has confirmed financial services among its list of essential services that need to continue to operate when New Zealand moves to Level 4 in its COVID-19 response. Financial... Continue reading
Posted 6 days ago at moneyblog
It would probably be helpful if FSLAA implementation were delayed as well. Not just for insurance advisers, but for our community as a whole. During an event in which there is a heightened consciousness of risk insurance companies and advisers... Continue reading
Posted 7 days ago at moneyblog
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We worked alongside Kurt Owen of Base to offer advisers insight into the factors considered when determining the value of an adviser’s client base and overall business. Click here to understand what does into an accountant’s valuation of a client... Continue reading
Posted 7 days ago at moneyblog
A common way to help a younger (and often, less wealthy) adviser buy your client base is through vendor financing. Often the loan is secured against the client base. Which sounds fine. In fact it was fine, back when all... Continue reading
Posted 7 days ago at moneyblog
Take all necessary precautions, and follow health advisory. Then get back to work. That's not a selfish message - as much as possible it is important that people can keep as much econmic activity going during this tough period. Although... Continue reading
Posted Mar 20, 2020 at moneyblog
Nick Stanhope, CEO of AIA, has made this media announcement confirming COVID-19 cover and to follow government guidelines: As a valued partner of AIA New Zealand, I want to ensure you remain informed about the developing COVID-19 situation, and our... Continue reading
Posted Mar 19, 2020 at moneyblog
Effective from 18 March Fidelity Life have closed new applications for Redundancy cover. Due to the significant impact on the economy the virus is likely to cause it is likely to lead to an increase in redundancies and therefore in... Continue reading
Posted Mar 18, 2020 at moneyblog
As a general introduction - read the goodreturns article at this link: https://www.goodreturns.co.nz/article/976516505/partners-life-to-pay-override-commission-to-advisers.html I shall add a more detailed discussion in the commission comparison quarterly to be released next week. Continue reading
Posted Mar 18, 2020 at moneyblog
RBNZ announcement today puts a whole raft of changes on hold for a period. Are the FMA and Minister considering something similar for the wider financial services sector? The RBNZ announcement is available at https://www.rbnz.govt.nz/news/2020/03/regulatory-relief-to-provide-headroom-for-customer-focus-and-risk-management Continue reading
Posted Mar 18, 2020 at moneyblog
The International Accounting Standards Board has made this announcement - to the general relief of insurers in New Zealand: The International Accounting Standards Board (Board) has completed its discussions on the amendments to IFRS 17 Insurance Contracts that were proposed... Continue reading
Posted Mar 18, 2020 at moneyblog
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Every quarter nib reviews health insurance premiums and they have announced the following changes for April- June 2020. Premium changes for current members: Continue reading
Posted Mar 17, 2020 at moneyblog
Max Roser and his team at Our World in Data has what I think is the best collection of data, sources, and visualisations gathered in one place. A great input for the modelling you may be doing - this is... Continue reading
Posted Mar 16, 2020 at moneyblog
Asteron Life has recently made a number of changes to IP options based on SME research and also adviser feedback. See more details from them below: Ability to Mix and Match different Income Protection options One enhancement we made was... Continue reading
Posted Mar 16, 2020 at moneyblog
Numerous advisers have written to me about MBIE's consultation on the FMA fees and levies. In essence, they have spotted that the paper either calls for an increase based on the current approach, or an increase in the portion recovered... Continue reading
Posted Mar 16, 2020 at moneyblog
Partners Life has made an announcement reassuring clients and advisers about the potential impact of Covid-19: All of our products provide guaranteed terms and conditions, meaning existing clients maintain their current coverage irrespective of the impact of COVID-19. In the... Continue reading
Posted Mar 15, 2020 at moneyblog