Newpark sets up support team

The group's adviser support and services team (ASSET) will launch on February 3. It will help advisers "separate the service demands from the advice or sales function so compliance ceases to become an impediment to an adviser having meaningful advice discussions with as many New Zealanders as possible,” CEO Melanie Purdey said.

Newpark's ASSET team is made up of insurance and mortgage professionals who are experienced with New Zealand-based providers and local regulations, the group said. It will be a "local NZ resource", the group added, and will "stay in advisers' immediate control and time zone". 

ASSET will be led by Rae Trowell, who has 30 years’ experience in the NZ financial services industry.

Trowell says advisers who use the service will not be required to change their CRM systems "so their data remains in their control as well".

CEO Purdey said the ASSET team would help small businesses navigate their way through the compliance demands of the new regulation.

“We recognise that a number of larger advice businesses enjoy the luxury of scale that makes hiring full-time administrators and training them make sense for them. Smaller scale advice practices don’t always have the time and resource to make this happen, particularly for skilled people who are only seeking full-time employment. We can manage that without risk for them.” Purdey says.

Newpark's adviser members will be able to tailor how much of the support and services team they use, allowing them to control costs. There is no flat fee for using the service, the group said.