DecisionMakers is proud to announce that we have a new adviser joining our team, Phil Armstrong.
Phil is an experienced Authorised Financial Adviser (AFA) specialising in investment portfolio management. Phil has been in the industry since before the Global Financial Crisis and has successfully guided clients through these volatile times. As an independent Financial Adviser Phil provides unbiased advice, prioritising his clients’ interests and needs. Prior to forming DecisionMakers (Western Bay) Limited, Phil worked both locally and internationally with Fonterra, Diversified Investment Strategies Limited and Fisher Funds. Phil has a real passion for providing expert financial advice and investment results for his clients.
Phil is available to see clients throughout the Western Bay and beyond.
Sorry this is belated, but congratulations to Frank who won the book Ready for Anything. We hope is it providing some great information and that you find the answers to questions you have. Frank was presented the book by one of our Auckland advisers, Colin Austin.
The first list to look at is the IFA website (below). IFA members must meet professional standard that are over and above the regulatory requirements. You can also try the advanced search that allows you to select a ‘CFP’ accredited advisor who has achieved an even higher certification.
A CFPCM (Certified Financial PlannerCM) Member has advanced competence as a comprehensive financial planner by completing:
- Minimum of three years industry experience
- Vocational training (the current requirement is a Certificate in Financial Services, equivalent to six months’ full-time learning)
- An approved Graduate or Post-Graduate Diploma, equivalent to a year’s full-time university study
- One years’ approved supervision
- A final Case Study based Certification Examination
You should also check that your adviser is listed on the Financial Service Providers Register (FSPR). By law, ALL financial advisers must be listed here. You can search by the name of your adviser, or their company name. This list also details what services each adviser is able to provide.
If your adviser is not listed on both of these lists, you should ask them why.
Please call or email DecisionMakers if you have any questions.
CFPCM and are registered certification marks and CERTIFIED FINANCIAL PLANNERCM is a common law certification mark owned outside the U.S by Financial Planning Standards Board Ltd. Institute of Financial Advisers is the marks licensing authority for the CFP Marks in New Zealand, through agreement with FPSB.
As a financial adviser I get questions all the time about inheritances, wills vs trusts etc, this book will give you a good grounding to see a lawyer or financial adviser and be able to ask the right questions.
So, if you would like to win the book below (posted only to New Zealand addresses), please write email email@example.com with your address details and the name of a town/city we have an office in and we will draw a winner on the 3rd of November.
This book is an excellent guide to all sorts of issues that affect your finances, and those of people around you. If you are in the position of having your parents nearing retirement, in retirement or you are heading that way yourself I am sure that there is lots of information you can use.
Donate some shares to support New Zealand registered charities
Shares for Good has been established to provide a charitable home for unwanted shares and a place for those wanting to donate shares to benefit charities in New Zealand.
Many people have small shareholdings that are more bother than they are worth, keeping or selling. Just imagine the power those shares could have when combined… collectively they would make a real difference to non-profit organisations.
Shares for Good is a pro-bono collaboration between JBWere, NZX, Computershare and Link Market Services. 100% of proceeds from the sale of your shares goes directly to the recipient charity.
Note from Tanya:
I often find people with small packets of shares that are too small to sell and too much paperwork to keep, so this is a great option to do good and get rid of unwanted paperwork.
Some of the migrants who have settled in New Zealand receive pensions from their country of origin. In many of the Double Tax Agreements (DTAs) that New Zealand has with other countries, the sole right to tax pension income rests with the country in which the recipient is a tax resident of (generally this is the country in which they live). This can create tax issues if the foreign payer of the pension deducts tax at source.
To illustrate; Bert used to work for the National Health Service (NHS) when he lived in England. Bert now lives in, and is a tax resident of, New Zealand. He receives a pension from the NHS. Tax is deducted at source in the UK. For the past seven years Bert has returned the pension as income in his New Zealand tax return and claimed the tax deducted at source in England as a foreign tax credit.
In terms of the New Zealand – UK DTA, New Zealand has the sole rights to tax Bert’s NHS pension. Inland Revenue is increasingly enforcing the terms of the DTA and disallowing tax deducted at source from pensions as a foreign credit. Bert has to pay tax in New Zealand and then claim back the tax deducted at source in the UK. It is possible that Bert may be able to apply for the refund from the UK and when this is received pay that to Inland Revenue rather than pay New Zealand tax and then obtain the refund from the UK.
Applications can be made to stop tax being deducted at source on UK pensions, which avoids the problem going forward. The UK payer, however, will continue to deduct tax at source unless a claim to exemption is submitted and approved by the UK Inland Revenue.
If you receive overseas pensions, or have interests in such schemes and are yet to draw a pension, the writer strongly recommends that you check with an appropriate advisor to check that you are applying, or will apply as the case may be, the correct tax treatment.
Murray McClennan is the Principal of Tax Central Limited, a specialist tax advisory firm. He can be contacted at firstname.lastname@example.org. The above comments are of a general nature only and are not a substitute for specific advice.
Tanya from the DecisionMakers team in Tauranga took part in this with her family on the weekend. The final tally hasn’t been made but is so far over $5,000, so a great effort, particularly given the weather and the severe rain warning. But as it was pointed out, “the walk will be going ahead no matter what the weather. So wrap up warm and feel the breeze in support of MND. it’s not just a ‘walk in the park’…it’s a walk to D-Feet MND and raise awareness of this disease.”
Despite heavy rain warnings across the Bay of Plenty more than 100 people put on their raincoats and sneakers to ‘D-Feet’ Motor Neuron Disease today.
More than 100 people turned out to support the ’Walk to D-Feet MND’ today. Photos by Daniel Hines.
Organised by Motor Neuron Disease Bay of Plenty, the associations ‘Walk to D-Feet MND’ is the region’s first fundraising and awareness walk towards the disease currently affecting 28 Bay residents.
The 100 or so people walked from Memorial park to The Strand in the pouring rain this morning to raise awareness of the crippling disease.
The Motor Neurone Disease website reports the disease is when nerve cells, or neurones, controlling the muscles that enable people to move, speak, breathe and swallow undergo degeneration and die.
“With no nerves to activate them, muscles gradually weaken and waste away, causing loss of limb mobility, speech difficulties, swallowing and breathing.”
MND Bay of Plenty chairperson Jan Fraser-McKenzie says the walk looks to raise the awareness of the disease and the considerable strain it places on both the person and their family.
To make a donation, visit www.fundraiseonline.co.nz/WalktoD-FeetMND.
WALK TO D-FEET MND
They are holding their first ever BOP fundraising and awareness walk at 11.00am on Sunday 9 June.
Attached are some posters you could print to spread the word, or feel free to forward this email on to your friends and family.
To register for the walk, this is the link to the web page:
If you are unable to attend the walk, please consider donating at http://www.fundraiseonline.co.nz/WalktoD-FeetMND
Note from Tanya: I have personally lost a Nana and friend to this disease and will be walking to support this worthy cause.
One of my good friend’s is an accountant, importantly a Chartered Accountant. She has just finished reviewing a couple’s accounts and discovered that due to their previous accountant not being a member of the Institute of Chartered Accountants some very important information had been missed and the client is now due for a substantial refund.
Don’t take accounting for granted, with the the constant law changes, particularly around rental property and investments, make sure you get good advice from a qualified professional, so you don’t have to go back and fix it later… This usually costs more than paying a qualified professional to do it in the first place.
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We look forward to you having a prosperous year that is filled with your goals/resolutions being achieved.
I went to a seminar last year where a very busy man said that the way he runs his business is by doing a “six by six”. This was intriguing to me (who has a very short attention span), and I decided to listen. The six by six involves setting six achievable goals for the next six weeks, one per week.
With this in mind I have set my six, and already achieved by first in the first week, I will let you know how I go as I continue. The thing I like about this concept is that it is achievable, I NEVER achieve goals I set that are for a year, too much “stuff” happens in the middle and I lose my way.
So, I challenge you, try the six by six and see how you go, so every six weeks you set another six goals, they must be achievable, that is the key.