Gould Wealth Management (GWM) has entered into an agreement to join forces with leading
Why are we joining forces with Spicers?
When GWM was formed the clear objective was to quickly stabilise the business by firstly providing clients with a coherent investment strategy, secondly building a governance framework that ensured clients investments were safe and thirdly endeavouring to grow the business to a sustainable size in the New Zealand market.
We have come along way towards achieving the first two objectives. However the significantly changed global and domestic investment market has forced us to look closely at the needs of our clients and how we can best serve them in today’s economic climate. The question we have asked is whether we are able to offer the best adviser service in
The answer was, not alone. We have therefore looked at a number of options, including purchasing other advisory businesses, and formed the view that a merger with an organisation that holds similar values and has the scale to further enhance our service offering is the best solution for clients, staff and shareholders.
Spicers were chosen as the best partner from a number of competing advisory firms within the
The merger of GWM and Spicers is not just a sale of the business, but a combination of our business with Spicers so we can enhance our service for all of our clients. George Gould remains committed to the business. He will remain a Director of GWM and will accept a role on the Board of Spicers.
The benefits for our clients
GWM clients stand to benefit from the fact that Spicers is a successful financial planning firm with more than 20 years experience. Spicers provides stability, a proven and trusted independent investment approach and a large nationwide network. Clients will have access to Spicers investment research, management and governance expertise while retaining the unbiased approach offered by GWM.
As part of our discussions with the management at Spicers, we have raised the issue of the impaired assets held is some clients portfolios. Recognising the exposure that some clients have to finance company assets in moratorium or receivership, Spicers is proposing the appointment of a dedicated resource whose role will be to focus on working with Trustees, Receivers and any other relevant parties to provide better communication and resolutions for investors. This will be known as the Distressed Debt Support Team and is an example of the resource commitment that can be made possible by a larger organisation.
Who are Spicers?
Spicers is a familiar name in the New Zealand market with a 20-year track record providing advice to more than 6,000 New Zealanders with over $1.2 billion of investments. Since 2001, Spicers has been owned by AXA New Zealand, part of the AXA Group, one of the world’s largest and most recognised financial services companies. To find out more go to www.spicers.co.nz.
Spicers understand and highly value the fact that their clients place them in a position of trust and confidence. As advisers, Spicers personal integrity is critical and they place their clients’ best interests first. To maintain the highest possible standards, Spicers has deliberately and carefully woven industry best practice standards, and a robust code of ethics, into their daily activities. These practices are comprehensively reviewed on an on-going basis by their best practice experts in a process of continual challenge and improvement.
A testament to this rigorous process is the fact that throughout the collapse of many NZ finance companies and the global credit crisis, Spicers maintained full investment portfolio liquidity for their clients. In fact, they were warning their clients of potential problems with these investments as far back as 2002. Spicers are one of the few financial planning firms that steered clear of all failed finance companies.
Demonstrating Spicers commitment to quality financial advice, they have been invited to join the Ministry of Economic Development’s working group that is reviewing how new regulation can be best applied to better protect consumers in light of recent industry issues. Spicers are working closely with officials and sharing insights into industry best practice to help enhance the profession and ensure New Zealanders seeking advice are properly looked after.
The next steps
The most important step is to ensure that clients have the opportunity to ask questions and discuss what Spicers can offer. Spicers offer a comprehensive portfolio management service providing clients with choices between fully managed investment accounts and more specialised services which allow investors to select from an extensive range of investment options.
There will be no immediate changes to GWM portfolios and in the meantime the current GWM advisers are available to answer any questions clients may have.
Over the next few weeks, we will be inviting clients to attend a client road show where they will have the opportunity to talk to the GWM Management, Spicers CEO Gordon Noble-Campbell and AXA CEO Ralph Stewart.
Invitations to the road show will be sent shortly, below are approximate dates for when we expect to be in each region so you can make space in your diary to attend:
· Mon 23 March Invercargill and
· Tues 24 March
· Wed 25 March
· Thur 26 March
· Fri 27 March Whangarei
· Mon 30 March New
In the meantime all GWM staff are avaialble to talk to clients with any queries or concerns.