Allfinanz Sets Standards In Financial Advisory

12 July 2001

Allfinanz Brand Sets Standards In Financial Advisory Market

Financial services company, Sovereign, aims to create an impact in the financial advisor market with the relaunch the Colonial franchise channel under the new brand name, allfinanz.

The allfinanz brand is another result from the groundbreaking alliance between Sovereign and Colonial, which takes the best from both companies to meet the needs of a rapidly changing market. Talks between the franchise channel and Sovereign resulted in an agreement to relaunch the brand into the market with a view to create new standards.

The allfinanz brand will impact largely on the financial advisor market as it sets a high level of standards on all aspects of operations.

David Haak, Director of Distribution at Sovereign, says the relaunch of allfinanz is another example of Sovereign driving change in the market to lift standards of industry performance.

“Our belief is that the allfinanz franchise can be an outstanding provider of quality advice. In relaunching this channel, Sovereign is the only financial services company that has acted to set agreed standards for financial advisers”, Haak says.

“To ensure these standards are upheld, we are appointing a Standards Manager who will be available to work in each practice at least once a year. The allfinanz Standards Manager will help to enhance operating systems and performances, working in much the same way as an auditor would with a public company.

“Current trends in Australia and the UK reflect that financial planners are industry regulated much more strictly than in New Zealand. However, in keeping with these trends, we believe that there is a strong possibility that formal industry regulations will come into being in New Zealand in the future.

“If such regulation does come into being, Sovereign will be well prepared. We’ve taken the voluntary step to go down this track by proactively formalising our own high standards.”

The allfinanz brand and logo was officially launched today by top Sovereign and industry representatives at a function in Taupo.

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