Property Investment
3 min read
This week, Opes has some special visitors: the Financial Markets Authority (FMA).
That's the government agency that regulates financial markets.
And no, this isn’t bad news. I’m genuinely excited they’re here.
Now, you might think it's really strange to say, “Hey, we've got the government coming in to monitor us…”
You’re not the only one.
Most companies don't share when the FMA visits.
Why? Well, if we say "the FMA is coming to see us", you might think we’ve done something really wrong.
In the financial world, people often associate government monitoring with wrongdoing.
But here’s the reality:
1. This is a routine visit – The FMA does these all the time.
2. We believe in transparency – We’re proud that NZ has a government agency that looks out for investors
I pay tens of thousands of dollars every year to compliance companies. They review us to make sure we're doing the right thing.
This is the first time we've ever had monitoring … and it’s free (I mean … technically it’s not free … since they’re a government agency. So they’re funded by the NZ tax-payer, so technically – thank you!)
The Financial Markets Authority (FMA) enforces financial laws in New Zealand.
Yes, they are the ones who investigate fraud and misconduct.
But they also routinely visit financial advice companies to check they’re doing the right thing.
The FMA helps Kiwis keep their faith in our financial system. They're here to protect you. So, I see this as a good thing.
They’re reviewing a lot of what we do.
I've talked to them about the podcasts and what we can do to make sure we're giving away solid info.
Ed's talked to them about our spreadsheets and the financial models that you get to use as an investor.
Ollie (my other business partner) has been talking to them about managing conflicts of interest. i.e. how we make sure we always put you first.
They’ll also provide recommendations on how we can improve. I look forward to those.
I just want to build a great company ... and I think their recommendations will help me do it.
There are three big reasons I’m excited about this:
Back when I started Opes, there were plenty of financial advisors for shares, funds, and managed investments.
But hardly any advisors focused on property investment. Even though property makes up 57% of New Zealander’s total household wealth.
One of the reasons the FMA said they wanted to visit is that we're a big company.
And not many companies provide property investment advice. It’s novel.
This tells me that we're a serious player in this space.
In the past, I’ve spent thousands on voluntary audits from firms like Strategi, Rosewill Consulting, and MyFiduciary.
Now, we’re getting a review from some of the top financial experts in the country. And don’t have to pay for it.
In fact, after seeing all the spreadsheets we use, they even brought in a spreadsheet expert!
Considering I’ve spent about $8k+ on spreadsheet consultants before, that’s a pretty sweet deal.
Once I get their recommendations in 8 weeks-ish I'll let you know what they said.
That includes the good, the bad and everything in between.
For now, I see this as an opportunity to learn. To improve. To continue delivering top-quality financial advice for investors like you.
And if you want to visit us (just like the FMA) you can book your own visit here 👇
➔ I want to visit Opes and use your software to create a financial plan
Managing Director, 20+ Years' Experience Investing In Property, Author & Host
Andrew Nicol, Managing Director at Opes Partners, is a seasoned financial adviser and property investment expert with 20+ years of experience. With 40 investment properties, he hosts the Property Academy Podcast, co-authored 'Wealth Plan' with Ed Mcknight, and has helped 1,894 Kiwis achieve financial security through property investment.
