The Adviser Talk

Why do so many investors stick with strategies that feel right, even when the evidence says otherwise? In this episode of Adviser Talk, Tim and Nick use Plato’s allegory of the cave to explain why chasing hot funds, star managers, and market timing is so hard to let go of. They unpack the latest New Zealand SPIVA data, explore how psychology and media keep investors stuck in the shadows, and explain what stepping into the light really looks like in practice.(00:00:22) Why investors trust familiar stories over evidence and data (00:01:38) Why this topic matters and why history is relevant (00:02:07) Plato’s cave explained and how it maps to investor behaviour (00:05:10) What SPIVA is and what the New Zealand data really shows (00:06:44) Active vs passive in NZ markets, home turf still underperforms (00:08:40) Human nature, pattern seeking and why investors believe they can win (00:09:46) Why trying to beat the market is not investing (00:10:09) Media influence, clickbait and fear driven financial decisions (00:11:52) What to look for in a financial adviser, fiduciary duty and independence (00:13:23) Investing is about behaviour, not intelligenceNick Stewart (Ngāi Tahu, Ngāti Huirapa, Ngāti Māmoe, Ngāti Waitaha) is a Financial Adviser and CEO at Stewart Group, a Hawke's Bay and Wellington-based CEFEX-certified financial planning and advisory firm. Stewart Group provides personal fiduciary services, Wealth Management, Risk Insurance and KiwiSaver solutions.The information provided, or any opinions expressed in this show, are of a general nature only and should not be construed or relied on as a recommendation to invest in a financial product or class of financial products. You should seek financial advice specific to your circumstances from an Authorised Financial Adviser before making any financial decisions. A disclosure statement can be obtained free of charge by calling 0800 878 961 or visit our website, www.stewartgroup.co.nzThe information provided, or any opinions expressed in this show, are of a general nature only and should not be construed or relied on as a recommendation to invest in a financial product or class of financial products. You should seek financial advice specific to your circumstances from an Authorised Financial Adviser before making any financial decisions. A disclosure statement can be obtained free of charge by calling 0800 878 961 or visiting our website, www.stewartgroup.co.nz

Lost super, KiwiSaver myths, and smarter investing explained simply. In this revisit episode from May 2024, Paula Intercot joins Adviser Talk to discuss transferring Australian super to New Zealand, choosing the right KiwiSaver approach for your life stage, and how complementary investment options can support your financial goals.Paula breaks down the often-overlooked process of transferring Australian superannuation to New Zealand and maximizing your retirement savings. Whether you're a returning Kiwi with Australian super, looking to optimize your KiwiSaver strategy, or exploring additional investment vehicles, this episode provides practical insights for making smarter money decisions. Paula's expertise shines through as she simplifies complex financial processes and explains how global diversification works within New Zealand-based funds.Perfect for anyone seeking clarity on retirement planning, investment strategies, or navigating the transfer of overseas superannuation funds.Note to listeners:At (00:05:01) Paula discusses the KiwiSaver government contribution and contribution amounts. Please note this episode was recorded prior to recent changes to the government contribution, and the figures mentioned may no longer be current. For the latest eligibility criteria and contribution amounts, we recommend checking official government guidance or speaking with a financial adviser about your individual circumstances.(00:01:17) What Australian super is and how it compares to KiwiSaver(00:01:32) Why transferring Australian super to New Zealand can be beneficial(00:02:05) Clearing up misconceptions about diversification and investment returns(00:02:25) What happens to your Australian super when you return to New Zealand(00:03:03) The scale of lost and unclaimed super in Australia(00:03:24) How Stewart Group helps clients transfer Australian super(00:03:55) Accessing the Australian portion of KiwiSaver before age 65(00:04:46) How long the Australian super transfer process usually takes(00:05:01) KiwiSaver explained and how it works for retirement(00:06:20) Conservative, balanced and growth KiwiSaver investment options(00:07:51) What the ACI fund is and how it works alongside KiwiSaver(00:08:43) When to review your investments and speak to an adviserPaula Enticott is a Financial Adviser at Stewart Group, a Hawke's Bay and Wellington-based CEFEX-certified financial planning and advisory firm. Stewart Group provides personal fiduciary services, Wealth Management, Risk Insurance & KiwiSaver solutions. The information provided, or any opinions expressed in this article, are of a general nature only and should not be construed or relied on as a recommendation to invest in a financial product or class of financial products. You should seek financial advice specific to your circumstances from an Authorised Financial Adviser before making any financial decisions. A disclosure statement can be obtained free of charge by calling 0800 878 961 or visit our website, www.stewartgroup.co.nzThe information provided, or any opinions expressed in this show, are of a general nature only and should not be construed or relied on as a recommendation to invest in a financial product or class of financial products. You should seek financial advice specific to your circumstances from an Authorised Financial Adviser before making any financial decisions. A disclosure statement can be obtained free of charge by calling 0800 878 961 or visiting our website, www.stewartgroup.co.nz

For many farming families, the Fonterra payout is more than cash. It is a strategy moment.In this episode, we unpack why real returns matter, how diversification beyond the farm gate builds resilience, and why independent advice early can change outcomes for decades.(00:00:15) Intro: Fonterra capital return and why this is a major strategy moment for farming families(00:01:58) First reaction to a lump sum and why rushing decisions can destroy long-term outcomes(00:02:44) Lotto winners, squandered wealth and the dangers of unplanned windfalls(00:03:01) Why farmers need diversification beyond the farm gate(00:04:32) Guardrails before the money arrives and the value of early independent advice(00:05:54) Building intergenerational wealth rather than focusing on a single asset(00:06:26) Headline returns versus real returns once inflation and tax are considered(00:07:48) Emotional cost of uncertainty, stress, sleep and family decision making(00:09:24) Risks of reinvesting everything into one asset, even a good one(00:10:11) Liquidity explained and why accessible capital creates better options(00:11:48) What quality advice looks like and how to test if advice is truly client first(00:12:24) Key takeaway: a windfall does not create wealth, a plan does(00:13:26) Closing thoughts and why planning early leads to long-term confidenceThe Adviser Talk is available on all major streaming platforms, including Spotify and Apple Music.Rory O'Neill is a Financial Adviser as well as the Director and General Manager at Stewart Group, a Hawke's Bay and Wellington-based CEFEX-certified financial planning and advisory firm. Stewart Group provides personal fiduciary services, Wealth Management, Risk Insurance & KiwiSaver solutions. The information provided, or any opinions expressed in this show, are of a general nature only and should not be construed or relied on as a recommendation to invest in a financial product or class of financial products. You should seek financial advice specific to your circumstances from an Authorised Financial Adviser before making any financial decisions. A disclosure statement can be obtained free of charge by calling 0800 878 961 or visit our website, www.stewartgroup.co.nz

DIY investing is easier than ever, with ETFs and online platforms giving many New Zealanders confidence to manage their own portfolios. Returns can look strong, and progress can feel real, but this episode asks a critical question: Are you actually building wealth once tax is taken into account?Rory and Tim explore the gap between gross returns and what you keep after tax. They unpack bracket creep, overseas investment tax rules, and why multiple income sources can lead to unexpected outcomes. The discussion highlights why coordination matters, why splitting advice can create blind spots, and how focusing on after tax outcomes helps investors make more intentional long-term decisions.(00:00:18) Welcome to Advisor Talk: DIY investing rise and the question of actual returns vs perceived success(00:01:57) Why DIY investing has become popular with New Zealanders over the past decade(00:02:53) Gross returns vs net returns: What investors naturally focus on and barbecue bragging rights(00:03:20) Behavioural finance and herding mentality around investment trends(00:04:04) Tax bracket creep explained: Why it catches people by surprise at tax time(00:05:04) Cash flow issues from unexpected tax bills and the role of financial advisors(00:06:04) FIF rules (Foreign Investment Fund): Common misconceptions about overseas investment taxation(00:07:14) Problems with splitting money across multiple advisors: Tax and advice perspective issues(00:08:41) Key mindset shift: Working with independent financial advisors for real after-tax wealth(00:08:54) Russell Investments survey: 4.7% value of financial advice over market returns(00:09:57) Big takeaway: DIY investing isn't the problem, but the rules have changed(00:10:47) Final advice: Reach out to independent financial advisors acting as fiduciaries(00:11:01) Closing: Podcast wrap-up and disclaimer informationThe Adviser Talk is available on all major streaming platforms, including Spotify and Apple Music.Rory O'Neill is a Financial Adviser as well as the Director and General Manager at Stewart Group, a Hawke's Bay and Wellington-based CEFEX-certified financial planning and advisory firm. Stewart Group provides personal fiduciary services, Wealth Management, Risk Insurance & KiwiSaver solutions. The information provided, or any opinions expressed in this show, are of a general nature only and should not be construed or relied on as a recommendation to invest in a financial product or class of financial products. You should seek financial advice specific to your circumstances from an Authorised Financial Adviser before making any financial decisions. A disclosure statement can be obtained free of charge by calling 0800 878 961 or visit our website, www.stewartgroup.co.nz

When ideology replaces analysis, the locusts arrive.From sparrow eradication to interest rate shocks, Nick draws parallels between Mao’s disastrous Four Pests Campaign and modern Kiwi property investing. Rising interest rates, disappearing equity, and the danger of doubling down on beliefs instead of data. If you own property or plan to, this conversation matters.Time stamps:(00:00:00) Intro: From sparrows to mortgages, setting up the investing analogy(00:00:58) Crusades, history and modern parallels(00:02:19) Confidence over competence, modern Kiwi investing mistakes(00:02:39) The New Zealand property mantra, safe as houses under scrutiny(00:04:49) Falling equity, negative equity and why mobility disappears(00:05:39) Mao’s Four Pests Campaign and the war on sparrows(00:06:38) The unintended consequences, sparrows gone and locusts arrive(00:07:35) Doubling down on bad ideas, ideology replacing science(00:08:30) Soviet science, Lysenko and the dangers of false fundamentals(00:09:34) Debt serviceability and stress testing interest rates(00:09:36) Yield versus cost and Minsky’s concept of Ponzi finance(00:10:45) Supply, demand and zoning changes impacting property values(00:11:55) Demographic shifts, migration and changing buyer demand(00:13:05) How to avoid being the sparrow killer, testing assumptions(00:13:45) Wise counsel, ignoring hype and keeping investing grounded(00:14:10) Closing reflections, fundamentals always winNick's book recommendation: Crusades by Dan JonesMusic: One Country – Midnight OilThe Adviser Talk is available on all major streaming platforms, including Spotify and Apple Music.Nick Stewart (Ngāi Tahu, Ngāti Huirapa, Ngāti Māmoe, Ngāti Waitaha) is a Financial Adviser and CEO at Stewart Group, a Hawke's Bay and Wellington-based CEFEX-certified financial planning and advisory firm. Stewart Group provides personal fiduciary services, Wealth Management, Risk Insurance and KiwiSaver solutions.The information provided, or any opinions expressed in this show, are of a general nature only and should not be construed or relied on as a recommendation to invest in a financial product or class of financial products. You should seek financial advice specific to your circumstances from an Authorised Financial Adviser before making any financial decisions. A disclosure statement can be obtained free of charge by calling 0800 878 961 or visit our website, www.stewartgroup.co.nz

From bright fishing lures to bold financial claims, this episode reveals why some private offers look irresistible and how retail investors get pulled into high-risk waters without realising it. Tim and Nick shed light on wholesale certifications, liquidity traps, and explore how behavioural biases like greed and familiarity are exploited. Find out the questions every investor should ask before they sign and the simple due diligence habits that protect everyday investors.(00:01:46) Identifying modern investment lures (00:02:01) Moving up the risk curve without realising (00:03:00) Regulator warnings and real-world examples (00:03:19) Liquidity traps and investor misconceptions (00:04:54) Behavioural biases in investing (00:05:39) Return chasing and historical lessons (00:06:22) Wholesale investor certifications (00:08:53) Private equity risks and lack of recourse (00:09:16) Due diligence essentials for private offers (00:10:41) Recognising too good to be true offers (00:10:54) Fiduciary standards like Cefex (00:13:11) Ignoring environmental and insurance risk (00:13:25) Boringly effective investing habitsNick's book recommendation: Jerusalem by Simon Sebag Montefiore | Paper PlusMusic: No Telling When The Muttonbirds The Adviser Talk is available on all major streaming platforms, including Spotify and Apple Music.Nick Stewart (Ngāi Tahu, Ngāti Huirapa, Ngāti Māmoe, Ngāti Waitaha) is a Financial Adviser and CEO at Stewart Group, a Hawke's Bay and Wellington-based CEFEX-certified financial planning and advisory firm. Stewart Group provides personal fiduciary services, Wealth Management, Risk Insurance and KiwiSaver solutions.The information provided, or any opinions expressed in this show, are of a general nature only and should not be construed or relied on as a recommendation to invest in a financial product or class of financial products. You should seek financial advice specific to your circumstances from an Authorised Financial Adviser before making any financial decisions. A disclosure statement can be obtained free of charge by calling 0800 878 961 or visit our website, www.stewartgroup.co.nz

Life never follows a straight financial line. In this episode, Tim and Rory explore why real money decisions zigzag, how emotion shapes financial choices, and why unexpected twists are a normal part of building long-term resilience. From market dips to surprise expenses at home, they unpack how to create a financial plan that bends with real life rather than breaking under pressure.(00:00:17) Episode intro, the myth of the straight financial line and why real life never behaves like a tidy plan(00:02:05) Welcome to guest Rory O'Neill and opening question about unexpected life events that reshape financial direction(00:03:42) Why plans change, income fluctuations, illness, bonuses and why deviation from a plan is not failure(00:03:54) How emotional decision making during COVID affected financial plans and why sticking to the plan matters(00:05:11) Why people confuse unexpected events with poor planning and the importance of resilience in a budget(00:06:17) The human element in financial decisions such as selling a business or home and adjusting expectations(00:07:57) The value of the tangled financial line and why ups and downs are normal on the journey to long term goalsThe Adviser Talk is available on all major streaming platforms, including Spotify and Apple Music.Rory O'Neill is a Financial Adviser as well as the Director and General Manager at Stewart Group, a Hawke's Bay and Wellington-based CEFEX-certified financial planning and advisory firm. Stewart Group provides personal fiduciary services, Wealth Management, Risk Insurance & KiwiSaver solutions. The information provided, or any opinions expressed in this show, are of a general nature only and should not be construed or relied on as a recommendation to invest in a financial product or class of financial products. You should seek financial advice specific to your circumstances from an Authorised Financial Adviser before making any financial decisions. A disclosure statement can be obtained free of charge by calling 0800 878 961 or visit our website, www.stewartgroup.co.nz

In this special Waitangi edition of The Adviser Talk, Tim and Nick explore what a 149-year journey toward resolution can teach us about how we show up in our financial lives today.Drawing on the remarkable story of Ngāi Tahu, they uncover how generations carried the weight of grievance, how internal division weakened an otherwise formidable iwi, and how unity, pragmatism and forward thinking ultimately sparked extraordinary regeneration. From an infamous dog skin cloak feud to the full and final settlement that allowed Ngāi Tahu to move from loss into long-term growth, this episode looks at why the past matters, but also why staying anchored to it can quietly erode wellbeing, opportunity and financial resilience. Tim and Nick connect these powerful historical lessons to the modern decisions families, investors, and business owners face every day, especially when emotions run high. At its heart, this conversation is about choosing where to invest your energy. Whether navigating an inheritance dispute, a business breakdown or a long-held sense of imbalance, the Ngāi Tahu story offers a blueprint for letting go of what no longer serves you, coming together with clarity and purpose and building a future that compounds in your favour for generations. (00:00:00) Intro: Tim opens the Waitangi special; context of Waitangi Day, Ngai Tahu, and the value of moving forward(00:01:18) Ngai Tahu grievance begins: Nick explains the Kemp Deed, £2,000 payment and 149 years of grievance(00:02:47) Dialect and pronunciation: Nick explains saying Kai Tahu vs Ngai Tahu(00:02:59) The dog skin cloak feud: Nick recounts Te Maiharanui, the family feud and its generational consequences(00:05:20 approx.) Internal division and Ngāti Toa attacks: How division weakened Kai Tahu before Te Rauparaha arrived(00:06:12) Te Kerēme — The Claim: The broken promises, missing reserves, hospitals and schools(00:09:16) Settlement lessons: Ngai Tahu’s strategic choice to settle for $170m and move forward(00:09:53) Balancing principle and future: Navigating grievance vs financial wellbeing(00:10:20) Emotional and financial cost of unresolved disputes: Stress, bandwidth, and stalled progress(00:11:35) Psychological shift: How Ngai Tahu became a governance model for other iwi(00:11:36–00:15:30) Modern NZ context: New migrants, national reflections, and choosing growth over grievance(00:15:58) Closing reflections: Lessons of Ngai Tahu for personal, whānau and financial planningNick's book recommendation: Te Maiharoa and the Promised Land by Buddy MikaereMusic: Silent Lucidity by QueensrycheThe Adviser Talk is available on all major streaming platforms, including Spotify and Apple Music.Nick Stewart (Ngāi Tahu, Ngāti Huirapa, Ngāti Māmoe, Ngāti Waitaha) is a Financial Adviser and CEO at Stewart Group, a Hawke's Bay and Wellington-based CEFEX-certified financial planning and advisory firm. Stewart Group provides personal fiduciary services, Wealth Management, Risk Insurance and KiwiSaver solutions.The information provided, or any opinions expressed in this show, are of a general nature only and should not be construed or relied on as a recommendation to invest in a financial product or class of financial products. You should seek financial advice specific to your circumstances from an Authorised Financial Adviser before making any financial decisions. A disclosure statement can be obtained free of charge by calling 0800 878 961 or visit our website, www.stewartgroup.co.nz

Thinking of ditching insurance for a DIY 'stash away the premiums' approach? Self-insurance sounds smart, but is it really? In this episode, Tim and Nick unpack why skipping cover can backfire, the behavioural biases that trip us up, and why integrating risk management into your financial plan is essential for long-term security.(00:00:00) Intro: What is self-insurance and why it sounds appealing(00:00:57) Nick explains the concept and why people consider it(00:03:38) Inflation and rising costs make self-insurance risky(00:05:38) Behavioural biases: present bias and optimism bias(00:07:39) Why transferring risk to an insurer matters(00:09:35) Nick’s real-life claims story(00:11:02) $18,000 car repair and the ripple effect(00:11:30) $1.20 washer leads to $55,000 home damage(00:12:34) $28,500 medical costs(00:13:55) Why self-insuring would have failed in this scenario(00:15:54) The importance of holistic financial planning and insurance(00:18:10) Closing thoughts: seek advice and integrate risk managementThe Adviser Talk is available on all major streaming platforms, including Spotify and Apple Music.Nick Stewart is a Financial Adviser and CEO at Stewart Group, a Hawke's Bay and Wellington-based CEFEX-certified financial planning and advisory firm. Stewart Group provides personal fiduciary services, Wealth Management, Risk Insurance and KiwiSaver solutions.The information provided, or any opinions expressed in this show, are of a general nature only and should not be construed or relied on as a recommendation to invest in a financial product or class of financial products. You should seek financial advice specific to your circumstances from an Authorised Financial Adviser before making any financial decisions. A disclosure statement can be obtained free of charge by calling 0800 878 961 or visit our website, www.stewartgroup.co.nz