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 information

The 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

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 visiting our website, www.stewartgroup.co.nz

Hosted on Acast. See acast.com/privacy for more information.

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 win

Nick's book recommendation: Crusades by Dan Jones

Music: One Country – Midnight Oil

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

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 visiting our website, www.stewartgroup.co.nz

Hosted on Acast. See acast.com/privacy for more information.

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 habits

Nick's book recommendation: Jerusalem by Simon Sebag Montefiore | Paper Plus

Music: 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

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 visiting our website, www.stewartgroup.co.nz

Hosted on Acast. See acast.com/privacy for more information.