by Susan Edmunds
AMP is introducing 16 new funds to its current 11 KiwiSaver options, which will be made available via an online platform.
Therese Singleton said it was the next best thing to a wrap platform-style KiwiSaver solution, which is not allowed under current legislation.
She said it could be used by DIY investors who wanted to manage their money themselves, or financial advisers who could use it to help their clients. “They can pick and choose what they like within an online environment. We’re tying to make KiwiSaver as all-encompassing and competitive as we can get it for advisers as well as direct investors.”
Singleton said there had been a noticeable increase in demand from high-net-worth people who wanted sophisticated KiwiSaver solutions. It was still a small percentage of the market, she said, but was growing.
“Typically high-net-worth or sophisticated investors want more control around where they invest their funds and in time it will position us for the equivalent of a wrap offering in KiwiSaver.”
KiwiSaver was starting to stand out as a retirement income option for those aged over 65 because of its comparatively low fees, she said. AMP is to start offering its sister company AMP Capital’s retirement income fund as a KiwiSaver option.
“People are looking at low term deposit rates and looking for income for life. But with low interest rates for the foreseeable future, people who might not have thought of KiwiSaver as a solution are thinking it’s a good product," Singleton said.
Singleton said savvy advisers should be tapping into the KiwiSaver market because as balances grew, so too would their books.
AMP had dealt with at lest two clients with more than $10 million to invest, who wanted to use KiwiSaver to cater for their retirement needs.
| « Advisers missing KiwiSaver opportunity | Time for KiwiSaver reality check » |
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