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ANZ launches scheme to help retain KiwiSaver clients

ANZ is launching a new system through which it hopes to hold on to more of its KiwiSaver members.

Friday, July 14th 2017, 6:00AM 2 Comments

by Susan Edmunds

Ana-Marie Lockyer. ANZ's general manager of wealth, said the bank was planning to send letters to those who have signalled their intention to transfer out of its OneAnswer KiwiSaver Scheme.

She said the bank would still process the request within the agreed timeframes - the bank will process all requests within 10 business days of receipt.

"The FMA has previously expressed concern about the amount of switching going on between KiwiSaver schemes and we want to ensure customers are switching for the right reasons," she said.

"We want to take the opportunity to remind customers of what our scheme has delivered and the benefits of staying with OAKS and ANZ Investments and include a form they can complete if they want to remain in our scheme.

"If the customer has an adviser, the adviser will also receive a notification of the transfer. Some customers may switch schemes without consultation with their adviser, so this gives the adviser the opportunity to get in touch.

"The final letters that will commence being sent next week will also encourage customers to talk to their adviser about this knowing the value they add to the relationship."

The letter sent to clients will also include a product disclosure statement and an application form for them to complete and return if they wanted to remain with the scheme.

To ensure you have a chance to retain your clients, you are currently receiving a notification from us when your client chooses to transfer their OneAnswer KiwiSaver account to another scheme.

The initiative goes live on July 17. "As always we will test, learn and adapt and will work with advisers to help ensure it meets their needs in respect of their clients.  Feedback from advisers since the announcement has been positive and will ensure final communications meet their needs," Lockyer said.

It is the only one of the big banks employing such a method.

ASB, BNZ, ANZ and Westpac said they did not have any systems to retain KiwiSaver members.

ASB general manager wealth Jonathan Beale said: "As a default provider, we have responsibilities to act on a member’s request within a prompt fashion. This is currently to process any transfer within 10 working days of the new provider confirming acceptance of the transfer. Although this service agreement is limited to default members, we extend this level of service to all ASB KiwiSaver Scheme members," he said.

"ASB is proud of the service we offer our KiwiSaver Scheme members and we continuously look for ways to improve. We currently have various initiatives underway to increase member engagement with their KiwiSaver account and better assist the individual’s goals."

Tags: ANZ ASB banks financial advisers FMA investment KiwiSaver

« KiwiSaver: Advisers' saviour, or a lot of work for little gain?Booster buys into wine »

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Comments from our readers

On 25 July 2017 at 8:12 am mike.lay said:
What a load of rubbish this article is. Why are ANZ referring to timeframes of 10 working days to transfer KiwiSavers when the FMA allow up to 35 days. 10 working days does not give an AFA enough time to try and conserve a KiwiSaver transfer.
On 25 July 2017 at 12:52 pm mike.lay said:
Whose agreed time frame is 10 business days of receipt when the FMA give a time frame of 35 days.10 working days for an adviser to get in touch with a client and do additional work to retain a KiwiSaver is totally unworkable.

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