Simplicity lists on platforms
Low-cost KiwiSaver provider Simplicity is making changes that affect advisers.
Monday, November 27th 2017, 10:30AM
Founder Sam Stubbs said "quite a few" members were now coming through advisers.
It has put its funds on to the FNZ platform and is working through the process of placing them with Aegis. Simplicity offers both KiwiSaver and non-KiwiSaver passive funds and has almost $300 million under management.
He said that would make it possible for preapproved fee-based advisers to access the funds. "We previously haven't offered funds on any platforms. This is a shift for us but it has to be linked to the provision of advice."
It is also developing a portal to give advisers access to their clients' KiwiSaver accounts so that they are able to track their progress and use it in their planning conversations.
Details of vetted fee-based advisers would also be made available to Simplicity clients who decided they wanted advice. Those advisers will receive no kickbacks from Simplicity and will not be charged for referrals to them. Fewer than 50 are expected to be listed.
Stubbs said he expected demand for advice to increase and Simplicity was keen to facilitate that with fee-based advisers.
Advisers should get in touch if they wanted their details offered to Simplicity clients, he said. "We're hoping over time a whole bunch of clients proactively approach them for advice. We're interested in playing our part so people get they advice they want, when they want and from whom they want."
Stubbs said he would not deal with anyone seeking commission. "I believe everyone, including advisers, is loyal to the person who pays them. When you get commission, that's the product provider."
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