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Nikko plots KiwiSaver launch

Nikko Asset Management is to launch a KiwiSaver fund offered via roboadvice.

Wednesday, December 6th 2017, 6:00AM

by Susan Edmunds

The fund manager is set to offer the scheme to the market next year.

The fund manager has a strong institutional backing in New Zealand but has been working on growing its reach in the financial adviser community.

It is also planning to apply for an exemption to enable it to offer roboadvice and the new KiwiSaver scheme will tie into that.

Clients may also be able to access the manager’s other funds through the same robo platform.

It has 11 retail products and 16 wholesale funds at present.

Investment documents for the new KiwiSaver scheme are expected to be lodged in the early part of 2018. Clients have been given advance notice of the move.

Nikko made a submission earlier this year on the Financial Markets Authority’s proposed exemption to allow roboadvice ahead of the implementation of the Financial Services Legislation Amendment Bill.

In it, it said there were too few advisers to provide advice to all consumers.

The cost of tailored advice was too high for those with low asset balances. Some people did not know how to seek advice or wanted to remain anonymous while they looked for solutions.

"Roboadvice is not something which replaces the human adviser but provides a complementary service that meets needs that may otherwise be left unmet," the submission said.

Tags: financial advisers Financial Services Legislation Amendment Bill FMA funds management KiwiSaver Nikko AM roboadvice

« Simplicity lists on platformsKiwiSaver tax breaks mooted »

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  • Shanks meets Faafoi
    “Actually Tash the article only refers to an "Adviser" no mention of what type so we shouldn't assume it's an investment adviser....”
    12 hours ago by gavin austin adviser business compliance
  • Shanks meets Faafoi
    “What adviser? An investment adviser won't help Life advisers and vice versa. Really need two or three advisers on the Code...”
    16 hours ago by Tash
  • Shanks meets Faafoi
    “@Ron Flood, I agree that ideally we SHOULD have presence on the committee. However I question what "balance" would come...”
    17 hours ago by Eyeinthesky
  • Shanks meets Faafoi
    “Eyeinthesky & Pragmatic, I don't agree that it is a lost cause. Having an adviser presence within the committee at this late...”
    19 hours ago by Ron Flood
  • Shanks meets Faafoi
    “Won't someone need to wake up Minister Faafoi. Pretty sure he is fast asleep at the wheel here....”
    19 hours ago by Roderick
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Last updated: 16 August 2018 6:23pm

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