About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Monday, June 24th, 8:19PM
rss
Latest Headlines

KiwiSaver could help fill advice gap

KiwiSaver could be part of the solution to provide financial advice to older New Zealanders who do not have large amounts of money to invest, adviser Martin Hawes says.

Monday, June 10th 2019, 6:00AM

Hawes is also chair of the investment committee of the Forsyth Barr KiwiSaver scheme, Summer, and is on the board of variable annuity provider Lifetime.

He said it was hard for people “in the middle”, who might have $100,000 to $200,000 saved, to get personalised advice.

Many financial advisers found it hard to achieve diversification with smaller sums and those people tended to default to invest in term deposits that proved insufficient.

Suggesting that people read up on the principles of investment was no substitute, he said, because while it was possible to master the concepts most people found it much more difficult to apply it to their own situations.

But he said, now that the law is being changed to allow people over 65 to join KiwiSaver and move between funds, it could provide an option.

He said it would be a “readymade, attractively priced” fund for retirees that would be perfectly liquid because they could draw on their money whenever they needed to.

Many providers allow for a set amount of withdrawal on a regular basis.

“I think that’s going to work really well for people,” Hawes said.

He said it would be particularly efficient for KiwiSaver schemes that had financial advisers working alongside.

“KiwiSaver may be a pretty good solution for these people.”

Hawes said there was a huge need for financial advisers. Many Baby Boomers were finding, now matter how hard they found it to grow their wealth in the first place, using that wealth to generate a stream of sustainable income was the hardest thing they had encountered in the financial world.

Hawes said it was likely that the new advice environment would mean the end of “one-man band” advice firms. But he said that would not be an issue so long as independent advisers were able to band together in small groups to continue to offer a service.

Tags: financial advisers KiwiSaver Martin Hawes

« NZ Funds welcomes regulations to the partyAFA's robo offering hits $1m FUM »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

News and information about KiwiSaver

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.69 4.39 4.35 4.55
ANZ Special - 3.89 3.85 4.05
ASB Bank 5.70 ▼4.29 ▼4.35 4.55
ASB Bank Special - ▼3.89 ▼3.85 4.05
BNZ - Classic - ▼3.85 ▼3.85 ▲4.05
BNZ - Mortgage One 6.40 - - -
BNZ - Rapid Repay 5.85 - - -
BNZ - Std, FlyBuys 5.80 4.69 4.59 4.79
BNZ - TotalMoney 5.80 - - -
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Lender Flt 1yr 2yr 3yr
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.60 4.75 -
Housing NZ Corp 5.80 4.69 4.49 4.45
HSBC Premier 5.89 3.79 3.79 3.89
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
Lender Flt 1yr 2yr 3yr
ICBC 5.65 3.85 3.95 3.89
Kiwibank 5.80 4.60 ▲4.64 4.84
Kiwibank - Capped - - - -
Kiwibank - Offset 5.65 - - -
Kiwibank Special - 3.85 ▲3.89 4.09
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 4.89 4.99 -
Resimac 5.30 4.86 4.14 4.19
RESIMAC Special - - - -
SBS Bank 5.79 4.85 5.05 5.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 3.89 3.99 3.99
Sovereign 5.80 ▼4.29 ▼4.35 4.55
Sovereign Special - ▼3.89 ▼3.85 4.05
The Co-operative Bank - Owner Occ 5.65 ▼3.89 ▼3.95 4.05
The Co-operative Bank - Standard 5.65 ▼4.39 ▼4.45 4.55
TSB Bank 5.69 4.45 4.49 4.55
TSB Special - 3.95 3.99 4.05
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.79 4.69 4.79 5.19
Westpac - Offset 5.79 - - -
Westpac Special - 3.89 3.85 4.05
Median 5.80 4.39 4.35 4.19

Last updated: 24 June 2019 8:57am

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com