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Kōura: People see advice and KiwiSaver as distinct

New KiwiSaver provider Kōura is providing more advice to KiwiSaver members than initially expected – but not converting as many as had been hoped to members.

Friday, January 10th 2020, 6:00AM

Founder Rupert Carlyon said, since the KiwiSaver provider went live, it had given advice to 3,000 people via its digital advice platform.

It has about 100 members so far. Carlyon said he had hoped for twice that number, but co-founder Warren Couillault, who has been involved with the Fisher Funds and Generate KiwiSaver launches previously, said it was a good level of activity.

Carlyon said people seemed to see the KiwiSaver advice and the KiwiSaver fund offer as two distinct things.

“It’s frustrating. We think we’re giving people really good advice and we have good schemes as well.”

But many people were using the advice they received to confirm their current decisions or to go back to their existing provider to make the suggested changes, he said.

“People don’t see the difference between the different schemes.”

He said Kōura needed to become better at explaining why its schemes were good.

Over the next couple of weeks, it would roll out new messaging on the Kōura website, he said.

There had been good feedback on the tools available and the advice process, including from the Financial Markets Authority, he said.

Users step through a process of offering information about themselves and their risk appetite, from which the platform builds a personalised asset allocation.

Carlyon said he hoped people would become more aware of the low level of fees and the ESG options available to help Kōura stand out in the market.

Tags: KiwiSaver Kōura Wealth

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