by Daniel Smith
Select Wealth management are the latest company to offer a KiwiSaver scheme.
The scheme will be run in partnership with JMI Wealth and Smartshares Limited which will act as investment manager, and licensed manager and issuer of the scheme, respectively.
Select Wealth is part of the Investment Services Group. CEO of Investment Services Group, Richard O’Brien told Good Returns that “the very creation of the scheme is in response to the demand that we have seen come through from that adviser base. They have said to us ‘I have been using your services to support my client base to date, but it would be wonderful if I could pair that off with their KiwiSaver funds’.”
O’Brien said that the scheme’s key offering is the combination of the expertise of JMI Wealth and the talent pool of their investment managers. “The real point of difference here is the investment expertise of JMI Wealth. JMI Wealth has a strong established track record and they bring a lot to the table. Equally important is the collection of investment managers that we have assembled to look after these funds.”
The Select KiwiSaver Scheme offers three diversified funds supported by a carefully chosen group of underlying managers, which has been assembled using JMI Wealth’s existing investment approach. At this point there are ten managers across the three funds.
If adviser desire was instrumental in bringing this scheme about, then it will be just as important in its distribution. O’Brien said that “the first thing we will do is go out and work with that adviser base who are already users of the Select Wealth service. Equally I think this will see us work alongside some new advisers who haven’t been users of the service so far. To do that we will get out there and wear out some shoe leather, meet some advisers we haven’t met before.”
O’Brien said that this KiwiSaver scheme has been specifically crafted for ease of use for advisers.
“It’s all about the way the underlying management set comes together. If an adviser was to compile a management set and craft a portfolio, that would be a reasonably involved thing to do. The premise of JMI and Select has always been investment expertise will be made available for you, supported with a lot of material that advisers can then work through with their clients.”
The scheme is open for investment on November 23, 2020.
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