tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Monday, June 21st, 2:27PM

News

rss
Latest Headlines

Roboadvice scheme calls for financial advisers

KiwiSaver provider Kōura Wealth, which launched as a roboadvice service, has now has called on financial advisers for help.

Monday, May 31st 2021, 6:54AM 1 Comment

Select Investments, which is jointly owned by Crest Financial and NZ Financial Services Group have taken a 45% stake in the business to help launch a “facilitated” digital advice product targeting those who do not think about their KiwiSaver.

Crest Financial is headed by Mark Solomon. Last year the company bought Life Direct back from Trademe.

NZFSG last year acquired Kepa making it the largest dealer group in New Zealand with 1600 financial advisers predominantly in the mortgage and life insurance space.

Rupert Carlyon established Kōura in 2019 as a digital KiwiSaver advice business in conjunction with sharebrokers Hobson Wealth Partners.

Under its new ownership Kōura is launching what it calls a facilitated advice model which is a combination of digital and personal advice.

“What we are doing is we are giving mortgage and insurance advisers the opportunity to advise their clients on KiwiSaver and help them into better KiwiSaver products, leveraging our digital advice products,” Carlyon told NBR.

“They know their clients. They're working with them for years and years on different products and so they have trust and are able to help their clients into this world.”

Koura’s funds charge a fee of 0.63% (plus a $30 annual fee for over 18s) and any client who uses that additional level of service is charged an extra 0.3%. No set and forget

Under the new model KiwiSaver members will pay for advice. Its six passive funds have a fee of 0.63%, and members who use this new, facilitated advice service will be changed an additional 0.3%. (There is a $30 annual membership fee for people over the age of 18). 

The 30 basis point advice fee is paid to the adviser, however Carlyon says that Kōura was technically the facilitator.

Other KiwiSaver providers have a model where they pay advisers a trail commission.

Carlyon says a fee of 0.93% is "extremely cheap." However, newly minted default providers Smartshares and Simplicity have set their fees at 20 and 30 basis points respectively.

Carlyon says Kōura's digital offering had not taken off as only a small portion of the market were regularly thinking about their KiwiSaver.

 

Tags: KiwiSaver Kōura Wealth Mark Solomon NZFSG

« Almost half of NZ's advisers face deregistrationAdvisers ‘critical gatekeepers’ for responsible investment: RIAA »

Special Offers

Comments from our readers

On 31 May 2021 at 7:20 pm John Milner said:
Another example of the failure Robo Advice. Sorry lads, 30bp's aren't enough for me to take on that business risk.

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.19 2.59 2.99
ANZ 4.44 2.79 3.19 3.59
ANZ Special - 2.19 2.59 2.99
ASB Back My Build 1.79 - - -
ASB Bank 4.45 2.19 2.59 2.99
Basecorp Finance 5.49 - - -
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - ▼2.19 2.55 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 ▼2.79 3.15 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 1.95 1.85 2.35 2.45
Heretaunga Building Society 4.99 3.80 3.90 -
HSBC Premier 4.49 2.19 2.45 2.69
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - 2.25 - -
ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 2.67 2.97 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.04 3.40 3.84
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.19 2.55 2.99
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.39 2.98 2.79 3.29
SBS Bank 4.54 2.69 2.99 3.29
SBS Bank Special - 2.19 2.49 2.79
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - ▼1.99 - -
The Co-operative Bank - Owner Occ 4.40 ▼2.19 2.59 ▲2.99
The Co-operative Bank - Standard 4.40 ▼2.69 3.09 ▲3.49
TSB Bank 5.34 2.99 3.35 3.79
TSB Special 4.54 2.19 2.55 2.99
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 ▼2.79 3.19 3.59
Lender Flt 1yr 2yr 3yr
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.19 2.59 2.99
Median 4.55 2.68 2.99 2.99

Last updated: 21 June 2021 8:52am

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