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, October 7th, 11:06AM

Special Report

rss
Sponsored Content

How to Change to a Digital KiwiSaver Advice Process

Digitisation provides many benefits to both financial advisers and their clients. But, once you’ve decided to embrace going digital, how do you know where to start? Which areas of your KiwiSaver advice process should be the first to go digital, and which will bring the most benefits to your business?

Wednesday, January 24th 2024, 3:15PM

Here are our recommendations of where to start when changing to a digital advice process:

1. Fact Find

Collecting client information is an essential part of the advice process. However, manually collecting and entering this information can be time-consuming and prone to errors. By using digital technology, such as an online fact find or online forms, you can simplify this process and give yourself more time to spend on tasks other than data entry.

Clients might also prefer to supply information via a digital process. Supplying all the information an adviser needs can be a lengthy process, and an in-person meeting for this may be inconvenient. Being able to supply this information at a convenient time, is a benefit to your clients.

2. Product Comparison

Once you’ve collected your client’s information including their preferences and risk profile, you then need to select the fund that suits them best. In New Zealand, there are over 300 KiwiSaver funds. Although an adviser will not offer all these options, they will still have a large number to select from. Advisers need to compare fees, returns, and more, against their client’s information. Doing this for each KiwiSaver fund an adviser offers, can take hours. Using a digital tool to automate these comparisons, will enable advisers to generate a Statement of Advice in less than 10 minutes.

3. Compliance

As a financial adviser, you are subject to compliance regulations. You must disclose why you are doing what you are doing, at various stages in the advice process. Keeping these records manually can be time-consuming and detract from other important tasks. Digitising your records of the advice you provide to a client and using a process that electronically records client signoffs, will help to simplify compliance and enhance your productivity.

4. Client Reviews

For those not yet offering regular KiwiSaver reviews, a digital process will make implementing them much easier. A digital client review process will enable you to set future review dates for clients, it will remind you when a review is due and will simplify the process of sending a review to a client.

If you are already offering KiwiSaver reviews, but doing them manually, a digital process will simplify your review process, making it much quicker and ensuring all clients are covered.

When you’ve decided it’s time to change to a digital KiwiSaver financial advice process, you should ensure that you are digitising your fact find, product comparison, and review processes.

Learn more about how switching to a digital KiwiSaver advice process will bring benefits to both you and your clients by getting in touch with the team at OMNIMax. Email us at sales@omnimax.co.nz or call us at 03 377 5906. You can also find information about our digital KiwiSaver advice platform here.

Tags: KiwiSaver

« The ‘Magnificent Seven’ and the Rise of Self-Directed Investing A Growth Mindset – introducing NZHL Group »

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

Mortgage Rates Newsletter

Daily Weekly

Previous Special Reports

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.94 - - -
AIA - Go Home Loans 8.49 6.35 5.79 5.79
ANZ 8.39 ▼6.79 ▼6.29 ▼6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - ▼6.19 ▼5.69 ▼5.69
ASB Bank 8.39 6.35 5.79 5.79
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.90 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - ▼6.19 5.79 5.79
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 8.44 - - -
BNZ - Rapid Repay 8.44 - - -
BNZ - Std 8.44 6.45 5.89 5.79
BNZ - TotalMoney 8.44 - - -
CFML 321 Loans 6.70 - - -
CFML Home Loans 6.95 - - -
CFML Prime Loans 8.75 - - -
CFML Standard Loans 9.70 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 6.15 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 8.15 6.35 5.79 5.69
Co-operative Bank - Standard 8.15 6.85 6.29 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - ▼6.60 ▼6.10 -
First Credit Union Standard 8.50 ▼7.20 ▼6.70 -
Heartland Bank - Online 7.99 6.69 6.35 6.15
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC ▼7.49 ▼6.15 ▼5.69 ▼5.69
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 8.25 7.19 6.69 6.59
Kiwibank - Offset 8.25 - - -
Kiwibank Special - 6.29 5.79 5.79
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.75 ▼6.69 ▼6.19 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 8.49 ▼6.95 ▼6.29 ▼6.29
SBS Bank Special - ▼6.35 ▼5.69 ▼5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.94 5.45 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
TSB Bank 9.19 7.09 6.59 6.59
TSB Special 8.39 6.29 5.79 5.79
Unity 8.64 ▼6.29 ▼5.79 -
Unity First Home Buyer special - 6.20 - -
Wairarapa Building Society 8.50 ▼6.50 ▼5.89 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 8.44 6.47 6.10 5.79

Last updated: 7 October 2024 9:32am

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