Advisers told to take KiwiSaver opportunity

Many financial advisers have steered clear of KiwiSaver so far because commission rates are not high enough to compensate for the time involved in giving advice on still-small balances.

But balances are growing quickly. The cumulative value of maturing KiwiSavers is expected to hit $800 million in 2015.

Those earning more than $80,000 who reach 65 in 2028 are tipped to have $13 billion at their disposal.

Clayton Coplestone, of Heathcote Investment Partners, said advisers had told him KiwiSaver members with higher balances were already seeking and prepared to pay for financial guidance to ensure they received the best outcome from their savings.