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KiwiSaver

Mortgage brokers start selling KiwiSaver

Wednesday 13th of August 2008

Both NZF Money (formerly NZ Finance) and Mike Pero Mortgages have become distribution arms for Huljich Wealth Management's KiwiSaver funds.

The distribution deal has come about partly because Peter Huljich is a director and shareholder of NZF Group which partly owns Mike Pero.

The deal is interesting as Pero and NZF are essentially rebranding the Huljich KiwiSaver funds, and brokers are only offering their clients the Huljich funds.

Added to the mix is the fact that Mike Pero Mortgages is currently changing into a more diversified financial services business. While it formerly offered just home loans it now has life insurance, personal loans, KiwiSaver and is understood to be looking at launching a credit card.

Brokers can earn commission from signing up clients to KiwiSaver, but also sees opportunities to provide advice around mortgage diversion and also can pick up home loan business when they talk to clients about KiwiSaver.

Mike Pero Mortgages chief executive Sandra Pigram says brokers are "just distributing" KiwiSaver and are not providing financial advice.

The firm has been doing training sessions nationwide to help its brokers understand and sell KiwiSaver.

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