At Super-Advice we are about all things financial, but more importantly, helping people understand so they can get ahead financially.
In today’s blog post, we share a few interesting facts about KiwiSaver providers and where you can find the best advice for you and your KiwiSaver.
Providers don’t always give advice
I think the important thing to note is most KiwisSaver providers, like the big four banks, don’t really give advice on their Kiwi Saver.
They choose to provide the funds but choose to stay away from advising you on how best to do it.
What will providers do?
What they will do is put a Kiwi Saver questionnaire in front of you, and this really wants to determine two things.
When do you need the money?
Is it in the next five years for a first home loan deposit, or is it when you’re 65 and 30 years?
And how nervous does investing make you?
They will do a combination of how long and how nervous to determine, based on a handful of questions, how your KiwisSaver should be invested.
Get personalised advice
So what can you do? You can use google to find an independent financial advisory firm like Super-Advice that is able to have a chat with you and help you decide where your KiwiSaver should go.
Check how your adviser is paid
A quick disclaimer. Most independent financial advisers will only be paid to give you that advice if they move your Kiwi Saver into a KiwiSaver fund that’s gonna pay them for giving their advice.
Now that’s fair. I understand that if you’re gonna do a job, you’ve gotta get paid. But in our mind, it could represent a conflict of interest.
How Super Advice does it is, employers will retain us and pay us to give you advice on KiwiSaver, so it’s not in our interest to move you anywhere. We just give you the best advice because we are being funded by your boss.
So where to get the advice?
Jump on Google, and have a chat with your mates if they’ve got a trusted adviser.
Just be interested to know how they get paid because if there’s a conflict of interest, but if you’re okay with that, just go with it.
Most KiwiSaver providers don’t give advice and you have to go and seek independent financial advice on your KiwiSaver, but it’s worth getting because if you get tailored advice you can make a few tweaks to what you are doing and that can equal a huge pool of money in retirement.
That’s a wrap
So what do you think? Where will you look for your KiwiSaver advice?
If you need any financial help or advice please get in touch with us at Super-Advice.