ASB KiwiSaver, one of New Zealand's leading retirement savings plan providers, has launched a new advice tool for its customers. The tool will be available to all ASB KiwiSaver members and help investors make informed decisions about their retirement savings.
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“Our research continually shows that New Zealanders don’t have a good understanding of their KiwiSaver despite it making up an increasingly large portion of their retirement savings,” says ASB Head of KiwiSaver Distribution, Hamish Davidson.
ASB conducted a survey showing that 64% of Kiwis believe they need to save more for retirement. Only 23% of respondents surveyed by ASB state they understand KiwiSaver schemes well.
ASB has joined many KiwiSaver providers that offer advice tools, such as Milford, Pathfinder, ANZ, BNZ, Mercer and many more. These providers also offer free consultation advice with a financial consultant in addition to their fund selection tools.
Should I change providers because of their awesome apps?
While ASB's new advice tool is a valuable resource for investors looking to make informed decisions about their retirement savings, investors should not change their investment fund simply because ASB has launched the tool. It is crucial for investors to carefully consider their circumstances and financial goals before making any changes to their investment portfolio.
Additionally, it is worth noting that many other KiwiSaver providers also offer similar advice tools to help their customers make informed decisions about their retirement savings. As such, changing investment funds solely because of the availability of an advice tool may not be the best decision for an investor.
Clive Fernandes, director of National Capital, highlights the advice tools that KiwiSaver providers offer only relate to the funds that the provider offers. This eliminates funds from other providers, which may better fit the individual's financial positions and goals.
Considering there are roughly 300 different KiwiSaver funds for investors to choose from in New Zealand, limiting yourself to one provider may not optimise your investment.
What does this mean for KiwiSaver investors?
The launch of ASB’s advice tool is helpful for investors who want a deeper understanding of ASB funds. It is important to note that various KiwiSaver providers could offer funds more appropriate to the individual's financial situation and goals.
We recommend completing our free KiwiSaver HealthCheck. Becoming a client at National Capital eliminates the need for research and confusion. We provide you with the most appropriate fund for your objectives, considering the different funds from leading KiwiSaver providers and personal variables.