Being in lockdown is boring - who knew there was so much time in one week! The silver lining is that now is the perfect time to do all those odd jobs you said you would do, but haven’t actually been able to get around to doing them. Sorting out your KiwiSaver account fits perfectly into that category.Managing your personal finances can be confusing, tedious and tiresome. It’s challenging at the best of times and doing it wrong can cost you a hefty figure. The key to implementing a successful financial strategy is being well informed through personal research and seeking professional advice. But how can one sort out your finances during the lockdown when everything is shut? This is where Digital Financial Advisers come in.
What is a Digital Financial Adviser?
It’s exactly what it sounds like. Financial advice delivered via a technological experience such as the web or over the phone. A digital financial adviser utilises technology to increase their reach in order to provide consumers with easier access to financial services. Don't worry, they are not robots!
So what are the benefits of using a digital financial adviser?
With a digital financial adviser, everything is done on your time so there is no need to work around a financial adviser's schedule. There is no in person face to face contact which means that there is less pressure to make decisions during a meeting. Digital financial advisers prepare comprehensive advice documents which you can peruse at your own leisure. You have the opportunity to thoroughly think things over before making decisions and move through the financial planning process at your own pace.
You can access your digital financial adviser no matter where you are in the world as long as you have an internet connection. No longer are you restricted to the calibre of financial advisers in your area as you now have access to the top financial advisers online. So whether you are amidst everyday life or stuck at home during a pandemic, you can access financial services.
Getting advice in person from a financial adviser can be costly. Just getting a consultation can cost you a fee or a per-hour charge! These fees can make it more difficult for the everyday Kiwi to access high quality advisers.
Using digital advice technology means businesses can access more clients for a lower cost. This benefits both the business due to increased efficiency, and the client as they have access to high quality advice at a lower cost. For example at National Capital, we provide free KiwiSaver advice, with the goal of empowering one million kiwis to become financially secure.
Worried about trust?
A major worry for clients with digital advice is lack of trust. You are essentially receiving financial advice from someone you haven’t met.
National Capital has focused largely on this aspect. The business is based on three Maori principles; pūataata - to be transparent, tikanga - the correct way and taurikura - prosperity. These values guide decision making in order to build trust with clients, shareholders and employees.
We adapt communication methods to best suit our client's preferences. We offer the option to email, phone call, video call or a combination. You can email us anytime at email@example.com.
With New Zealand being in a level 4 lockdown, now is the perfect time to utilise a digital financial adviser and sort out your KiwiSaver. Spending 10 minutes now could save you thousands in the future.