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New advice-focused KiwiSaver scheme being launched

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Select Wealth Management has just announced that their new KiwiSaver scheme is set for lift-off. The scheme will be open for investment starting on the 23rd of November 2020.

Select Wealth Management, an Auckland-based fund manager, is owned by the Investment Services Group (ISG). It is owned alongside a number of financial firms including Clarity Funds Management, Devon Funds Management, and JMI Wealth Limited.

Their new KiwiSaver scheme will run in partnership with JMI Wealth, which will act as the investment manager, along with Smartshares as the licensed manager and issuer.

Three fund types to be offered

Initially, the KiwiSaver scheme will include three diversified funds: Conservative, Balanced, and Growth. These options will be based on underlying investments that are selected by JMI Wealth. Richard O’Brien, CEO of Investment Services Group, said that “as the scheme grows, we’ve very much of the view that we’ll seek to introduce more flexibility in terms of the fund types and the number of managers members can elect to use.”

The Select KiwiSaver provider will charge 1.1 percent for the Conservative fund, 1.23 percent for the Balanced fund, and 1.29 percent for the Growth fund along with a fixed annual membership fee of $36.

Advice focused KiwiSaver scheme

The scheme will put more focus on working with financial advisers to promote the significant benefits that professional financial advice brings to KiwiSaver members. “We’re big believers in the value of financial advice, and we’re of the view that this is becoming increasingly relevant for KiwiSaver as member balances continue to grow,” O’Brien said.

This scheme will be the second new KiwiSaver scheme launched this year, following the recent InvestNow’s flexible KiwiSaver scheme which was released last month in October. Select Wealth Management’s new launch will bring the number of KiwiSaver schemes available to 35.

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