Inland Revenue is moving to help make sure investors, including KiwiSavers, get on the correct prescribed investor tax rate (PIR). Updated estimates show around 550,000 people have underpaid tax on their investments (including KiwiSaver) with an average of $80 to $90 owing per person for the 2019 tax year, says Inland Revenue deputy commissioner, Sharon […]
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Online advice an opportunity for KiwiSaver: SuperRatings
Few KiwiSaver providers are offering online advice, research firm SuperRatings has found. Last year, 83% of schemes provided formal education material. But SuperRatings' research showed, when class advice was delivered by KiwiSaver providers to clients, it was usually in person. SuperRatings said the Australian experience had shown using a range of channels, including videos and […]
Fund classification could trip up investors: Adviser
Investors need a better way of understanding how risky a KiwiSaver fund really is, one adviser says. Jon-Paul Hale, of Willowgrove Consulting, said the FMA's KiwiSaver Tracker was potentially confusing for users because the way funds are assessed meant that balanced options could sometimes be placed in the same basket as growth or conservative funds. […]
AFA’s robo offering hits $1m FUM
An Auckland AFA who launched a roboadvice offer this year has amassed $1 million under management. Clive Fernandes, who owns and runs National Capital, was given a robo exemption at the end of January. His roboadvice platform offers KiwiSaver advice, with a small group of providers. Schemes are shortlisted using the FundSource performance tables and […]