- Are you in a default fund? If so, you have not chosen a fund yourself, and may be in the wrong fund for your Investment profile. You could be sacrificing growth over time.
- Do you want to use your KiwiSaver to help you buy your first home? If you are about to do this, then getting advice on how to use your savings is important, or if you are just starting then you need the right advice on how to plan for it, to ensure the most bang for your buck.
- Are you contributing the right amount? Are you getting the most benefit for your contributions, are you able to afford more? Do you need to contribute less?
- Do you have $20K or more in your fund and want to make sure you are actually on your way to your retirement goals?
- Are you also in one of the Government schemes (SSRSS or GSF) or a private super fund and want to maximise your benefits across both KiwiSaver and the other fund?
Who can advise on KiwiSaver?
Since the introduction of the Financial Advisers Act 2008, only an Authorised Financial Adviser (AFA) can advise on KiwiSaver.
However, an adviser who is part of a Qualifying Financial Entity (QFE) can advise on the KiwiSaver product their QFE sells, but they cannot for example compare their one and another one to advise which is best. All Banks are QFEs, so the people at the bank can only advise on their own KiwiSaver unless they are also an AFA, which is rare.
This also means that most Mortgage Brokers cannot advise you on whether you should use KiwiSaver towards buying a house, as they are not AFAs.
Alan Borthwick of DUX Financial is an AFA and able to advise on all KiwiSaver products and aspects of KiwiSaver, whether it is how to structure your KiwiSaver, which provider to use or using KiwiSaver for your home deposit.
For advice on KiwiSaver, contact us NOW!