This was posted 1 year 1 month 14 days ago, and might be an out-dated deal.

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Get Advice on Which KiwiSaver Scheme to Choose, Switch to that Scheme within 7 Days, Receive $100 Top Up @ ASB

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This offer is available from 8 May 2023 until 11 June 2023 or until the offer runs out. To be eligible for the offer you must be aged 18 years or older, complete the ASB KiwiSaver Digital advice tool or staff assisted advice tool with an ASB expert for advice on your KiwiSaver investment and then join or switch to the ASB KiwiSaver Scheme within seven days of receiving the advice. The offer of a $100 top up is available to the first 2,500 eligible customers. It is not transferable and will be credited directly into the eligible customer's new ASB KiwiSaver Scheme account by 31 July 2023.

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  • Amazing I'll do this then switch back, any fees for this idea?

    • A quick google seems to indicate funds don't have entry fees, but a small number of providers seem to have a transfer fee when you leave. Doesn't seem common but check your own providers terms.

  • +3

    The terms suggest it is for joining or switching to ASB rather than switching within ASB?

  • +1

    There maybe buy/sell spread fees.. unit prices are indicative and change daily
    I want the $100 but don't want to switch :p
    Seek separate financial advice when switching as well as speaking to your Nominated Representative of your current kiwisaver provider.
    Definitely do your homework before you switching to ASB

  • I'm with ASB but i'm thinking to switch to Milford asset, anyone has experience with them?

    • Yes, I have some experience with Milford.

      • Thanks glad to hear :D

  • +4

    I am an independent financial adviser giving advice on KiwiSaver, so not aligned to any specific KiwiSaver provider. Signing up to a specific KiwiSaver because they offer $100 into your account is a gimmick. Having advice around your KiwiSaver could actually improve your balance by 10's or even 100's of thousands of dollars by the time you retire, and so $100 really isn't that material in comparison.

    • Do you know what costs (if any) the providers are allowed to charge for leaving (or even joining, but that seems less likely) their scheme?

      Also, do you know if they are restricted (or perhaps are required to use a specific algorithm) in how they price the units upon exit from a given fund of theirs, and if that differs if you are just moving between a providers different funds, versus moving out of a provider altogether?

      i appreciate they might all be slightly different, but I am asking more generally across the providers.

      I am not asking for specific investment advice :-)

      • Yes, the discretion is up to the KiwiSaver provider themselves. Some providers charge a transfer fee to move out of their scheme: Aon ($35) and Booster ($30) from memory but their quite possibly could be others. However, most providers cover this cost through the yearly administration fee charged to all members.

        No restriction. Also no difference between changing fund or changing provider.

        Your provider (or previous provider) goes through a cashing up process of your KiwiSaver investment. This can mean selling investment assets or cancelling units in the fund you hold. The provider transfers the equivalent to cash and then purchases new units in the new fund (or the old provider just transfers the cash to your new KiwiSaver provider). Once the transfer goes through, your old account is closed.

  • I think Milford Funds have the highest annual return. So it’s very popular. And Simplicity Funds are passive index funds. Good annual return and their funds are over 1 billion each. So it’s quite popular. But I think the largest funds are from Milford funds. ASB funds annual return is very low. Better don’t switch to asb for $100

    • That's way too simplistic. The comment about not switching just for $100 is correct but nothing else in your comment.
      Milford has multiple funds, as do Simplicity and ASB - it is not just one.
      Each have everything from Conservative to High Growth / Aggressive. The right fund is going to vary for every person depending on their timeline and appetite for risk.
      A high performing fund in one year can often be a poor performer the next, so you can't use past performance as a rule of future success.

      The best thing for anyone to do is have a talk to someone like @kiwisadvice above or at least have a look at something like the Smart Investor Website to get an idea of all fund types and what might be appropriate for them.

  • I would check the fees. I was with ASB and they weren't the cheapest. As balances grow, then their fees also increase, as it is often a % when IMO the fee percentage should drop. I think the fees for many are too high in NZ for kiwisaver when you compare them with some of the low EFT fees. I withdrew my kiwisaver for a house, so have only a little in it now so I may try doing this. I only really have kiwisaver for the free tax credits.

  • Anyone keen to talk generally about KiwiSaver and possibly have some free and no obligation advice, happy to have a chat. Come to www.kiwisadvice.co.nz and go from there.

    • You should add your website to your profile and turn on private messaging.
      Much in the same way that beatthatflight does.

      • I have done as you suggested mate, not necessarily trying to sell myself but felt compelled to create a profile and comment on this thread.
        Having a look at previous KiwiSaver discussions, it appears as though some of the community could do with some financial advice in regards to KiwiSaver.

        • I think many here perhaps have better knowledge than the average population. I don't think the average population really understand kiwisaver and how much fees can eat into their returns over time.

          • @nzmax: Fees are just one part of the KiwiSaver puzzle. If comparing apples with apples, then yes take the lower fee fund for the same return.
            Fees normally dictate the type of investment strategy, passive vs active. Passive managers whom merely track an index obviously don't need to charge as much fees as they are not buying and selling and changing asset allocations etc. whereas active managers are trying to beat the market by doing so and this incurs costs. Completely different strategies, different value components, and so focusing on fees alone can be detrimental to your fund balance. Better to focus on returns after fees and then work backwards as to what strategy you are most comfortable with.

  • Anyone that took his up know how long it takes for an account to be transferred in? It said about a week wondering if it may take longer or shorter than that?

    • Can take up to 10 working days @nzmax

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