Quotemonster Introduces KiwiSaver Research Tool for Advisers

Highlights:

• KiwiSaver Expansion: Quotemonster launches a KiwiSaver research tool in partnership with Morningstar, expanding its services beyond life insurance data.
• Adviser Support: The new tool allows advisers to compare KiwiSaver products, document recommendations, and tailor advice based on client preferences.
• Industry Growth: KiwiSaver assets have grown to NZ$108 billion with 3.2 million members, highlighting the increasing importance of informed financial advice.

Quotemonster, a platform renowned for providing life insurance data to advisers, is expanding its offerings with a new KiwiSaver research tool. Developed by Quality Product Research in collaboration with financial research giant Morningstar, this tool aims to equip advisers with in-depth information on the various KiwiSaver products available in the market.

Why the New KiwiSaver Tool?

Russell Hutchinson, director at Quotemonster, announced the launch of the KiwiSaver tool at an event in Lower Hutt earlier this week. He explained that the expansion into KiwiSaver was driven by its growing importance in the financial advisory landscape. "KiwiSaver has become the second most-offered service by life insurance advisers, making it essential for us to support advisers in this area," Hutchinson said.

How the Tool Supports Advisers

The new service will allow advisers to compare different KiwiSaver products based on their unique characteristics, helping them make informed recommendations. Additionally, the platform will enable advisers to create detailed statements of service, documenting the rationale behind their product recommendations for compliance and client transparency.

Advisers can also use the tool to record client preferences, such as risk tolerance and comfort with potential gains or losses. This information will be pivotal in tailoring advice to individual client needs and in demonstrating how a client's current KiwiSaver product stacks up against others.

Industry Insights and Growth

During the event, Generate's business development manager, Paula Damen, highlighted the rapid growth of KiwiSaver, which now boasts $108 billion in assets under management and 3.2 million members, the majority of whom are under 45 years old. Damen emphasized the increasing shift of members towards growth funds and the importance of advisers in guiding these decisions. "We believe in the value of advice, and if you're not advising your clients, someone else will," she noted.

Damen also pointed out that Australia’s superannuation scheme, which now manages AU$3.5 trillion in assets, could serve as a model for New Zealand. With discussions around making 3% contributions compulsory in New Zealand gaining traction, advisers have a growing opportunity to play a crucial role in their clients' KiwiSaver decisions.

By offering this new tool, Quotemonster is positioning itself as a key resource for advisers navigating the evolving KiwiSaver landscape, ensuring they have the data and insights needed to provide top-notch advice.

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