Grosvenor goes: Booster arrives

Grosvenor Financial Services, whch recently became a default KwiSaver provider, has rebranded itself to help build its profile in the consumer market.

Monday, September 19th 2016, 9:26AM

The company was formed 18 years ago by Allan Yeo and picked the name Grosvenor for a number of reasons including the connotations of a old-established British name . However, Yeo admits that after all these years people still struggle with the name and many still can't pronounce it properly.

“After almost 19 years of existence with a tongue twister of a name with British origin, we have reached a stage of development where we wanted a name which better reflects who we are and what we stand for,” Yeo says in the letter to clients.

While Grosvenor has worked with financial advisers it branched out into the consumer market when it became a default KiwiSaver provider and soon it will be offering a home loan product.

Yeo says with these changes it was a good time to rebrand the company with a more user-friendly and meaningful name.

Booster became majority-owned and operated by its management team last year.

The name change signals a continuation of the work Booster already does to increase financial understanding. Booster has also told their KiwiSaver members that the benefits they receive will be growing.

Those with low balances already get fee relief to help them get started. For the default fund, member fees are waived until savings reach $10,000. In other funds it’s $500. Another feature unique to Booster is free accidental death benefit cover. Previously members could receive $10,000. It is now increasing to up to $50,000.

Beattie said: “We think it’s important to do these things that actually make a difference for people. We aren’t a big Aussie institution here just to make money and take profits off-shore. We are proud to be a New Zealand player in an industry that sadly seems to be dominated by those that don’t have a deep connection to this place.”

Booster currently managers$2 billion for more than 100,000 people.

Booster will soon enter the home loan market, offering a mortgage designed specifically for first-home buyers. “It is tough getting into your first home. It’s also tough as a parent if you want to help out while still saving for your retirement. We have designed something to help," Beattie said.

For more on its home loan offering Read on

Tags: Grosvenor Financial Services