Advisers: Fee move will make little difference

From April 1, fees will have to be made clearer.

If a customer has a balance of $10,000 in their KiwiSaver account, until now they might have seen the fund manager’s fee expressed as 1.28%. That will now be spelled out as $128 per year. According to the KiwiSaver Fund Finder tool on the Sorted website, total fees on $10,000 in a balanced fund range from $52 to $174 per year.

Adviser Stephen O'Connor said that would make fees stand out more to investors.

But he said few people were interested specifically in what their KiwiSaver manager was charging them. They were more interested in the overall return.