Conservative attitude a bigger problem than fees: McLachlan
Bruce McLachlan, chief executive of Fisher Funds, said his firm's modelling showed the optimal strategy for a mid-50s investor was to have 60% growth assets at 55 and more than 40% at 60. Even at 90, they would have 20% in growth investments.
"Our analysis suggests a much slower reduction in growth assets is the preferred KiwiSaver strategy," he said. "Because New Zealand started KiwiSaver so recently many fund managers are using lifestage models from overseas data, where retirement savings have been in place for much longer and at higher levels.
"Because most New Zealanders are way behind there is a need, indeed a requirement, for many to have more exposure to growth for longer."
By contrast, ANZ's Lifetimes KiwiSaver options guides investors over 60 into a conservative fund, and into cash over 65.
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