KiwiWrap KiwiSaver has highest average balance

Melville Jessup Weaver’s KiwiSaver market review for the year to March 2023 revealed the top ten providers for average balance size, with only one major bank making the leaderboard.

The Consilium-owned KiwiWrap KiwiSaver Scheme is a self-select scheme designed for investors wanting customisable investment choices. It focuses on making sure its members benefit from financial advice through advisers who can monitor and report on clients’ portfolios through Consilium Wrap (FNZ). They and investors have access to more than 400 investment options, including international shares, ETFs and bonds.

From KiwiWrap’s $120,000 it was quite a drop to the next three biggest balances on average; MAS at around $70,000 followed closely by Craigs and Milford. Coming in at just below $60,000 were Maritimes, newcomer Sharesies (with just 16 members at the period covered by the report) and Summer. They were followed by ANZ’s OneAnswer, Select and InvestNow all hovering above $50,000.

The bottom five (all around the national average of $27,000) were Booster, Aurora, BCF (Brethren Christian Fellowship), the Muslim targeted AE (Always Ethical) and BNZ.