Smartshares offers new KiwiSaver fee solution
Head of funds management Hugh Stevens said there was a lot of discussion in the market about how KiwiSaver advice could be provided to those who wanted it.
He said the old structure of trail commissions and other fees built into the overall amount investors paid made the fund charges more expensive and not well targeted.
“Everyone pays whether they are receiving advice or not. The control is not with the member but with the manager. The adviser and member don’t have much say in how that’s structured.”
He said Smartshares wanted to make its low-cost KiwiSaver scheme available to independent advisers and their clients.
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