KiwiSaver provider Hive, formerly Aurora Capital, has joined up with dealer group TAP to further its distribution.

Both groups have a common ownership with the BNB Group which also owns Haven, Enva, Cactus, Blanket, and Deployed.

Up until now Hive had mainly distributed its KiwiSaver through the Haven and Enva groups amassing $550 million to date.

Under this new arrangement it will get access to more than 300 financial advice businesses.

“TAP and Hive bring together complementary strengths — TAP helping advice businesses reduce friction, create capacity and deliver more multi-service advice, and Hive putting advisers at the centre of KiwiSaver, making quality advice and ongoing servicing easier,” the groups say in a joint press statement,

“The advice gap is a significant opportunity for our industry,” TAP Managing Director Ryan Edwards says. “Hive shares our belief in elevating the role of the adviser and the difference great advice can make.”

“Together, we can enable advisers to provide multi-service advice, support more of their clients’ financial needs and make a greater difference in their financial lives.”

Hive Chief Executive Sharon Mackay says, “Hive was built around a simple conviction: clients do better with an adviser at the centre.”

“We want advisers to play a bigger role throughout their clients’ financial journey, with their advice and brand present at the moments that matter.”

Advisers can choose from four specialist fund managers — Aurora Capital, Harbour Asset Management, Pie Funds and Munro Partners, with the flexibility to mix and match across managers and funds to support a range of client needs.

Rather than treating KiwiSaver as a standalone product conversation, Hive is designed to make it a natural part of a more rounded advice relationship, creating more reasons for advisers and clients to engage as goals and circumstances change.

Together, TAP and Hive are making KiwiSaver easier to bring into the wider advice relationship, helping advisers support more of their clients’ financial needs and more New Zealanders benefit from advice on the path towards a confident retirement.