It welcomes recommendations of the review of Retirement Income Policies
Financial Advice New Zealand is encouraging the government to subsidise financial advice to better equip Kiwis for lifelong wellbeing, following the release of the latest three-yearly review of Retirement Income Policies.
Katrina Shanks, chief executive of Financial Advice NZ, said she welcomes many of the recommendations of the review – particularly employer contributions for members over 65 years old, introducing a “small steps” contribution option to increase contributions over time, making prescribed investor rates tax refundable, and excluding fixed fees for low-balance accounts.
She also commended targeting the government contribution to incentivise voluntary contributions by non-employees – adding that more should be done to encourage financial advice.
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Shanks said that Kiwis would understand the difference that financial advice could make in their lives if they were exposed to it in their first jobs or when they first signed up to KiwiSaver.
“I would like to see the Government subsidising financial advice in the workplace by financial advisers,” she said, as reported by Good Returns. “It’s easiest through the workplace.”
She said she had seen an increasing appetite for financial advice – with employers already engaging financial advisers to help their staff with KiwiSaver.
“There are already good employers doing it,” she said. “How do we extend that further?”
