One of our pet peeves at the moment is banks nabbing our clients regarding their KiwiSaver account when they’re doing their banking. The bank staff (despite not being Authorised Financial Advisers (AFAs)) are able to infer that it’s easier and more beneficial to have everything ‘under one roof’ and that it will make First Home Buyer withdrawals simpler. We have even had a spate of 18-year-olds being told to transfer their KiwiSaver account to the bank when sorting their accounts in readiness for university!
In actual fact, it makes no difference in terms of your First Home Buyer withdrawal. All KiwiSaver providers have online access to manage your accounts and whoever your KiwiSaver provider is, the same forms are required when making a withdrawal under the First Home Buyer legislation.
If, as an AFA, I recommend to anyone that they should change any investment, KiwiSaver or insurance policy, without doing a full report comparing the new recommendation against their existing plan, I would be hung drawn and quartered by the Financial Markets Authority (FMA). Did your bank offer you a full and thorough comparison?
Here’s what you don’t get from the bank that you will get from Foresight Financial.
We totally respect a client changing providers and/or advisers but want any decision to be made based on an ‘informed choice’ with all facts known, discussed and understood.
We’re always happy to help so give me, Mike, a call on 06 751 4510
Talk to you soon!