About our new upfront advice fee
Financial advisers may receive additional servicing and advice fees that is paid for by Amova NZ.
Why have we introduced this new fee?
At Amova, we believe that financial advice can significantly improve KiwiSaver outcomes for more New Zealanders. However, providing quality upfront advice requires time and effort from advisers - effort that isn’t always reflected in ongoing fees. By recognising and fairly compensating this work, we aim to make advice more accessible to members. As a multi-manager scheme, our members benefit from diversified investment strategies, and our GoalsGetter digital platform is designed to support advisers and deliver better outcomes for clients.Eligibility criteria
Financial advisers may receive an additional servicing and advice fee of $400 (inclusive of GST) that is paid for by Amova NZ if the following eligibility criteria are met:
• A new member is introduced to the GoalsGetter KiwiSaver Scheme
• The investment is over $30,000
• The investment has been received by the Scheme; and
• The investment is spread across more than one manager.
Why introduce this fee now?
Advising on KiwiSaver requires time and expertise. We believe advisers should be compensated for this effort.
Who is funding the fee?
Amova will fund the fee. It comes at no additional cost to members.
Is there a claw-back clause?
To encourage long-term engagement, the upfront advice fee is subject to a claw-back clause. if a $400 payment has been made and the investment is withdrawn or transferred to another Scheme within a two-year period, Amova reserves the right to recover that amount. Amova has the right to discontinue upfront payments by providing notice to the adviser.
How long will this fee be in place?
There is currently no planned end date.
What if some advisers don’t wish to receive the fee?
We’ve built functionality to disable the fee for specific advisers if they would prefer not to receive this fee.