Why a Lack of Understanding is Ruining People's Financial Future


I've been worrying about this long before COVID-19 became a worldwide pandemic. New Zealanders have been flooding to Kiwisaver providers with the highest returns with no real understanding of the implications of that decision or are being told how to invest by a 'Kiwisaver Adviser.'


For those of you not aware, a Registered Financial Adviser(RFA) can give advice on Kiwisaver. This 'credential' is achieved by more or less ticking a box and paying a fee.


So now as most people face the biggest fall in their returns, I have a feeling that Kiwis will start taking the structuring of their Kiwisaver more seriously.




Intro Transcript


Have different people heard of the growth fund, conservative, and balance. Was their


00:05

experience when they went to the bank basically like oh


00:08

do you like risk and I said no oh you're going in the conservative fund


00:14

they sort of just guide you into it and you just got it and you didn't know quite


00:17

what you're doing that happen yeah it happens quite a lot


00:31

Everyone's different so my


00:34

KiwiSaver shouldn't be the same as everyone else's KiwiSaver so like have


00:40

different people heard of the growth fund conservative balanced was their


00:45

experience when they went to the bank basically like oh


00:48

do you like risk. Then I said no oh you can go in the conservative fund


00:54

did they sort of just guide you into and you just got it and you didn't know quite what you were doing


00:57

did that happen yeah it happens quite a lot so to talk to that


01:02

point maybe I should talk more behavioural that was a set up but I


01:06

didn't write a speech so I'm sort of winging it based on what people are saying

More than happy to help in any way that I can

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