KiwiSaver Series with Matthew D’Souza: The Best and Worst KiwiSaver Providers
KiwiSaver expert, Matthew D’Souza, answers all of your KiwiSaver questions and provides some insightful commentary on one of our most talked about financial initiatives.
It's that time of the year again when we dive into the latest insights from Consumer NZ's annual KiwiSaver satisfaction survey. If you're curious about where your provider stands or contemplating a switch, you'll find this rundown particularly enlightening.
Leading the pack with the happiest customers is Simplicity, a New Zealand-owned and nonprofit fund manager. Not too far behind are Generate and Milford, both local players as well. It's wonderful to see these providers not only securing People’s Choice accolades but also delivering strong investment returns.
Jon Duffy, the chief executive at Consumer NZ, highlights a notable trend: "It's great to see that the KiwiSaver providers with the most satisfied customers are all New Zealand-owned. Whether you’re saving for your first home or gearing up for retirement, the return on your investment is crucial, and these providers are ticking the right boxes."
However, it's not all rosy for everyone. At the opposite end of the satisfaction spectrum, we find AMP, with a rather underwhelming 39% satisfaction rating. They’ve particularly struggled with handling problems and keeping their customers in the loop.
Westpac, under BT Funds Management, didn't fare much better, finding itself second-to-last. They seem to be facing challenges across all customer satisfaction measures, especially in keeping their clients informed about their investments.
In a surprising twist, the big four banks—BNZ, ANZ, ASB, and Westpac—found themselves scattered from sixth to eleventh place. It seems size doesn't always guarantee satisfaction in the KiwiSaver game.
The standout story this year is how smaller fund managers are not just competing but actually outperforming the bigger institutions in terms of customer service and satisfaction.
Simplicity continues to win hearts and awards, clinching the People’s Choice award for the fifth consecutive year with an impressive 79% overall satisfaction score. Their success is attributed to their fair fee structure and ethical investment choices.
Generate Investment Management shares the spotlight for ease of accessing account information, and is a close second in providing timely responses to enquiries, securing the People’s Choice award for the third consecutive year.
Milford Funds is not far behind, bagging the People's Choice award for the seventh year in a row. They're recognized for their fair fees and proactive communication about investment updates.
This year’s survey underscores a clear message: when it comes to managing your KiwiSaver funds, the quality of service, fee fairness, and investment performance matter greatly. As New Zealanders, it’s heartening to see local providers leading the way.
If you're pondering over your current KiwiSaver provider, perhaps it's time to consider what matters most to you in a fund manager. Remember, it's your future at stake, so choosing a provider that aligns with your values and financial goals is key.
Want to learn more about choosing the right KiwiSaver provider? I’m here to help! Get in touch with me today and let’s talk all things KiwiSaver.
About the Author
Having lived on three continents and in six cities, Matthew D’Souza is a citizen of the world! And it is that very background that helps him relate to clients from all walks of life. After catching the advisory bug young, Matthew left a successful career in performance marketing to guide his clients through the financial maze of life. With a special focus on KiwiSaver and financial planning, his aim is to delight every client with the retirement that they dream of. Seeing his clients' success is what drives him and gets him leaping out of bed in the mornings!