- May 12, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Seeking Advice on Kiwisaver Transfer
My husband and I are in the process of working with a mortgage broker to secure a mortgage. Currently, my Kiwisaver is with Simplicity and my husband’s is with the default ANZ provider. Our broker has recommended that we consider transferring our Kiwisavers to Generate. We are curious about the rationale behind this suggestion and whether the adviser stands to benefit from our decision to transfer. We also want to confirm if we have the option to decline the transfer and maintain our accounts with our current providers.
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Yes the broker will get a commission from selling on behalf of Generate. The commission should be detailed to you as part of their advice disclosure.
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Simplicity is great, don’t transfer away from them. They also do home loans. Have a look, will likely be cheaper than the best rate banks offer you.
Once you’ve been through a few mortgage brokers you start to understand the only part of “working for you” is adding your financial details up in a calculator. Everything else is to get their commission somehow.
Generate are ridiculously expensive. My partner signed up during a mortgage refinance via the broker and I finally convinced him to drop them in favour of simplicity.
Generate is horribly expensive actually one of the most expensive they have 1.25 to 1.5% fees, Simplicity which is a index fund is only 0.15%. Do the math on this website and go back to your financial advisor and ask for please explain ? Passive/index funds historically have outperformed actively managed funds, this is proven with both historic and empirical data.
https://moneysmart.gov.au/managed-funds-and-etfs/managed-funds-fee-calculator
Find a new broker, they’re a dime a dozen and this bloke is clearly just chasing their commission – will be even more egregious when it comes to your mortgage.
They won’t care at all about your preferences and will go whoever will give the best commission, you can almost guarantee they’ll be sending you plenty of messages in the future about refinancing etc as well.
I had an insurance broker suggest I go to Generate. I asked what he got paid if I switched and he said $30. That was 8 years ago. I think a lot of brokers are “working” for Generate.
Mortgage brokers are not financial advisors. He sounds like he’s selling a product.
I moved from banks to simplicity KS. we paying 6.4% pa to simplicity mortgage now
Investment Adviser here.
If they haven’t made you aware that they get a commission from some of the KiwiSaver schemes they work with, then they really aren’t doing their job (and might not be meeting the code). My standard process is to make every client aware of what I earn from every single KiwiSaver Scheme I work with before the advice is provided. No hidden motives that way.
Unless you are expecting to use the kiwisaver funds for your mortgage I would keep the kiwisaver funds where they are. The broker is obviously trying to get a commission from your funds. Every time you switch funds or provider you are paying commissions and/or exit/entry fees so tell your mortgage broker to focus on the mortgage only 🙂 or contact directly ANZ or your bank to get a deal.