The KiwiSaver Scheme
for Financial Advisers

KiwiWRAP KiwiSaver Scheme is an innovative self-select KiwiSaver scheme designed to enable advisers to tailor portfolios specific to the personal needs of their investors.

KiwiWRAP KiwiSaver Scheme gives investors choice and reporting can be integrated seamlessly with an investor’s non-KiwiSaver portfolio

Making advisers’ lives simpler

 

The KiwiWRAP KiwiSaver Scheme helps advisers bring together the final piece of an investor’s wealth management world. Advisers are able to monitor all portfolios in one place and have the ability to share information with investors, all through one login.

Advisers can implement consistent portfolio recommendations across their KiwiSaver and private wealth services, so they can be confident in meeting the investor’s needs and expectations.

Investors are able to join the Scheme through an online application, which simplifies the process. If the investor wants to open an investment account on Consilium Wrap, this can be completed in one simple onboarding process.

A unique KiwiSaver offering

Advisers have always believed financial advice is important to help investors reach their retirement goals.

The KiwiWRAP KiwiSaver Scheme gives advisers the ability to do their very best work for their investors and be remunerated according to the level of service provided, not what is dictated by the product manufacturer.

The value of advice has never been more important. Recent market volatility highlights the importance of having an adviser to help with those decisions that may have a long-term impact on the value of investors’ investments.

  • Over 400 investment options

  • Buy shares in many of the world’s largest companies

  • Access to leading fund managers

  • Transparency of fees and taxes

  • Flexibility to cater for investor’s specific investment requirements

  • Match investments with the desired level of risk

  • Align KiwiSaver recommendations to investor’s social responsibility preferences

  • Integrate KiwiSaver with other investment offerings

  • Ability to change investments as investor’s circumstances change

  • Accessible only through accredited advisers

  • Ability to work with eligible investors per Financial Markets Conduct Act 2013

  • Designed for larger balances*

    *Minimum $50,000 initial balance from existing KiwiSaver and/or cash contribution

Supporting advisers

Consilium are committed to supporting financial advisers and offer a number of resources to assist advisers with the KiwiWRAP KiwiSaver Scheme.

 

Adviser support and resources

Consilium provides a range of support and training materials. These include example KiwiSaver Statements of Advice, videos and step-by-step guides on how to use the KiwiWRAP KiwiSaver Scheme. In addition, a simple and informative investor brochure is available to explain the features and benefits of the KiwiWRAP KiwiSaver Scheme.

Risk indicator calculator

Advisers using the KiwiWRAP KiwiSaver Scheme are required to provide investors with a risk indicator, personalised to the portfolio that the adviser has recommended. Consilium provides a tool that calculates the risk indicator upon the adviser entering the portfolio details.

Personalised financial advice

Under the KiwiWRAP KiwiSaver Scheme, advisers are required to give personalised financial advice to each investor before they join the Scheme. Excluded are eligible investors (as defined in the FMCA 2013), who do not need to first receive personalised financial advice but must still access the Scheme via a Consilium-accredited adviser.

This advice must be documented and provided to Consilium as part of the onboarding process. The advice needs to cover the six main areas:

More information
for advisers

Contact us to get a copy of the adviser brochure and for advisers who would like to become accredited to advise on the KiwiWRAP KiwiSaver Scheme.

Find out more

FAQ for advisers

  • The current criteria for investments to be eligible for inclusion in the Investment Options Supplement, are detailed in the Product Disclosure Statement.

    It is most often the maximum redemption timeframe that causes an investment to be ineligible. As of 1 April 2020, KiwiSaver schemes are required to process scheme to scheme transfers within ten business days. In a self-select scheme, this means that all of the investments in an investor’s portfolio must be able to be redeemed to NZD cash within eight business days. Consilium has no control over individual investment redemption timeframes.

  • Yes, with written investor consent. Generally, this involves documenting the recommendation to the investor and having them confirm back, in writing, that they want to proceed. Written instruction from the investor is required regardless of whether the adviser has a DIMS licence or not, due to the KiwiWRAP KiwiSaver Scheme’s self-select nature. Written instructions can be accepted via email. All records of investment direction changes, and investor approval, need to be saved and made available to Consilium on request.

  • The minimum $50,000 balance is only an initial requirement to become a Member. After a Member has joined the Scheme, the $50,000 balance does not need to be maintained.

  • Yes.

    Advisers can develop, recommend and use their own model portfolios.

  • Each year investor will receive seven reports relating to their investment in the Scheme. Two reports are produced by the custodian, FNZ Custodians Ltd (Custody report), and five reports are provided by Consilium as Manager of the Scheme (quarterly statements and annual report).

  • At this stage, the KiwiWRAP KiwiSaver Scheme is not able to support the direct transfer of Australian superannuation funds. However, investors can transfer in funds from a New Zealand provider that were previously held in an Australian superannuation scheme. The KiwiWRAP KiwiSaver Scheme will record the details of how much was transferred from the Australian scheme, as these funds cannot be used for any withdrawals, unless allowed under the KiwiSaver Rules.

  • For full details on the roles and responsibilities of the different parties, refer to the Other Material Information Document.

    Adviser firms are responsible for providing and documenting personalised advice to investors, including investment recommendations, objectives and policies. Advisers also implement and monitor the investor's Investment Direction in a Personal Plan, and ensure that it continues to suit the investor's needs. An agreement for services must be entered into between investor and adviser.

    Consilium NZ Limited (Consilium) is the Manager of the KiwiWRAP KiwiSaver Scheme and the operator of Consilium Wrap, where investments can be viewed. Consilium works with over 100 independent and professional advisers. Consilium does not handle investor funds and is not a custodian. You can find out more about Consilium and Consilium Wrap at www.consilium.co.nz and www.consiliumwrap.com.

    FNZ Custodians Limited and FNZ Limited are custodian and administrator of the Scheme respectively, and jointly referred to as FNZ. FNZ provides custody and wrap software services to global financial institutions and to several large New Zealand banks. FNZ Custodians Ltd holds investor funds in its name as a bare trustee for the benefit of the Scheme members. You can find out more about FNZ at www.fnz.com.

    Trustees Executors Limited is the Supervisor of the KiwiWRAP KiwiSaver Scheme. The Supervisor is responsible for ensuring that Consilium NZ Limited as the Manager and FNZ Custodians Limited as the Custodian of the Scheme are performing their respective duties and acting in the best interests of the Scheme’s members. Both the Manager and the Custodian provide regular detailed Scheme reporting to the Supervisor. You can find out more about Trustees Executors Limited at www.trustees.co.nz.

     

  • The Scheme claims back the adviser fee and credits this back to the Member’s Personal Plan. The Member does not claim it in their personal tax return.