Nikko Asset Management is to launch a KiwiSaver fund offered via roboadvice.
The fund manager is set to offer the scheme to the market next year.
The fund manager has a strong institutional backing in New Zealand but has been working on growing its reach in the financial adviser community.
It is also planning to apply for an exemption to enable it to offer roboadvice and the new KiwiSaver scheme will tie into that.
Clients may also be able to access the manager’s other funds through the same robo platform.
It has 11 retail products and 16 wholesale funds at present.
Investment documents for the new KiwiSaver scheme are expected to be lodged in the early part of 2018. Clients have been given advance notice of the move.
Nikko made a submission earlier this year on the Financial Markets Authority’s proposed exemption to allow roboadvice ahead of the implementation of the Financial Services Legislation Amendment Bill.
In it, it said there were too few advisers to provide advice to all consumers.
The cost of tailored advice was too high for those with low asset balances. Some people did not know how to seek advice or wanted to remain anonymous while they looked for solutions.
“Roboadvice is not something which replaces the human adviser but provides a complementary service that meets needs that may otherwise be left unmet,” the submission said.