Southland financial planning firm Bennett and Co is embracing KiwiSaver by taking on a new staff member specifically to promote the savings scheme to employers.
The new appointee, Graham Kruger, says that Bennetts have identified there is a significant opportunity in KiwiSaver.
He says they will give companies help in setting up and running schemes for their staff.
A key benefit is that the service will be able to take away some of the compliance issues for employers.
The sorts of things they can do are provide advice, not only to the companies, but also to employees outlining the various options.
The service will help select options and will go as far as assisting with the selection of preferred suppliers if required.
Kruger says he will probably promote a range of KiwiSaver options to employers starting with ones Bennetts have existing relationships with, such as ING, AXA and Tower and to some of the other providers. He notes Asteron have done a lot of work on KiwiSaver and local firm SBS is looking at providing a solution.
Kruger, a South African, uses an analogy of anyone going into battle has to have the right weapons.
“If you’re a soldier you have to have bare a spear as well as a sword”, he says.
He says there is growing awareness of KiwiSaver and employers and their employees are already asking questions about the scheme which is due to start on July 1.
Kruger says he will charge companies a fee and he doesn’t expect to be making much money at the start.
However, over the long term KiwiSaver provides a good opportunity to the firm.
“We don’t want to look back in 10 years time and say we missed an opportunity.”