Adding KiwiSaver advice to your offering can seem like a daunting task when your days are already full of offering insurance, mortgage and investment advice. But OMNIMax’s KiwiSaver solution streamlines your advice workflow, enabling you to generate a Statement of Advice in only 10 minutes.
Why you should offer KiwiSaver advice
Perhaps the biggest motivation to add KiwiSaver advice to your offering is the revenue growth it provides. For Wealthpoint Nelson, the success of their OMNIMax KiwiSaver solution has led to KiwiSaver now making up a substantial chunk of their business, and over $3 million being added to their books.
Another benefit of using the KiwiSaver tool has been the enhanced client experience it provides. Wealthpoint Nelson Managing Director, Nigel Rukuwai says, “Clients are happy to see how their current KiwiSaver plan compares to others and how it will affect their retirement. They could try and compare all the providers themselves, but you just can’t.”
The Wealthpoint Nelson team have also seen how the product has improved their bonds with clients. Nigel says, “Client retention is key. If we can offer another product and have another reason to regularly speak to clients, we strengthen our bond. This can then increase the time clients are with us.”
Why did Wealthpoint Nelson decide to offer KiwiSaver advice?
With most Wealthpoint Nelson advisers already offering life and health insurance, general insurance and mortgage advice, their days were already busy. Adding KiwiSaver to the mix without the OMNIMax solution would have been a huge task.
However, Nigel’s colleague had told him about a tool they had begun using that made it easy to review and recommend KiwiSaver – OMNIMax.
“We would have had to avoid new KiwiSaver clients if we didn’t have this KiwiSaver solution. I can now send a Fact Find and when I get it back, I can generate a Statement of Advice in 10 minutes”, says Nigel. “Now we are growing our books and have another product to offer our customers.”
Finding a cost-effective way to offer KiwiSaver was also essential given the relatively low margin of this product. Compliance was another consideration. Nigel says, “You can’t recommend KiwiSaver without a compliant and cost-effective tool. How do you compare the performance of a client’s existing KiwiSaver to the marketplace as well as fees, product mix, ESG needs etc. The OMNIMax solution makes it all streamlined.”
Making quality advice available to KiwiSaver holders was also important. “We know this is the one of the most important financial products people will hold in their lifetime. It will be a key retirement savings vehicle.”
How does OMNIMax’s KiwiSaver solution work?
OMNIMax’s solution automates your KiwiSaver advice workflow and streamlines your Fact Find, Statement of Advice, Authority to Proceed and Reviews. Nigel says, “The OMNIMax KiwiSaver solution allows us to compare fees and fund performance across a wide range of KiwiSaver providers and helps select the most appropriate option for clients.”
Interested in learning more about OMNIMax’s KiwiSaver solution?
Head over to the OMNIMax website here or give Greg a call at 0274 194 003 or 03 377 5906 to book a free demo.
