A new partnership between The Adviser Platform and KiwiSaver specialist Hive aims to make KiwiSaver easier to bring into the wider advice relationship, helping advisers support more of their clients’ financial needs.
Citing recent FMA research which found that less than a third of New Zealanders are accessing financial advice, TAP and Hive say they are joining forces to help close New Zealand’s advice gap.
The two companies say the new partnership brings TAP and Hive together “…around a shared ambition to help more New Zealanders benefit from great advice and support them towards a confident retirement.”
They point to complementary strengths “…TAP helping advice businesses reduce friction, create capacity and deliver more multi-service advice, and Hive putting advisers at the centre of KiwiSaver, making quality advice and ongoing servicing easier.”
Together, we can enable advisers to provide multi-service advice…
Managing Director of TAP, Ryan Edwards, says the advice gap is a significant opportunity for the industry. “Hive shares our belief in elevating the role of the adviser and the difference great advice can make. Together, we can enable advisers to provide multi-service advice, support more of their clients’ financial needs and make a greater difference in their financial lives.”
The two firms says Hive puts the adviser at the centre of every client relationship “..combining specialist fund managers, smart technology and a genuine partnership model to make KiwiSaver advice and ongoing servicing easier.
“The adviser and their brand remain visible throughout the client experience, creating more reasons to engage at important milestones and have meaningful conversations as clients’ goals and financial needs change.”
CEO of Hive, Sharon Mackay, says the firm “…was built around a simple conviction: clients do better with an adviser at the centre. We want advisers to play a bigger role throughout their clients’ financial journey, with their advice and brand present at the moments that matter.”
“Hive’s approach centres on choice, connection and continuity — providing greater investment choice, creating more opportunities for ongoing client conversations and supporting advisers to build relationships that continue as clients’ lives and needs evolve.”
The two firms note that TAP creates a more streamlined journey from client data to advice ”… with client information flowing directly to Hive to reduce duplicate entry, re-keying and portal hopping. Advice documents and governance checks are created in real time, reducing friction and creating more adviser capacity to focus on clients and advice.”
… connecting TAP and Hive reduces friction, simplifies the advice workflow and creates more adviser capacity…
Edwards says that connecting TAP and Hive reduces friction, simplifies the advice workflow and creates more adviser capacity to focus on delivering advice.
“The partnership also supports TAP’s focus on helping advice businesses deliver more multi-service advice, creating greater value across their client book and supporting sustainable business growth,” the statement says.
Advisers can choose from four specialist fund managers — Aurora Capital, Harbour Asset Management, Pie Funds and Munro Partners, with the flexibility to mix and match across managers and funds to support a range of client needs.
“Rather than treating KiwiSaver as a standalone product conversation, Hive is designed to make it a natural part of a more rounded advice relationship, creating more reasons for advisers and clients to engage as goals and circumstances change,” the two companies say.
Hive is now available to TAP customers.