New market entrant JUNO KiwiSaver is proving popular, with 1,000 New Zealanders joining the scheme since its launch in August.
“We’re having daily conversations with KiwiSaver members who’ve been in another scheme for years, but had no idea what they were paying in fees,” JUNO KiwiSaver Scheme co-founder Mike Taylor said. “Or they’ve understood they were paying just a few dollars in administration charges when really they’ve been shelling out hundreds or thousands more in management fees as well.”
JUNO’s fees start at zero – kids under 18 and those with balances under $5,000 don’t have to pay a single cent to be invested in KiwiSaver. For adults and those with larger balances, fees begin at $5 a month and are paid monthly.
“We can see we’re bucking a national trend too, with only 3% of our members in Conservative,” JUNO KiwiSaver co-founder Jacqueline Taylor said. “That’s really exciting, because it means our members are understanding their appetite for risk and putting their faith in our active management style.
“In some cases, we’re switching full families – we recently transferred all six members of one Kiwi family into JUNO,” she added.