Sharesies is a recent arrival on the KiwiSaver scene but says it’s finding favour with customers who access all their investments in one place.
Thirteen months after launch of its KiwiSaver offering, the wealth app this week celebrated the 10,000 member milestone for its scheme, which offers access to base funds managed by Milford, Pathfinder, Pie Funds and Smart, alongside individual company and ETF picks. The Sharesies investment platform has around 750,000 customers.
Sharesies’ GM of Super and Funds Matt Macpherson says customers’ desire for consolidation has been a major driver of the scheme’s growth, as it was with the banks in the early days of KiwiSaver.
“People wanted their KiwiSaver in the same place they’re logging on to do their other banking and it made a lot of sense for them, because they didn’t have to worry about another sign in, they didn’t have to worry about tracking it somewhere else,” he says.
“We’re actually seeing that working to support customers switching to us, they want to see all their investments in one spot.”
However, it’s not just existing KiwiSaver investors the company is targeting, with around 10 percent of business coming in the form of customers new to KiwiSaver, says Macpherson.
“We’re engaging people to get involved, maybe they’re in their mid-forties or fifties even, and they’re signing up because we’ve made it more convenient and an easy process.”
The ability to maximise US exposure appears to be another drawcard for investors, with most gravitating towards the US 500 in their individual picks. So much so, Sharesies is turning it into a base fund option for KiwiSaver investors.
Macpherson admits it’s been a more challenging road to market than the company expected, but says he hopes to see it continue to grow at a sustainable pace.
“We’ve got things like kids accounts we don’t currently support, our ambition is to try to complete the product, it’s probably about three quarters of the way there.”
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