How/can I produce reports with information about my InvestNow KiwiSaver Scheme portfolio?

InvestNow is an online service. You can download statements when you are logged into your InvestNow KiwiSaver Scheme account.

There are three types of reports:

Investment Report – provides information about your portfolio returns, contributions, tax information, and more (PDF format)
Management Accounts Report – provides more detailed information that may be of use to you and/or your accountant […]

By Mike Heath|2023-09-25T10:44:14+13:00September 25th, 2023|KiwiSaver|Comments Off

How does the distribution fee InvestNow earns for Term Deposits work?

InvestNow Term Deposit Distribution Fee

Q: What does the KiwiSaver Summary provide?

What does the KiwiSaver Summary provide? The KiwiSaver Summary provides a high-level overview of your portfolio, including details such as: Your contributions - Contributions you have made to KiwiSaver, from the time you first joined KiwiSaver (includes if you joined KiwiSaver before switching to InvestNow). Employer's contributions - Contributions your employer(s) have made to KiwiSaver, from the time you first joined KiwiSaver (includes if you joined KiwiSaver before switching to InvestNow). Government contributions - Contributions the government have made to KiwiSaver, from the time you first joined KiwiSaver (includes if you joined KiwiSaver before switching to InvestNow). Other contributions - Any other contributions your employer(s) have made to KiwiSaver, from the time you first joined KiwiSaver (includes if you joined KiwiSaver before switching to InvestNow). Gains/(losses) after fees - any gains or losses, after management fees, you have made in your KiwiSaver portfolio since joining the InvestNow KiwiSaver Scheme. Tax refund/(paid) - any taxes paid/refunded since joining the InvestNow KiwiSaver Scheme. Note that this excludes any Portfolio Investment Entity (PIE) tax that is accrued but not yet paid or refunded.

InvestNow earns a distribution fee of 0.10% for the Term Deposit (TD) service. This fee does not result in any additional fees for you, or reduction in the interest rate you receive, for the Term Deposit(s) you invest in.

The rate you receive for the TD you invest in is the rate you see when you select the bank/term. In addition to the rate you receive, InvestNow will be earning a 0.10% distribution fee.

An example:

A customer invests in the 3m TD from bank […]

By Mike Heath|2023-05-04T16:42:17+12:00May 3rd, 2023|Investment Portfolio Management Questions, Product/Choosing Products Questions, Term Definitions|Comments Off

What do each of the column headings mean for the fund manager table?

What do each of the column headings mean for the fund manager table?

Sector:
Sector refers to the type of asset the managed fund invests into, such as a diversified fund, cash fund, listed property fund, etc.

PDS Fee:
The PDS fee is the annual management fee estimate as stated in the Product Disclosure Statement (PDS) for this fund.

QFU Fee:
The Quarterly Fund Update (QFU) Fee is the latest actual fee charged by the fund in its most recent financial year, as stated in the fund’s most recent Quarterly Fund Update.

Buy/Sell Spread:
When you buy or […]

By Mike Heath|2023-05-01T15:17:20+12:00April 19th, 2023|Term Definitions|0 Comments

Who is Cloudcheck?

Cloudcheck is the technology partner we work with to provide a customer identity verification solution – specifically we use their IDScan solution for the bio-metric identity verification. Learn more about Cloudcheck here.

By Mike Heath|2022-11-03T17:20:49+13:00November 3rd, 2022|Anti-Money Laundering (AML)|0 Comments

Why are you asking me for information about my InvestNow account – specifically referencing Anti-Money Laundering (AML)

Firstly, we can confirm these requests for information are legitimate.

All NZ financial institutions must comply with the Anti-Money Laundering regulations. Unfortunately, we don’t have all the information we need to meet these regulatory requirements for some of our InvestNow customer’s accounts.

Where we have been in contact with you directly, requesting the additional information, we very much appreciate your prompt and complete responses to these requests.

Here are some FAQs which address some of the specific information requests:

What documents can be provided as evidence of Source of Funds?

[…]

By Mike Heath|2022-11-03T10:07:33+13:00November 3rd, 2022|Anti-Money Laundering (AML)|0 Comments

What documents can be provided as evidence of Source of Funds?

In some circumstances, we may be required to ask you about the source of the funds that you have invested, and ask for documents to verify this information – for example, if you made an unusually large deposit. This table shows examples of the documents that we may be able to accept as evidence of the source of your funds:

This list is not exhaustive and the types of documents we would accept will depend on your individual circumstances and the amounts involved. In most circumstances we can also […]

By Mike Heath|2022-11-03T09:47:43+13:00October 21st, 2022|Anti-Money Laundering (AML)|0 Comments

How to verify your ID with the IDscan tool from Cloudcheck

Some common questions for verifying your identity using the IDScan tool from Cloudcheck

I use an iPhone, and it can’t detect my camera. What do I do?

Go to Settings
Find and select Safari
Scroll towards the bottom and select Camera
Change permission to Ask
Reload the Safari page and you grant access when requested

I use an Android phone, and it can’t detect my camera or I accidentally rejected access to my camera.

If you are using Android 10 or below please do the following:

[…]

By Mike Heath|2022-11-03T09:48:20+13:00September 29th, 2022|Anti-Money Laundering (AML)|0 Comments

How to provide details about your intended use for your InvestNow account (Nature & Purpose)

Follow these simple steps to provide details about your intended use for your InvestNow account (Nature & Purpose).

Some existing customers have received an email from InvestNow asking them to provide responses to questions about the purpose and intended use of their InvestNow account, in order to meet the requirements of Section 17(a) of the AML/CFT Act. Please refer to the following instructions regarding how to update these responses online:

Step 1 – Login and select Account Settings.

Step 2 – […]

By Mike Heath|2022-11-03T09:42:54+13:00September 1st, 2022|Anti-Money Laundering (AML)|0 Comments

What is a diversified fund?

A diversified fund invests in a range of asset classes, regions, and/or industry sectors. Each of these assets have different characteristics eg their values may not all rise or decline at the same time. Investing in a range reduces the potential risk that anyone sector/region/industry can have on the overall performance of the fund – spreading the risk.

Diversified funds can be built to align to specific risk profiles, for example, Conservative, Balanced or Growth.

By Mike Heath|2020-12-04T09:39:55+13:00December 4th, 2020|KiwiSaver, Term Definitions|Comments Off

What does the KiwiSaver Summary provide?

What does the KiwiSaver Summary provide?

The KiwiSaver Summary provides a high-level overview of your portfolio, including details such as:

Your contributions – Contributions you have made to KiwiSaver, from the time you first joined KiwiSaver (includes if you joined KiwiSaver before switching to InvestNow).

Employer’s contributions – Contributions your employer(s) have made to KiwiSaver, from the time you first joined KiwiSaver (includes if you joined KiwiSaver before switching to InvestNow).

Government contributions – Contributions the government have made to KiwiSaver, from the time you […]

By Mike Heath|2020-11-26T08:50:12+13:00November 24th, 2020|KiwiSaver|Comments Off