By Amanda Morrall
Fast growing boutique KiwiSaver provider Fisher Funds today announced a deal with Mike Pero Mortgages that will extend its nation-wide reach.
Managing Director Carmel Fisher said on Thursday the exclusive arrangement would see Mike Pero brokers across the country add Fisher Funds KiwiSaver to their menu of financial products promoted through their services.
"Strategically it means we'll have the added advantage of people out there promoting our scheme, and furthering our nation-wide presence,'' said Fisher.
Until now, the provider had no formal distribution channel and relied on reputation and word of mouth.
Previously, Mike Pero had a deal with Huljich to sell its KiwiSaver scheme but Fisher said that relationship ended six months ago.
With Fisher Funds having recently purchased Huljich's KiwiSaver business, Fisher said the arrangement was mutually beneficial as it brought together "two strong Kiwi brands, leveraging the strengths of each other.'' (For details on Fisher's acquisition of Huljich's KiwiSaver programme see this article by Amanda Morrall).
"Mike Pero has a powerful distribution network throughout the country with superb client relationships and a reputation for trusted advice. The Fisher Funds KiwiSaver Scheme has achieved market leading investment returns and provides an award-winning communications capability.
"Together, we can provide Mike Pero clients with easy access to our Scheme to build their retirement nest egg.”
Fisher Fund's acquisition of Huljich (expected to become official next week) will see it membership grow by 100,000. It had 26,000 members previously. (For information on Fisher Funds KiwiSaver funds see our schemes section here.)
CEO of Mike Pero Mortgages Shaun Riley said the firm had been actively seeking a new KiwiSaver partnership and chose Fisher Funds largely on the strength of its reputation.
"They are straight talking, have an excellent track record and focus on delivering the best outcomes for their clients.''
Mike Pero has 42 franchisees throughout New Zealand.
Fisher said brokers that successful sold its KiwiSaver scheme would be paid a commission and were obliged to explain that remuneration arrangement to clients.