By Hannah Lynch
Generation Y is well known for its technological sophistication.
Digital communication is our birthright and technology dependency remains an integral part of our lives.
I don't want to be a slave to my job like my Baby Boomer parents are so I decided it was high time to explore my financial options and start thinking about my retirment future even at the age of 21.
Registered Financial Advisers:
Can advise on simpler products like insurance, bank term deposits, and mortgages.
RFAs can give you information about investment products such as KiwiSaver but they can't provide advice. So they could, for example, give you a brochure about KiwiSaver. But they are not qualified or allowed to answer questions you may have about whether a particular option is suitable for your situation as that would be advice.
Qualified Financial Entity Advisers:
Can advise you on the same products as RFAs and investment products like KiwiSaver or managed funds. But they can only advise you on the products provided by their company.
Authorised Financial Advisers:
Have met minimum qualification requirements and professional standards. They can advise on more complex investment products and can also offer investment management and investment planning services. Their licence will set out the types of products and services they are authorised to offer.
32 Comments
Secret Cult?
The few who control the many by way of money supply are a from of secret cult !
Never posted stupid posted "Dumbed Down" Its not there fault the system is loaded in a way that dumbs you down, dumbed down populations are easy to control. Look at NZ most argue about left and right yet its obvious both are one in the same, look at where our voted chimp politicians all end up world bank IMF UN WTO WHO or 10 directorships at any of the Trans Nat corporations....vested interests I would say!
The last thing those in the shadows want is a well informed population of critical thinking individuals sitting around a kitchen table talking about the true nature of things.
Kiwi Saver Cue Bono?
Well for starters those with the ability to create money from nothing on your signature!
All good!
Martyb in regards civilisations that my fellow poster is one interesting topic but if you really believe Eygptians built the pyramids in the whitewashed history you have been told about then you will not find one...
Alternative history ie: there was more happening before 10,000bc than the majority are lead to believe offers some very interesting possibilities indeed, but most have closed minds and Im not here to change your mind only the individual can do that for them selves....
I begin at red ice creations and listen....
Again the individual must decide what resonates as a truth or not. Theres colums on the right of the site to other individuals who never get the time of day in mainstream media.
much in the alternative comunity is DISINFO so again its all about digging deeper yourself to find your own truths its not about what some else thinks and tells you....there truth or con may not be yours....
Theres enough pshyco's already telling us what to do and whats required in this life!
http://www.redicecreations.com/
Your mind works best like a parachute open!
I wouldnt call a giant pyramid in Bosnia a lack of proof and I wouldnt say all the documented public domain information on the federal reserve, banking in general, and things like operation paper clip 1945 a lack of proof either...
Also actions speak louder than words tell me wheres the last illustrious leader of NZ at now? Who replaced her and where did he come from? Musical chairs mate and thats all documented in the public domain!
How about Max Bradford? What about that Upton guy remember these characters ?
The proof is all around you!
Hannah, you hadn't yet got to the point where the provider gives you financial advice e.g. when you sit down with the Westpac person, in the above example. At that point, they would let you know what kind of Adviser they were.
Can you imagine 0800 line operators having to explain QFEs, RFAs and AFAs, Category 1 & 2 products just because someone has said the word "KiwiSaver"? It's better to talk to people first, find out what they are after, and if it sounds like they need financial advice, tee them up with an AFA. A good AFA will explain everything face-to-face and on the documentation that needs to be handed over at the first opportunity.
You are correct, it is now complicated.
It sounds like you require personalised information. Under the new laws you can get this from an adviser at QFE (usually a large organisation like a bank) they are restricted in the product they can provide information on.
You can also get information from an AFA (Authorised Financial Adviser) some of these work at the QFEs above. There are about 1600 AFA's in NZ, but many do not give Kiwisaver advice. The best way is probably to look on the FMA website and call several in your area.
It is my understanding that, unless you make it clear in writing that you do not want them to, an AFA is required to gather personal information about you and supply a written report. This all takes time and money, but the AFA is not allowed to direct or influence you to not buy a report. They should tell you how much extra this would all cost and what the benefits are.
Once the AFA has covered their backside, they should be able to provide you with the advice that you need.
If this all sounds to hard ask a member of parliment, they are exempt from the above as part of their duties.
Stick at it. In my opinion Kiwisaver still has merits for most people.
I think the whole idea of Kiwisaver is that yes, you are required to research yourself which is right for you. Everyone has a different situation and different values when it comes to money. I'm a conservative young gen x'er. So I'm in it for the long haul.
By joining a Kiwisaver scheme you have to be clear its what you want, you are signed up till you reach (currently) 65. I talk to my young (18-21) staff about Kiwisaver quite a bit. I always stress for them to do their homework on the providers they are interested in, find out what the fees are, and how easily they can deduct more fees if they see fit, what kind of after tax returns they have shown and so forth.
I researched off and on for a year before I settled on a provider and signed up.
Theres a little compound interest Kiwisaver calculator on the Sorted website. If you have 45 years till retirement, just take a look at that very large number it spits out. How can saving be daunting when you can have mammoth results because you started saving at 20 instead of 30?
Yea 45 years big impressive number BIG DEAL its meaningless! I know Ive achevied it and guess what it isnt enough....
The big impressive number isnt that big and impressive 45 years later when you factor in monatery debasement and purchasing power!
Please do explain to the rest of us how you are able to purchase more goods and services with dollar of today as compared with the dollar from 20 years ago?
That big impressive number would need to triple under current paradigm of central bank printing and low interest rates...to give any BIG NUMBER clout in the real world!
The interest at the moment does not keep ahead of inflation! Period! I have that problem right now based on the numbers bandied around 20 years ago!
There is no international competion its an illusion. Who owns most of the productive stuff?
The only bit of capitalism we as minions practice is the risk bit. usually in the form of a tax its for your benefit that Goldman Sacks etc el are bailed out with your blood sweat and tears whilst those at the top injoy larger bonus,
Comm-on people get real!
you forgot the tax...
Ownership in private hands? lol
Stop paying your rates or morgage(debt till death - french origin) etc etc and see who really owns your house!
The Crown yep, the corporation who own you! At will can demolish your house if its in the way of there projects!
LOL go check out what the City of London is about! A private for profit corporation.
lol when you swear allegiance to the Crown it aint the queen martyb!
Buy hey i agree private home ownership is a good thing along with saving capital and reasonably workable after all the current illusion is built on that premise...or fact or what ever label you care to use...
Like I said you buy into what you think you know which is from about 10,000bc forwards so your stuck in that mindset.
Tax is political eh? Indeed it is!
The fascist state one party is the merger of corporate, banking and political entities.
lol...welcome my son welcome to the machine its alright we told what to dream...
You ask many questions but can not answer which pharoah has been discovered in a pyramid?
You dont know me so think what you like Calvin.
Most of us in the western world have more power at our finger tips with a light switch than any ancient king and queen so I already know the fact about living in NZ as opposed to living in some dump around say the black sea thats been pilaged for its resources, or some crony country in Africa.
But depressed you are mistaken I only present an alternative view thats niether left or right take it or leave it - unfortunatly i always end up putting up with the dead beats the rest of you keep voting for - for a unknown reason that i have yet to figure out...
Take this thread I heard all this crap back in 1992 and whats the best we have come up with?
lol too funny!
Have a happy day!
Well said spherical. Nz has become a political joke to all but the most simple of mind or lacking in basic questioning skills. There are complex reasons for this which you will be aware of given your entries here. The real question must be , should someone stand up to challenge the current joke that is Nz government of the past 40 years , what reaction will be the masses have.
I suspect I know , but I look forward to finding out.
Most will not react until it hits them in the face which is really too late.
Oh and to Hannah , read much deeper to see if your hard saved funds will be available to you in 45 years because if anyone says they will , then they are lying or more likely do not know or cant tell you the history Pension funds have been nothing more than a ready made pot to be pillaged. This will not change , and no Colin I'm not depressed , just realistic & frustrated that people put up with the same garbage over & over like it makes a difference. Change will come , that's a certainty
Well said spherical. Nz has become a political joke to all but the most simple of mind or lacking in basic questioning skills. There are complex reasons for this which you will be aware of given your entries here. The real question must be , should someone stand up to challenge the current joke that is Nz government of the past 40 years , what reaction will be the masses have.
I suspect I know , but I look forward to finding out.
Most will not react until it hits them in the face which is really too late.
Oh and to Hannah , read much deeper to see if your hard saved funds will be available to you in 45 years because if anyone says they will , then they are lying or more likely do not know or cant tell you the history Pension funds have been nothing more than a ready made pot to be pillaged. This will not change , and no Colin I'm not depressed , just realistic & frustrated that people put up with the same garbage over & over like it makes a difference. Change will come , that's a certainty
Well given the pace at which the ratings agencies now seem to have found their voice , I would only say that you should seriously challenge what you believe the markets to be, and if the rot can be stopped or if in fact it will be stopped. Paper v real assets is your question.
"Pension funds have been nothing more than a ready made pot to be pillaged" very true....there are more than enough examples /evidence from post WW2 to show that any pension where it is controlled by the state or centralised is vunerable, whether tahst downright taken off you or political interference and control on where its invested occurs....and right now we are going into a period of high risk of such events IMHO. The only sane action right now is stop paying into them if you can and if you have debt and clear the debt. If nothing nasty eventuates take out the debt again later...and learn enough to do your own savings/pension...
regards
The only genuinely productive asset , is land. The rest is actually just a charade. Oh and the person who kept referring to elites , does that mean they should not be challenged , you seem to have been resigned to being dominated perpetually , excuse me if I missed your point.
I am sick of people who seem to not want to see simple systems for the distraction & entrapment that they are. Control of a simple majority is all it ever takes
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