Sharesies launches new ‘self-select’ option for KiwiSaver scheme

Sharesies is launching a new 'self-select' option so members can have more choice with their investments.

Sharesies is introducing a new offering to its KiwiSaver scheme, giving members more control and choice in their investments.

A ‘self-select’ option, expected to be available in the coming months, will allow members - whether they have $5 or $5 million - to self-select up to 50 per cent of their investment plan in individual exchange-traded funds (ETFs) and stocks, capped at 5 per cent per selection.

It’s the first time such choice and control has been offered to everyday investors.

There are two existing NZ self-select schemes. However, they are only open to high-net-worth individuals and the selection is done through an adviser or investment manager.

Matt Macpherson, head of KiwiSaver at Sharesies, said their purpose was to create financial empowerment for everyone.

“Most New Zealanders haven’t had easy access to KiwiSaver in this way before. We’re giving people the choice to build a KiwiSaver scheme that’s more personal, rather than making choices for them,” he said.

“We’ve structured our scheme so members have access to many investment options, including funds, ETFs and individual shares, rather than the traditional ‘one-fund, one style’ approach.”

Sharesies received regulatory approval to extend its KiwiSaver scheme - which it was first granted a licence for in late 2022.

The self-select option will also be extended to include US and Australian markets.

Sharesies says there is no management fee on self-selected shares and ETFs, but there will be a small administration fee of 0.15 per cent and a transaction fee of 1 per cent for self-select investments up to $1000, then 0.1 per cent for amounts invested over $1000.

“Self-select won’t be right for everyone. However, investors on our platform have told us that they want to feel more connected to their KiwiSaver and have more control over where and how they invest in the companies and funds that matter most to them,” Macpherson said.