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Article
Publication date: 10 November 2014

Annie Claire Zhang

– The purpose of this paper is to explore the differences in KiwiSaver portfolio composition between investors who receive financial advice and those who do not.

Abstract

Purpose

The purpose of this paper is to explore the differences in KiwiSaver portfolio composition between investors who receive financial advice and those who do not.

Design/methodology/approach

Using proprietary data which contain information of 405,107 individual KiwiSaver accounts, this paper examines who receives advice, compares the asset allocations of advised accounts with non-advised accounts, explores the relation of asset allocation with demographic characteristics and compares differences in returns between advised and non-advised investors.

Findings

Three key findings are presented in this paper. First, female investors, relatively older investors and investors with higher levels of funds under management (invested wealth) are more likely to receive financial advice. Second, advised investors hold more equity assets. Third, differences in performance between advised and non-advised accounts are marginal.

Research limitations/implications

Panel data are not used, which prohibit investigating asset allocation choices overtime. The time series for returns is short, as KiwiSaver has only been operating since 2007. The total portfolio that people own is not known; thus, the values on investment fund information do not represent the total wealth of each person, as other accounts elsewhere may exist.

Practical implications

There are broad implications for the New Zealand capital market, retirement policy, financial advice industry and development of financial literacy programmes.

Originality/value

The paper examines individual investor behaviour on a nationwide sample and explores how receiving financial advice relates to asset allocation.

Details

Pacific Accounting Review, vol. 26 no. 3
Type: Research Article
ISSN: 0114-0582

Keywords

Content available
Article
Publication date: 10 November 2014

Bart Frijns, Aaron Gilbert and Alireza Tourani-Rad

Abstract

Details

Pacific Accounting Review, vol. 26 no. 3
Type: Research Article
ISSN: 0114-0582

Content available
Book part
Publication date: 27 May 2021

Nolwenn Bühler

Abstract

Details

When Reproduction Meets Ageing
Type: Book
ISBN: 978-1-83909-747-8

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