The New Zealand Defence Force (NZDF) is looking to ally with a third-party financial advisory business to service members of its superannuation and KiwiSaver schemes.
In a request-for-proposal (RFP) circulated at the beginning of May, the NZDF says it is on the hunt for “a network of independent financial advisers (AFA)”.
“This will provide access for DFSS [Defence Force Superannuation Scheme] members and other NZDF personnel to low or no cost, externally provided, independent financial advice,” the RFP says.
The AFA search is part of the NZDF revamp of its super, KiwiSaver and financial services offerings to its 14,000-something staff. As reported on Investment News NZ (IN NZ) in March, the NZDF will close its existing $355 million super fund in favour of a new KiwiSaver scheme backed by Mercer.
At the time, Brigadier Howie Duffy, NZDF assistant chief personnel, told IN NZ the organisation wanted to open a “one-stop-shop” for staff financial and retirement planning needs.
Duffy said the NZDF would develop “purchasing power we can use to good effect”.
While Mercer has been contracted to supply NZDF with investment services, admin and member information technology as well as financial literacy training, the institutionally-oriented firm does not have a retail authorised financial adviser (AFA) network.
The NZDF is running the tender via its SmartProcure message system, with expressions of interest due by May 29.
“NZDF expects to advise Tenderers of the outcome of this tender by early August 2015,” the RFP says. “The estimated start date for the agreement is mid September 2015NZDF reserves the right to amend this timeframe at any stage.”
The winning tender will be based on “best value for money”.