The government-run Sorted website could evolve into a sophisticated financial advice gateway for consumers, according to the head of the peak industry body.
Under an agreement signed earlier this month, Te Ara Ahunga Ora Retirement Commission will link Sorted to the Financial Advice NZ (FANZ) member contact list in a first-of-a-kind deal between government and a professional advisory body.
Nick Hakes, FANZ chief, said while Sorted will simply refer users to the industry organisation’s Find-an-Adviser directory, over time the service could develop more targeted recommendations.
For example, digital tools could match Sorted users to advisers based on consumer preferences or website query history, Hakes said.
“It would be good to build a connectivity that goes beyond window-shopping,” he said.
But even as is, the memorandum of understanding between FANZ and the Retirement Commission marks the “most significant” government endorsement of the value of financial advice, Hakes said.
“The Retirement Commission has confirmed that there should be a pathway to financial advice for New Zealanders,” he said. “And, secondly, it has acknowledged the important role of a professional advisory body.”
In a statement at the time, Retirement Commissioner Jane Wrightson, said the FANZ agreement – covering an initial five-year period – supports the push to build financial capability of the NZ population.
“By linking the more than 1.4 million people who use Sorted with Financial Advice New Zealand’s professional adviser network, we’re creating a clearer pathway from learning to action,” Wrightson said.
“Many people aren’t sure when to seek advice – this collaboration helps demystify that decision and shows how valuable quality financial advice can be, while offering a trusted way to find it.”
According to its ‘statement of intent’ for the 2025/26 reporting period, the Retirement Commission government revenue will remain flat year-on-year at just under $8.3 million with total income amounting to about $8.4 million.
Despite cutting some operating costs to bring total expenditure down by almost $200,000, the Commission still forecasts a deficit of more than $450,000 (compared to a budgeted overspend of $790,000 for the prior year).
In the 2024 annual report, Wrightson said the Retirement Commission was a “small organisation with a broad mandate” including a number of research projects.
Last week, for example, the government body released a new analysis confirmed a large differential in retirement savings between men and women that grows with age.
According to the study, female KiwiSaver balances remain on average 25 per cent smaller than male counterparts, rising to 37 per cent for those in the 56-65 age cohort.
The report, produced by consultancy firm MartinJenkins, found the discrepancy in gender retirement savings was the result of multiple life factors such as education, work and parenting, rather than a single cause.
“This research gives us clarity: it’s not just about earnings, it’s about the cumulative impact of life events, caregiving roles, and structural inequalities that shape women’s financial journeys,” Wrightson said. “If we want to close the gap, we need to confront these realities head-on.”