The now FirstCape-owned KiwiWRAP has tipped above $200 million under management on behalf of more than 1,000 members as the slow-starting KiwiSaver provider finds support among a wealthier client base.
Launched in 2021 by Consilium as a self-select KiwiSaver scheme offered only by advisers accredited by the company, KiwiWRAP, had accrued only 437 members by the end of March 31, 2024.
But as the 2025 Investment News NZ KiwiSaver study released last week found, the platform-based scheme (built on FNZ technology) more than doubled membership and funds under management during the 12 months to the end of March this year.
Since the end of the financial year, KiwiWRAP has seen assets rise from $150 million to more than $200 million while adding over 130 members to breach the 1,000 mark.
KiwiWRAP also had the highest average balance by far of the 38 schemes in play at the end of March, of about $173,000: next closest is the medical sector specialist, MAS, with an average member account of more than $95,000.
According to a Consilium release, the average KiwiWRAP balance now stands at almost $190,000 while the number of accounts above $1 million has almost doubled over the previous 12 months.
Louisa Yandle, who took over as Consilium chief from Scott Alman following the FirstCape takeover this May, said the scheme has found appeal from financial advisers for their own KiwiSaver accounts as well as for high-balance clients.
FirstCape also owns the BNZ KiwiSaver and the recently launched Consilium Evidential scheme: the group also houses Harbour Asset Management and the JBWere (incorporating Jarden) wealth management firm.
Also last week, the Wealthpoint advisory network saw foundation board member, David Gyde, step down after six years in the role.
Gyde has been replaced by Nick Wells, director of the Christchurch advice business, Amicus.
Gyde was Wealthpoint chair for four years after the financial advice provider (FAP) emerged as a stand-alone entity from what was formerly an association of AMP advisers.
The co-operative has now grown beyond its AMP roots to become one of the largest FAPs serving more than 160 independent financial advisers.
Wells said in a statement: “Wealthpoint has a clear strategy and ambitious growth plans, and I’m looking forward to contributing to the next phase of its development.”
The group has signalled an intention to embark on a capital-raise later this year.