Fintech startup launches pocket Kiwisaver advisor

Auckland fintech startup Ilumony is launching a free online service to help New Zealanders take better control of their KiwiSaver account with the help of clever technology.

Ilumony is a technology-based financial advisor.

It monitors publicly available KiwiSaver funds in New Zealand to deliver financial advice to users online, helping to optimise their returns with a KiwiSaver account which works hard for them.

"With all of the various contributions and benefits available, KiwiSaver is likely one of the best investments you can make, but many New Zealanders aren't getting the most out of their retirement savings," says Ilumony CEO Rachel Strevens.

"With scores of private KiwiSaver service providers to choose from and hundreds of available investment options, we help people sort through the noise and find the best option for them.

Strevens and chief technology officer Abhy Singla founded Ilumony with the intention of using big data and analytics to help Kiwis better manage their finances and grow their money.

"Our algorithms do the hard work so you don't have to," says Singla.

"We have designed rigorous algorithms that analyse hundreds of KiwiSaver investment options and combine these with personal data inputs to present the best KiwiSaver options suited to individual profiles.

"Over time, Ilumony has the potential to add tens, and sometimes hundreds, of thousands of dollars more to individual KiwiSaver accounts.

Ilumony's KiwiSaver tool works by monitoring KiwiSaver funds and ranking them on a range of factors.

New users answer a few simple questions and are then recommended a selected range of funds matching their profile.

Ilumony helps users open new accounts - or transfer existing ones - and continues to monitor the individual's KiwiSaver account to provide ongoing advice and help.

The service is free to users via the online platform, with a mobile app out soon and developer-friendly API feeds.

"As a financial advisor of more than 10 years, it pains me to see that a large percentage of New Zealanders simply can't access or afford quality investment advice," says Strevens.

"We're making expert advice available with a few clicks to help New Zealanders make better financial decisions, regardless of the size of their bank accounts.

Ilumony will soon be expanding its product range to include other investments, helping people build an investment portfolio and invest outside of KiwiSaver.

"I'm personally excited about developing this technology which is helping shape the future of the New Zealand financial industry," says Singla.