Huljich sacks KiwiSaver advisers

www.goodreturns.co.nz

Wednesday 9th September 2009

Huljich Wealth Management has confirmed that it has sacked a number of advisers selling its KiwiSaver funds due to their selling practices.

As first reported on Good Returns last week the Securities Commission is investigating complaints of illegal house-to-house marketing of KiwiSaver schemes.

"A number of accredited distributors have been terminated for distributing the Huljich KiwiSaver Scheme contrary to our brand and our values," Huljich managing director Peter Huljich says.

"We will always operate within the law, in keeping with the KiwiSaver brand and in the best interest of our clients and potential clients.

"If any accredited distributor is found to be distributing the Huljich KiwiSaver Scheme door-to-door or breaching any other conditions of (their) distribution agreement, therefore bringing the NZF and Huljich brands into disrepute, they will be terminated immediately."

Huljich sells its KiwiSaver funds through distribution agreements with NZF and Mike Pero Mortgages.

Last week it announced it had also formalised a distribution deal with Dorchester.

The Huljich KiwiSaver Scheme now has 50,000 members, making it one of the biggest non-default schemes, beating the likes of Gareth Morgan, Fisher Funds and Milford Asset Management.

It says its unit prices across all three KiwiSaver Funds are at all time highs, with the Conservative Diversified KiwiSaver Fund at $1.21, the Balanced Diversified KiwiSaver Fund at $1.14, and the Growth Diversified KiwiSaver Fund at $1.12.

Auckland mayor John Banks and former Reserve Bank governor Don Brash are directors of the Huljich business.

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