Communication key when selecting financial provider
Sometimes when it comes to switching banks or choosing a KiwiSaver scheme it feels like you need a degree to make sense of what is happening to your money.
6 November 2010
That’s why it’s important to consider how your bank, insurer, investment company, or KiwiSaver provider will communicate with you before you sign on the dotted line.
Clear and regular communication from your financial provider will ensure you make the best choices for your own circumstances and stay in control of your finances, as well as avoiding any unpleasant surprises.
When shifting banks or KiwiSaver providers, check out how well they communicate. Visiting their website is a good first step. Does it have the kind of information you’re after and is it easy to understand?
Find out how regularly the provider sends out statements and if you can access information about your account quickly and easily. If the information they supply isn’t clear, easy to understand and as regular as you would like, consider a different provider.
Give them a call and see what their telephone communication is like – does it take them long to answer your call? Request some information be sent to you. How long does it take to arrive and do you understand it? If not, they probably aren’t right for you.
Many financial organisations are striving to do a better job to communicate with investors and potential investors. Workplace Savings NZ has an annual industry awards programme to acknowledge organisations that are communicating well. The People's Choice KiwiSaver Award gives KiwiSaver members the opportunity to rate their provider’s communications from ‘very poor’ to ‘very good’.
It's your chance to have your say about how well your KiwiSaver provider communicates. Voting opens from 1 November at the Workplace Savings New Zealand website: www.workplacesavings.org.nz/
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