Booster launches into KiwiSaver and home loan scene

Published: Mon 19 Sep 2016 11:14 AM
19 September 2016
Booster launches into KiwiSaver and home loan scene
Today new brand Booster launched in the KiwiSaver market. It isn’t a new arrival but a new name for existing industry veteran, Grosvenor Financial Services Group. After 18 years the Wellington based company has rebranded and is now known as Booster. The move coincides with an announcement that the benefits their KiwiSaver members receive are getting bigger.
As the money invested in KiwiSaver continues to grow, the spotlight is coming on providers. Many of the default providers have woeful records when it comes to making sure people understand and make the most of KiwiSaver. Booster have an unrivalled success rate making sure people move into the investment that’s right for them. David Beattie, Booster CEO says, “People often ask me how we do it which bemuses me a little. It’s simple, we just give a damn. All we do is put in the time and effort to connect with people.”
Booster is majority-owned and operated by its management team. It was this close connection that lead to the name change. “We know we already make a difference in the futures of many New Zealanders. We want to take that to the next level but to do that we need a name that you can connect with. Most Too many people couldn’t pronounce our name before!”.
The name change signals a continuation of the work Booster already does to increase financial understanding. Booster has also told their KiwiSaver members that the benefits they receive will be growing.
Those with low balances already get fee relief to help them get started. For the default fund, member fees are waived until savings reach $10,000. In other funds it’s $500. Another feature unique to Booster is free accidental death benefit cover. Previously members could receive $10,000. It is now increasing to up to $50,000.
Asked why, David Beattie said, “We think it’s important to do these things that actually make a difference for people. We aren’t a big Aussie institution here just to make money and take profits off-shore. We are proud to be a New Zealand player in an industry that sadly seems to be dominated by those that don’t have a deep connection to this place.”
In addition to KiwiSaver, Booster also manage investments and superannuation. They look after $2b for more than 100,000 people. This experience means they well understand the financial issues facing people in all walks of life. With this vision Booster will soon enter the home loan market, offering a mortgage designed specifically for first home buyers. “It is tough getting into your first home. It’s also tough as a parent if you want to help out while still saving for your retirement. We have designed something to help.’’, said David Beattie.
“At Booster we are strong advocates for quality financial advice. After 18 years working with independent advisers we have seen the difference it makes.” The home loan product will fit this philosophy with Booster encouraging home buyers to work with a professional who can help them set up their full financial picture not just take out a loan.
With a new brand, new benefits and new products Booster is promising big things. This local company has a proven record and is set to continue making a mark on the financial services market.

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