New Zealand’s FMA has granted an exemption allowing Nikko to enter the robo-advice market; new digital platform to be launched later this year.
Nikko Asset Management New Zealand has announced it has been granted an exemption by the FMA (Financial Markets Authority), allowing the company to offer robo-advice services.
The exemption makes Nikko the second financial services provider in the country to enter the robo-advisory market, following an FMA decision last October to grant exemptions from laws that require personalised retail advice to be given by a natural person.
Kiwi Wealth, a sister company to Kiwibank, was the first to granted this exemption. Its platform, known as ‘Future You’, was launched in June as an online retirement savings planning tool.
Nikko plans to launch its digital platform in New Zealand later this year, where users can set financial goals and receive automated advice backed by the active management of the company’s investment professionals. Basic robo-advice will be free and accessible 24/7.
Nikko current manages around NZD 5.2 billion (USD 3.48 billion) in assets in New Zealand.
