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Craigs vs Forsyth Barr vs Jarden - The Definitive Review of New Zealand's Largest Investment Advisors

Compare Craigs, Forsyth Barr, and Jarden, New Zealand's most popular investment advisors. Our guide examines the fees, services and must-know facts to help anyone considering advisor services while looking at alternatives.
Updated 10 March 2025

Summary​
  • Many New Zealanders decide to work with financial advisors to manage everything from investments and retirement spending to tax planning and inheritances.
  • While investment advisors can make sense in many cases, selecting the right one is easier said than done - especially with all the heavy advertisements each investment advisor firm runs in the newspaper, on social media, the radio, or to keep them in your mind when it comes to making a decision about making sure your wealth is managed effectively.
  • We have kept the summary of each of the investment advisors listed to a high level and have gone deep and focused on the most important factor in our view - fees.
  • Generally, we believe each investment advisor will provide a high-quality (and modestly differentiated) approach to managing investments, but what you pay for these services is very important. 
  • When it comes to Craigs, Forsyth Barr and Jarden, we don't make any comments about who is 'best'. Instead, a popular approach is to talk to all three and see which one meets your needs. 

​Our guide covers:

Know This First - Explaining the Difference Between Financial Advisors and Investment Advisors

​In New Zealand, “financial advisor” and “investment advisor” are terms often used interchangeably—but they’re distinct. Here’s what you need to know to pick the right one for your needs.

1) Scope of Work, Regulation and Licensing
  • Financial Advisors: They cover the full picture - retirement, investments, and, in many cases, mortgages and insurance. Anyone using the “financial adviser” title must be on the Financial Service Providers Register (FSPR) and linked to a licensed Financial Advice Provider (FAP) under the Financial Markets Conduct Act. They’re legally bound to put your interests first. 
  • Investment Advisors: They focus on investments - shares and managed funds - to grow your wealth and manage risk. Registered with the FMA, their focus is your portfolio, not your broader financial life. They’re FMA-registered, but “investment advisor” isn’t as tightly defined. 

2) How They’re Paid
  • Financial Advisors: Options vary—hourly ($150–$300), flat fees ($1,000 to $5,000 for an investment plan), and/or asset-based (0.25% to 1%+). Independents often stick to fee-only; bigger firms might add commissions - you'll need to read the disclosure statement of any advisor you plan to work with.
  • Investment Advisors: Mostly assets under management (AUM) fees - this can be around 0.50% to 2% depending on the investment advisor. 

​Our View: Most New Zealanders won’t need an investment advisor—low-cost platforms like InvestNow, Kernel, Sharesies and Simplicity often meet the needs of the mass market. However, if you’ve got complex needs or a large portfolio and want to know more about investment advisors, this guide breaks down what to weigh up and the main players to consider. Fees are critically important - always dig into the fees and confirm what you'll pay before agreeing to be a client.

What Is an Investment Advisor and What Do They Offer?

An investment advisor is a professional who advises and guides investment decisions and manages clients' investment portfolios. They're trained and licensed to recommend securities, such as shares, managed funds, index funds exchange-traded funds (ETFs), and other financial instruments based on a client's financial objectives, risk tolerance, and time horizon.

Unlike sharebrokers who buy and sell shares on behalf of clients at the request, investment advisors focus on building strategies that align with long-term financial goals, although many investment advisory firms will have in-house brokers that can execute trades for you, usually through another section of their firm.

Investment advisors typically work for financial firms (like Craigs, Forsyth Barr, Jarden etc) or run their own practices. They must be registered with the Financial Markets Authority (FMA) and are required to act in the best interests of their clients, as outlined in the FMA's dedicated guide.

Services Offered by Investment Advisors:
  • Portfolio Management: Investment advisors curate and actively manage investment portfolios tailored to clients' goals. They allocate assets across various financial products based on risk tolerance, liquidity needs, and future financial objectives. For example, they may invest some of your money into growth funds, while leaving some in conservative or cash funds (for short-term needs).
  • Financial Planning: Many investment advisors also offer broader financial planning, ensuring that your investments align with long-term goals such as retirement, education, home ownership or inheritance and trust implementation.
  • Retirement Planning: Advisors help clients plan for retirement by setting up appropriate investment accounts and recommending savings strategies.
  • Tax Efficiency: Investment advisors often guide clients in structuring their portfolios to minimise tax liabilities through tax-efficient investments and strategies, such as investing via trusts, as a portfolio investment entity (PIE), or as individuals (paying individual tax rates).
  • Risk Management: Investment advisors mitigate risks by diversifying portfolios and adjusting asset allocations according to clients' risk tolerances.
  • Ongoing Monitoring: They continuously monitor market conditions and adjust portfolios accordingly to optimise performance and reduce risk.

Why Would I Want to Hire an Investment Advisor? When Does It Make Sense to Hire One, and What are the Drawbacks?

Hiring an investment advisor makes sense under several circumstances, particularly when you face complex financial decisions or lack the time and expertise to manage your investments. Typical reasons include:​
​
1. When You Have a Significant Amount of Investable Assets
  • Generally, New Zealanders with only a few thousand dollars in their bank accounts or in term deposits are unlikely to maximise the benefits of a financial advisor (especially if they don't need all the extra services).
  • However, if you've accumulated a substantial sum of money — whether through inheritance, continuous investment over time, savings, or the sale of an asset such as a house or a business, you may want assistance.
  • An investment advisor can help you make informed decisions about investing wisely. Large amounts of money usually requires more intricate strategies for diversification, tax planning, and risk management.

2. When You Lack Time to Manage Your Investments
  • Managing an investment portfolio can be time-consuming. Regular monitoring and research are necessary to ensure your investments align with your goals.
  • If you're busy with other responsibilities, such as focusing on your career, raising a family and/or running a business, it can make sense to delegate this task to an investment advisor who can ensure your portfolio continues working hard while you focus on your "main thing".

3. When You Have Complex Financial Needs
  • Anyone with simple needs (e.g. you're young and just want a high-growth fund to grow your wealth over the decades to come) are unlikely to need investment advisors in the early years.
  • However, those with more complicated financial situations, such as business owners, people nearing retirement, or those with multiple income streams, can benefit from the expertise of an investment advisor. Advisors can provide tailored strategies that address specific goals, such as wealth preservation, retirement income, or estate planning.

4. When You Need Professional Expertise
  • The financial markets are vast and complex. If you're unsure about which investments to choose, how to evaluate risk, or how to optimise your portfolio for growth, an investment advisor can offer invaluable insight. They have access to research, tools, and industry expertise beyond the average investor's reach.

5. During Major Life Changes
  • Life events such as marriage, having children, or entering retirement can drastically alter your financial needs. An investment advisor can help you adjust your portfolio to match these changing circumstances and ensure you stay on track to meet your long-term objectives.

Understanding the Drawbacks of Using Investment Advisors

1. Fees
  • One of the primary drawbacks of using an investment advisor is the cost. Advisors typically charge fees based on the percentage of assets under management (AUM), ranging from 0.5% to 2% annually. For larger portfolios, this can amount to substantial fees over time. For example, 1% of $1,000,000 is $10,000 per year, and this is paid on top of the management fees charged by the fund(s) you're invested in.

2. Potential Conflicts of Interest
  • Some investment advisors may receive commissions for selling certain financial products, which could lead to conflicts of interest. Verifying that your advisor is acting in your best interest is important - ask for their disclosure statement.

3. Loss of Control
  • Hiring an investment advisor means relinquishing some control over your investments. While you can set goals and preferences, you ultimately trust the advisor to make the day-to-day decisions regarding your portfolio. You can always take control of your portfolio, but it likely means you're paying a premium on fees and not utilising the benefits (by nature of your DIY investing). 

4. Underperformance Risk
  • Just because you hire a financial advisor does NOT guarantee you will outperform an index fund. Not all investment advisors outperform the market. Some may underperform compared to low-cost index funds or other investment options. High fees combined with underperformance can be a major disadvantage.

5. Limited Engagement
  • Some advisors may not offer comprehensive financial planning services, focusing solely on investments. If you need holistic advice on taxes, retirement, or estate planning, you may need to pay more to access a different service offering (known as cross-selling—a way to extract more fees or value out of customers).

Craigs Investment Partners vs Forsyth Barr vs Jarden

Before we look at each investment advisory firm, our table gives an overview of what Craigs, Forsyth Barr and Jarden generally offer.

Disclaimers: 
  • The table below gives a general idea of how the firms compare, and fees may vary by client (e.g., significantly higher or lower depending on what the investment advisor offers).
  • The information in the table is subject to change - please refer to the company's website for the latest details. 
  • Investment advisors may require a minimum assets under management (AUM) amount before they take you on as a client.
Feature
Craigs
Forsyth Barr
​Jarden
​Core Service Offering
​Wealth management, investment advice, KiwiSaver
​Investment management, DIMS, Wealth advice
Institutional brokerage, Wealth Management
​Target Clientele
High-net-worth individuals, retail investors
​High-net-worth individuals, retail investors
Institutional clients, High-net-worth clients
Fees
High fees (1.20% - 1.50% per annum for their MPS/DIMS)
High fees (0.75% -> 2% per annum) and brokerage of 1.5% + 0.2% international
Competitive fees, but high on some transactional (buy/sell) services
Investment Products
Shares, bonds, KiwiSaver, managed funds
Shares, bonds, DIMS, managed funds
Shares, bonds, advisory, IPOs
Research and Tools
Extensive in-house research
Comprehensive in-house and third-party research
Extensive institutional research
Accessibility
Many offices in major and minor cities
Offices in major New Zealand cities
​Institutional focus, large New Zealand and Australia presence
​Personalised Service
High level of customisation
Customised portfolios
Tailored to institutional and high net worth clients
Minimum Investment
Lower minimums on myStart (1,000 minimum)
​Flexible, but often high minimums
Very high minimum investments

Craigs Investment Partners Overview

Craigs primarily offers the following services:

1. Discretionary Investment Management Service (DIMS)
  • The Craigs DIMS is designed for clients who prefer a hands-off approach to managing their investments. Craigs’ advisers make investment decisions on behalf of clients within pre-agreed parameters, actively monitoring and rebalancing portfolios to ensure alignment with clients’ financial goals.
  • Clients benefit from professional management without needing to be involved in day-to-day decisions, providing peace of mind and saving time.

2. Managed Portfolio Service (MPS)
  • The Craigs MPS allows clients to retain control over their investment decisions (a hands-on approach) while receiving tailored recommendations and support from Craigs' advisers. Clients choose their portfolio's securities and asset classes, with advisers providing guidance based on extensive market research and analysis.
  • This service is usually suitable for clients who want to be actively involved in their investment strategy and benefit from professional advice.
​
3. Investment Administration Service (IAS)
  • The Craigs IAS is tailored for clients who prefer to make their own investment decisions but want the convenience of professional execution and administration. Craigs handles the buying and selling of securities, provides detailed reporting, and ensures compliance with regulatory requirements.
  • Clients gain access to Craigs’ award-winning research and insights, enhancing their investment decisions.​

What Makes Craigs Unique (Compared to Jarden, Forsyth Barr and Others)?

Craigs offers the following:​
  1. Craigs Women’s Wealth: Designed to empower women to take control of their financial futures through education and tailored investment strategies.
  2. Craigs KiwiSaver Fund: Personalised management of KiwiSaver accounts to help clients achieve retirement goals.
  3. Craigs Superannuation Transfers: Assistance with transferring superannuation funds from the UK and Australia to New Zealand, ensuring a smooth and tax-efficient process.
  4. mySTART® Program: Craigs offers a flexible investment plan that allows clients to start investing with as little as $100 per month. This program is ideal for those new to investing or looking to gradually build their investment portfolio. Clients can choose from over 240 investment options and receive guidance from Craigs' advisers, making it accessible and tailored to individual needs.​

Understanding Craigs' Fees

Craigs Investment Partners’ fees vary depending on the service selected:
  • For the Managed Portfolio Service (MPS), fees include service fees and broking charges, with brokerage fees for New Zealand equities up to 1.25% per transaction and international equities up to 1.50% per transaction. 
  • The Discretionary Investment Management Service (DIMS) charges an integrated service fee covering all associated brokerage charges (1.20% for the lower account balances).
  • We outline they key fees below in our Craigs Investment Partners Annual Management Fee (based on account size) extracts:

Forsyth Barr Overview

Forsyth Barr primarily offers the following services:

​1. Investment Advisory Service
Forsyth Barr provides personalised investment advice and strategy development based on the client's chosen investment risk profiles. Advisers work closely with clients to understand their financial goals and provide tailored recommendations. This service includes access to Forsyth Barr's award-winning research and comprehensive transaction handling. Clients receive professional advice tailored to their financial goals and risk tolerance, supported by high-quality research.

2. Private Portfolio Management (Fully Managed Portfolio)
A fully managed portfolio service where a dedicated team of advisers handles all investment decisions, transactions, and administration on behalf of the client. This service is ideal for clients who prefer a hands-off approach and want to ensure professionals actively manage their portfolios. Having someone else manage your portfolio provides peace of mind and saves time for clients, ensuring experts manage their investments.

3. Premium Advisory Service
​The premium advisory service is designed for clients who wish to build their own portfolios with adviser guidance. Forsyth Barr handles the transactions, monitoring, and reporting, allowing clients to focus on their investment strategy. This service includes regular portfolio reviews and access to high-quality research. Clients retain control over their investments while benefiting from professional advice and support.
​
4. Navigator Service (Tailored Fund Portfolio)
The navigator service provides clients a tailored fund portfolio managed by Forsyth Barr's investment experts. Advisers develop an investment strategy based on the client's goals and risk tolerance and then manage the diversified portfolio of managed funds. This service includes annual reviews and ongoing advice and ensures a well-diversified portfolio managed by professionals, tailored to the client's financial goals.​

What Makes Forsyth Barr Unique (Compared to Craigs, Jarden and Others)?

Forsyth Barr offers the following:​
1. Award-Winning Research (particularly their Australia & New Zealand Equity Research Divisions): Forsyth Barr's research team provides clients with insights into key market events and trends, supported by local and global research. This includes daily and weekly market summaries, economic updates, and detailed reports on equity, fixed interest, and investment strategy. With better research notes, Forsyth Barr clients are well-informed and can make better investment decisions based on comprehensive research.

2. ​Summer KiwiSaver Scheme: In contrast to Jarden, Forsyth Barr manages the Summer KiwiSaver Scheme, offering personalised advice and a range of investment options to help clients achieve their retirement goals. This service includes access to Forsyth Barr’s research and support from experienced advisers. Having a KiwiSaver scheme run by the investment advisor you're working with can be helpful for planning and optimising their overall Kiwi investments to meet their retirement objectives.

3. Tempo Brokerage Platform (Retail Investing).
Launched in 2023, Tempo is Forsyth Barr's innovative brokerage platform designed to empower retail investors with the tools, insights, and access they need to make informed decisions in today's dynamic markets. Tempo was created to provide a much more user-friendly interface for retail investors to track real-time market data and access expert research (supported by Forsyth Barr).

Tempo competes with other low-cost brokerages like Sharesies, Stake, and Hatch and is much more "hands-off " than traditional Forsyth Barr services.

Understanding Forsyth Barr's Fees

We suggest reading Forsyth Barr's Comparison of Investment Services - you can also see how funds may pay them up to 2% of the amount invested and a trail commission of up to 0.75% per year in the table below:

Jarden Overview

For typical New Zealand (retail) investors, Jarden's wealth management services are the most relevant. Jarden's wealth management service is aimed at anyone seeking professional advice on growing and preserving their wealth. These services are designed to cater to retail investors at various stages of their financial journey, whether they're just starting or managing a sizable portfolio.

Key aspects of Jarden’s wealth management services include:
  1. Personalised Investment Strategies: Jarden tailors investment strategies to fit individual financial goals, risk tolerances, and time horizons. Their advisors work closely with clients to create bespoke plans that may include a mix of equities, bonds, funds, and alternative investments. By using active and passive investment strategies, Jarden ensures that clients have a diversified portfolio to meet their financial objectives.
  2. Retirement Planning: For retail investors looking ahead to retirement, Jarden offers specialised services to help plan for a financially secure future. Their advisors analyse income needs, lifestyle choices, and long-term goals to develop strategies that ensure a comfortable retirement. This may include KiwiSaver management, retirement and superannuation advice, and tax-efficient investment options.
  3. Portfolio Management: Jarden provides portfolio management services, where professional portfolio managers handle the day-to-day management of an individual's investments. This service is ideal for retail investors who prefer to be hands-off and trust experts to make informed decisions based on market conditions and individual preferences.
  4. Financial Planning: Beyond investments, Jarden offers holistic financial planning services, including estate planning, tax strategies, and insurance advice. This comprehensive approach ensures that all aspects of a client's financial life are optimised for long-term success.

Understanding Jarden's Fees

The Jarden Wealth Limited Fee Schedule outlines various fees applicable for transactions across different markets, custodian transfers, and other banking and administrative charges.

What Makes Jarden Unique (Compared to Craigs, Forsyth Barr and Others)?

Jarden’s partnerships (like their strategic partnership with Japanese investment bank Nomura) with global financial institutions provide clients with access to international markets, investment opportunities, and international insights from these strategic partnerships.

Investment Advisors - Must-Know Facts

We outline what you need to know before making any decision.

High fees are arguably unavoidable when working with investment advisors

​If you're looking for bespoke, high-end service and low fees, it's unlikely you'll get it. Investment advisors are far from free. Those who charge high fees can significantly impact overall returns, especially when the performance is poor.

Fees include portfolio management, custodial, and fund management charges, often exceeding 2% on balances when everything is added together. This high fee structure can be a major downside for investors.

The wealthier you are, the more likely you might actually use investment advisors' personalised services

​Most New Zealanders won't need the full service that investment advisors offer (but will be paying for some of these services through holding funds at these advisors). Having said that, the more complex your situation, the more valuable these financial advisors become. If you decide to work with an investment advisor, be crystal clear about what you're trying to get out of them.

Simple, low-cost investment platforms are a popular alternative to investment advisors

​Whether most New Zealanders would get value for money working with investment advisors is debatable. If you just want a place to invest your money alone, investment advisors probably aren't worth it.

Low-fee options, such as InvestNow, Kernel, or Simplicity, are popular alternatives to get the same exposure without all the extras you may not need. These platforms offer diversified funds with minimal fees, which many felt were better for beginners or investors comfortable managing their portfolios.

Historical outperformance won’t guarantee future outperformance

​Investment advisors can sometimes lead to outperformance and better returns, but it's hard to fight the uphill battle of higher fees. In worst-case scenarios, New Zealanders pay their financial advisors 1 - 2% management fees yearly to underperform the benchmark index funds or ETFs.

With any of these investment advisors, it's hard to know whether their outperformance over the years (usually in their active funds) will continue into the future. Remember, past returns aren't a guarantee of future returns.

Be careful of conflicts of interest (and whether the investment advisor you’re talking to has a fiduciary duty to act in your best interests)

​Be sceptical and wary of unknown funds that sound overly complex or unusual - they may be put in front of you investments which pay upfront and trail commissions that come with high funds. Most won't behave like this, but it's essential to be aware of the risk.

Be careful when investment advisors add fees on standard ETFs or funds

​Some investment advisors add additional fees on funds that you could get for far cheaper (and you effectively get the same product). For example, Craigs Investment Partners may charge significantly higher fees (1.50%+) on their ETF funds than other providers like InvestNow which charges between 0.30% – 0.70%.

Ultimately, you're investing in the same underlying assets, and there's no difference between investing in an ETF managed by InvestNow and one managed by Craigs other than that investment advisors like Craigs charge more to offer the exact same funds (or ones very similar). These investment advisors are arguably charging an annual fee without adding much value.

Know This: While having all your funds viewable in one place may be convenient, paying over double the management fees for this convenience will seriously harm your long-term wealth creation.  

If you're looking at investing in specific funds, buy directly rather than going through an investment advisor. The fewer "third parties" between your money and the underlying fund, the lower the fees will likely be. Almost every party that takes "custody" of the assets will charge a fee (which will result in lower returns for you).

Some of these investment advisors offer extremely valuable personalised advice — but try to avoid the annual management fees

​The more hands-on, the better the service generally is, and the higher the fees you'll pay. The biggest drawcard that investment advisors have is the in-person connection and ability to break down and deep dive into your unique situation and financial future - something that low-cost simple brokerage platforms like InvestNow, Kernel or Sharesies won't or don't do.

​If you want the face-to-face experience, an investment (or financial) advisor is a popular option specifically for this reason.

Try to look through the marketing - fees speak louder than indulgent advertising

​Investment advisors are notorious for giving a misleading impression of being low-cost by downplaying certain fees or glossing over these aspects in their advertising. Each advisor still charges fees through mechanisms like buy/sell spreads, and investors should be cautious about the true cost of using their services—even if it looks like their customers are happy.

What you can invest in matters more than where you invest

​The specific assets or funds invested are far more important than the platform. For instance, if one portfolio holds bonds and the other holds equities, the latter will naturally see higher returns, especially in short bursts. The differences in returns may be driven by the investment choices rather than any intrinsic advantage of an investment advisor.

Beware of investment advisors that charge for moving money in and out (Custodian Transfer Fees) and transaction costs with high minimum amounts (e.g., $150 minimum to buy/sell)

In contrast to many low-cost brokerage platforms that either transfer stock from one brokerage for free or charge near zero for each buy/sell order, many investment advisors make a high-profit margin off "moving assets" in and out of certain funds, "clipping the ticket" each time. Ask for these fees upfront because they can become significant if you go "all in" with one advisor.

Frequently Asked Questions

How do I spot hidden fees with these advisors?

Look beyond AUM (0.5%–2%)—check brokerage, custodial fees and "trail commissions" - ask for the latest disclosure statement; if you don't get answers you understand, keep asking or end things there.

Are KiwiSaver options better through these firms or direct?

Craigs and Forsyth Barr offer KiwiSaver (e.g., Craigs KiwiSaver, Summer Scheme), but fees are higher than index funds and many other actively managed KiwiSaver funds.

Can I negotiate fees with Craigs, Forsyth Barr, or Jarden?

Their AUM fees are set, but larger portfolios ($5m+) might be able to get a discount - you'll need to ask upfront. Generally, brokerage and custodial fees rarely move. 

Do investment advisors' research tools and insights justify the cost?

Forsyth's award-winning research and Craigs' insights are well regarded, as are daily NZX updates and global trends insights, but you'll pay 1% to 2% of your investments for it (alongside the advice you receive). In contrast, Kernel's free data or Sharesies' basics are the core of what you probably need to know. Overall, it's arguable that the edge rarely offsets the fees unless you're investing more than $1m. To make the right decision, you must estimate/calculate what you'll pay and consider whether it's worth the cost.

What's the risk of investing all of my money with one advisor?

Craigs, Forsyth, or Jarden going bust is unlikely, but high fees (1%–2%) and potential underperformance lock you in. For this reason, you may want to diversify using platforms like InvestNow, Kernel and Simplicity, and other managed funds.

How often do investment advisors rebalance my portfolio?

Craigs’ DIMS, Jarden and Forsyth’s managed portfolios tweak quarterly or as markets shift - this service is included into the 1%–2% AUM fees.
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