Free Initial Financial Advice in New Zealand - What You Need to Know

Our guide explains why some investment companies offer free initial financial advice, what to expect from their advisory services, and how to decide whether in-house advice is right for you or whether you need an independent financial adviser.

Free Financial Advice in New Zealand - What You Need to Know

Updated 13 May 2026

Summary

Investment companies, such as MAS, Milford Asset Management, Pie Funds, Generate and others, earn money by managing your funds (and, in some cases, insurance). The more money under management, the more revenue they generate. Offering financial advice at no cost - either fully (as with MAS) or for the initial recommendation only (as with Milford and Pie Funds) - is a way to attract and retain investors.
This is not inherently a bad thing - these companies employ qualified financial advisers who genuinely help people invest. But it's important to understand the dynamic - when a Milford financial adviser recommends Milford funds, or a MAS Adviser recommends MAS products, they are recommending the products of their employer. The advice and the product come from the same place.
Some providers are upfront about this. MAS states clearly that its advisers provide advice "on the use of MAS products." Generate's advisers focus on Generate's KiwiSaver. Milford's wealth management service builds portfolios using Milford funds. Pie Funds' investment advice is limited to its own funds, while its top-tier wealth management servicelooks "beyond our own products" to some degree - but Pie’s funds typically form the core of wealth client portfolios.
None of this is unusual - it is standard practice across the industry, but it is something you need to factor into your decision.

Our View: There is nothing wrong with receiving advice from an investment company, provided you understand that the advice will typically be limited to that company's products. If you want advice that considers the entire market, you need an independent financial adviser - we have a list of these by city. We also publish the original Mary Holm financial adviser list.

To help you make an informed decision, our guide covers:

How Investment Company Financial Advice Works in Practice

The process is broadly similar across the providers we shortlisted. You make contact, meet with an adviser (in person or by video), discuss your goals and financial position, and receive a recommendation - usually to invest in one or more of that company's funds.

The advice typically covers how much to invest, which funds suit your risk profile and timeframe, and how to structure contributions (particularly for KiwiSaver). Some providers, like Milford and Pie Funds, also offer more comprehensive wealth management services for larger portfolios, including cash flow modelling, retirement planning, and portfolio construction.

Know This: Most of these services have minimum investment thresholds. Milford's wealth management service requires an initial investment of at least $500,000. Pie Funds offers two advice tiers: advice limited to its own investment funds is available for portfolios of $250,000 - $1 million, while its wealth management service is for portfolios of $1 million or more. MAS does not have any such minimum - their advice is generally focused on KiwiSaver and their own managed funds, and insurance too. If you have less than $500,000 to invest, your options for in-house wealth management from these providers are more limited. Many investors across New Zealand may struggle to get valuable advice directly from the investment provider if they do not meet the minimum thresholds for investment. Providers such as MAS offer investment advice at no additional cost for investment in the MAS Investment Funds, with a minimum investment of $500.

Popular Investment Companies Providing Financial Advice

We've reviewed the main investment companies in New Zealand that offer financial advice as part of their service. Each takes a slightly different approach, but the common thread is that the advice is generally limited to the company's own products - we outline what you need to know about each company below.

MAS (Medical Assurance Society)

MAS was originally established for medical professionals but is now open to a broader membership. In a nutshell:

MAS advisers are salaried employees who do not receive commissions, which removes one potential source of bias.
However, MAS advisers provide advice exclusively on MAS products, including the MAS KiwiSaver Scheme, MAS Investment Funds, the MAS Retirement Savings Scheme, and MAS insurance products (including general, life, income, and business insurance).
The service is free to access, appointments are flexible, and MAS has advisers across New Zealand.
For existing MAS members or those already comfortable with MAS funds, the advice service is a convenient way to ensure your investments are structured correctly.
The limitation is clear: A MAS Adviser will not tell you if a Milford, Generate, or Simplicity fund would be a better fit for your situation. They are only advising within the MAS product range.

Pie Funds

Pie Funds offers investment advice to clients with at least $250,000 to invest, as well as a boutique wealth management service for investors with $1 million or more in assets. The team is hands-on, led by Chief Client Officer James Paterson and a team of experienced relationship managers and wealth advisers. Pie emphasises its New Zealand ownership, its track record since 2007, and the fact that staff and directors have over $100 million of their own money invested in Pie’s funds. In a nutshell:

As of 1 April 2026, Pie Funds offers free, one-off investment advice to clients with balances between $250,000 and $1 million, but it's limited to diversified portfolios using only Pie Funds' investment products.

Pie Wealth constructs personalised portfolios using both Pie Funds products and external products (managed funds, ETFs and direct investments from other providers). This is a semi-independent model, meaningfully different from the in-house-only approach used by most other investment companies on this list. Portfolios are tailored to each client's circumstances rather than built from a fixed product menu.
Any commissions or rebates Pie Wealth receives from external fund managers are passed back to clients in full. This removes the structural incentive to favour one external manager over another, and is the closest thing to an independent fee model you will find inside an investment company's advisory arm.
The $1 million minimum means this service is aimed at high-net-worth investors and has an ongoing portfolio management fee. For those who qualify, it offers a personalised and relationship-driven service. For everyone else, Pie's KiwiSaver and managed funds are available through standard channels.

Our View: Pie Wealth is the most independent of the in-house advice services we reviewed. The combination of a semi-independent portfolio approach (Pie products plus external products) and the rebating of external commissions materially reduces the conflicts of interest that exist with strictly in-house advisers. It is not a substitute for a fully independent adviser, but for high-net-worth investors who want a single relationship and a personalised portfolio, the model is well-structured.

Milford Wealth Management

Milford is one of New Zealand's most recognised fund managers and offers a dedicated wealth management service for investors with $500,000 or more to invest. In a nutshell:

The service includes a personal adviser, portfolio construction using Milford funds, regular reviews, cashflow modelling, and access to Milford's online portal and app.
Milford's investment team is one of the largest in the country, and the company has a strong long-term performance track record across several of its funds. The wealth management service is genuinely comprehensive for those who meet the minimum.
The trade-off is that your portfolio will be built primarily from Milford funds. If Milford's funds underperform over a sustained period, your entire portfolio is affected. An independent financial adviser might spread your money across multiple fund managers - Milford, MAS, Simplicity, Kernel, and others - to reduce that concentration risk.

Know This: Milford offers a free one-off advice session with a financial adviser, covering KiwiSaver and investment fund selection. This is separate from its Wealth Management Advice & Management Service (DIMS), which is an ongoing portfolio management service for investors with $500,000 or more and carries portfolio management fees. The two should not be confused - the one-off advice is complimentary, while the wealth management service is a paid, ongoing relationship.

Generate

Generate is a KiwiSaver and managed funds provider that offers financial advice focused on its own products. The advice service is free, and Generate actively encourages meeting with one of its advisers during sign-up. In a nutshell:

The advice is aimed at people deciding which Generate fund suits their risk profile and investment timeframe, or for those considering switching from another KiwiSaver provider.
As with other investment companies, the limitation is that Generate advisers will recommend Generate products. They will not compare Generate's KiwiSaver funds against those offered by any other provider. If you want that comparison, you need to do the research yourself or engage an independent adviser.

The Pros and Cons of In-House Financial Advice

Advantages include:

It is often free or low cost: Most providers do not charge separately for the advice - they earn their revenue from fund management fees once you invest. For someone with no existing relationship with a financial adviser, this is an accessible entry point that avoids the upfront fees and/or ongoing service fee (usually around 1% of your investment).
The advisers know their products inside out: A MAS Adviser, for example, will have deep knowledge of the MAS funds, fee structures, and investment approach. If you have already decided to invest with a specific provider, their in-house advice can help you choose the right fund and structure.
It is convenient: These companies make it easy to book appointments, and many offer nationwide coverage through regional offices or video calls.
Salary-only remunerated advisers have little to no commercial agenda for recommending products and services on behalf of their organisation. In contrast, independent advisers are remunerated by the scheme provider through commission.
Many independent advisers require a high minimum investment sum to provide advice.

Potential risks and limitations:

The advice is limited to their own products: This is the fundamental limitation. An adviser who can only recommend their employer's funds cannot tell you whether a competitor's product would be better suited to your needs, even if it would be.
Concentration risk: If all your investments sit with one fund manager and that manager underperforms, your entire portfolio is affected. Independent advisers typically diversify across multiple managers to reduce this risk.
Conflicts of interest: The adviser's employer earns more money when you invest more. While most providers manage this through compliance frameworks and salaried (non-commission) advisers, the structural conflict remains. You are receiving advice from someone whose employer directly benefits from your investment decision.
You won't be told about new funds or opportunities: If a competitor's product becomes more suitable, an in-house adviser has no incentive - and possibly no ability - to recommend you move your money elsewhere.

Our View: In-house advice works well for people who have already done their research and chosen a provider. However, we believe it is less suitable for people who want genuinely independent guidance on where to invest. The two are not the same thing, and understanding this distinction will help you avoid a decision that is convenient for the provider but not necessarily optimal for you.

Questions to Ask Before Accepting In-House Financial Advice

An Adviser's Financial Advice Disclosure Statement is required to be provided before Advice is received. This helps individuals make an informed decision about whether to utilise the Adviser's services. Among other pertinent items, a financial advice disclosure statement will typically outline how the Adviser is remunerated, and what products and services they offer.

If you are considering receiving financial advice from an investment company, these are the questions worth asking:

Can you recommend products from other providers, or only your own? This is the most important question. The answer will tell you immediately whether you are receiving independent advice or product-specific guidance.
How are you compensated? Salaried advisers with no commission (like MAS) have fewer conflicts than commission-based models. Understanding how the adviser is paid helps you evaluate their recommendations.
What happens if your funds underperform - would you recommend I move to a competitor? The answer to this question is revealing. An independent adviser would move you. An in-house adviser almost certainly cannot.
What are the total fees I will pay, including management fees, administration fees, and any performance fees? Make sure you understand the all-in cost, not just the advice fee (which may be zero).
Will you provide advice on my full financial picture, or only on investments with your company? Some providers offer holistic advice; others are strictly limited to their product range. Know which you are getting.

Frequently Asked Questions

We answer the most common questions about free financial advice from investment companies, including what "free" really means, how in-house advice compares to independent advice, and when it makes sense to pay for an independent financial adviser instead.

Is financial advice from an investment company really free?

Not exactly - while providers like MAS charge a separate fee for the advice itself, the cost is built into the management fees you pay on your investments. You are paying for it - just indirectly. An independent financial adviser charges you explicitly, which can actually make costs easier to understand and compare.

Can an in-house adviser recommend funds from a competitor?

In most cases, no. For example, MAS Advisers recommend MAS products. Generate advisers recommend Generate products. Milford's wealth management service builds portfolios using Milford funds.

Pie Wealth is the exception in this list. It builds personalised portfolios using both Pie Funds products and external products from other managers, and rebates any commissions it receives from external fund managers back to clients. For investors with $1m+, this is the closest you will get to independent advice from an investment company. For genuinely whole-of-market advice across all your circumstances, an independent financial adviser is arguably likely to offer the most options.

Is in-house financial advice lower quality than independent advice?

Not necessarily - in-house advisers are qualified, regulated, and often have deep expertise in their employer's products. The issue is not quality - it is scope. The advice may be excellent within the range of products available, but it will not cover what a competitor offers, even if a competitor's product would be a better fit for your situation.

What is concentration risk, and why does it matter?

Concentration risk means having all or most of your investments with a single fund manager. If that manager underperforms over a sustained period, your entire portfolio is affected. An independent financial adviser would typically spread your investments across multiple managers - such as Milford, Simplicity, Kernel, and others - to reduce this risk. An in-house adviser is unlikely to recommend diversifying away from their employer's funds.

How do I know if I need independent advice instead?

If you are unsure which provider to invest with, have a complex financial situation, want your KiwiSaver and non-KiwiSaver investments assessed together, or simply want confidence that someone has compared all the options on your behalf, independent advice is worth the cost. If your needs are straightforward and you have already chosen a provider, in-house advice may be sufficient.

Are in-house advisers biased?

There is a structural conflict of interest - the adviser's employer earns more revenue when you invest more money with them. Most providers manage this through compliance frameworks and salaried (non-commission) adviser models, which reduces but does not eliminate the conflict. It is not that advisers are acting in bad faith - it is that the system they work within has built-in limitations on what they can recommend.

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