Investing in Vanguard Funds from New Zealand
Discover how to invest in Vanguard funds in New Zealand with our comprehensive guide. Learn about the costs, tax differences between products, popular options for investing, platform fees, and more.
Updated 16 August 2025
Summary:
In this guide, we’ll take a closer look at Vanguard, its investment products, and how Kiwis can best invest in Vanguard funds in New Zealand. Our guide outlines the most popular options for investing in Vanguard, the associated platform fees and minimum investments. We cover:
Please note this guide does not review the individual Vanguard funds available in New Zealand – there are too many, so you will need to evaluate these independently. Furthermore, we have not placed any focus on individual Vanguard fund fees. Instead, we look at the costs incurred using each investing platform to buy and sell Vanguard funds to help your investment decision-making process.
- With over $7 trillion USD in assets under management, Vanguard is one of the largest investment management companies in the world, and offers a wide range of investment products, including managed funds, exchange-traded funds (ETFs), and more.
- Given their global scale and expertise, Vanguard products have proven to be popular amongst retail investors worldwide, and investing in Vanguard funds can greatly grow the wealth and better safeguard the financial futures of many New Zealanders.
- However, Vanguard doesn't have a dedicated New Zealand presence or platform to offer. This lack of presence has been a point of uncertainty for many Kiwis that are keen to take advantage of Vanguard’s super-low management fees and global expertise for their own investment portfolios.
In this guide, we’ll take a closer look at Vanguard, its investment products, and how Kiwis can best invest in Vanguard funds in New Zealand. Our guide outlines the most popular options for investing in Vanguard, the associated platform fees and minimum investments. We cover:
- Who is Vanguard?
- Index funds Explained
- How can Kiwis invest in Vanguard funds?
- Investment Options Cost Comparison
- Getting started and investing in Vanguard funds
- What are the Pros of investing in Vanguard funds?
- What are the Cons of investing in Vanguard funds?
- Must-Know Facts about Vanguard Investing
- Frequently Asked Questions related to Investing in Vanguard Funds
Please note this guide does not review the individual Vanguard funds available in New Zealand – there are too many, so you will need to evaluate these independently. Furthermore, we have not placed any focus on individual Vanguard fund fees. Instead, we look at the costs incurred using each investing platform to buy and sell Vanguard funds to help your investment decision-making process.
Who is Vanguard?
Vanguard is one of the world's largest investment management companies, with over $7 trillion USD in assets under management and 30 million investors worldwide. Founded in 1975 by John C. Bogle, Vanguard is known for its low-cost index funds, which have helped it gain a reputation as a leader in the investment industry, with the average Vanguard product charging only 0.09% in management fees a year. Today, Vanguard offers a wide range of investment products, including managef funds, ETFs and individual retirement accounts.
Know This First: Index Funds Explained
All of the Vanguard funds offered in New Zealand are index funds. Index funds aim to track the performance of a broad market or specific sector, rather than trying to pick shares that are expected to outperform the broader market or specific sector. This lack of active management can be a low-cost and efficient investment method, as index funds typically have lower fees compared to actively managed funds.
To help you make a fully informed decision, we explain what you need to know about this increasingly popular investment option:
More details: Our guide to index funds and index funds vs ETFs helps explain and outline everything you need to know about making an informed investment decision.
To help you make a fully informed decision, we explain what you need to know about this increasingly popular investment option:
- An index fund follows an index (e.g. the S&P 500) and aims to replicate the performance of the set index. So, for example, if the S&P 500 went up 10% in one month, a S&P 500-tracking index fund would also go up by 10%.
- When investors buy an index fund, they get a diverse selection of many shares in one bundle. This diversification avoids the need for the end investor to purchase the shares individually. Instead, the index fund will invest in companies that fall within the index's criteria.
- Investments are 'passive', meaning there isn't a fund manager actively buying and selling shares trying to pick winners, so the costs are typically much lower.
- You can invest in almost anything with index funds.
- If you're a long-term investor looking to build up savings over five, ten or even twenty years, index funds can deliver consistently strong returns, as while index funds aren’t going to outperform the market, they also won’t underperform the market either (which actively managed funds are susceptible to doing).
- The occasions of underperformance, combined with the typically higher annual fees involved with actively managed funds often sees them perform worse off compared to index funds over the long term – this is supported by much research, as evidenced in this research from CNBC.
More details: Our guide to index funds and index funds vs ETFs helps explain and outline everything you need to know about making an informed investment decision.
Vanguard Investing Options
Investing in Vanguard funds continues to be popular in New Zealand thanks to the rise of investment platforms like InvestNow, Sharesies and Hatch, which have opened up many opportunities. Investment managers such as Smart also offer Vanguard-based funds with low ongoing fees.
Kiwis can invest in Vanguard funds in New Zealand through various channels, including online brokerage platforms, investment managers and as a portion of an overall portfolio allocation. Here are a few options for Kiwis looking to invest in Vanguard funds:
1. Direct investment through an online brokerage platform.
Many online brokerages in New Zealand (such as Sharesies, Hatch, Tiger Brokers and Stake) offer Vanguard ETFs as part of their investment offerings, providing a direct investment option for Kiwis who prefer to manage their investments through a brokerage platform.
2. Investment through a Vanguard-powered fund manager.
Kiwis who prefer a more streamlined investing approach may want to consider working with a fund manager that creates funds which utilise Vanguard as the underlying investment manager. Fund managers such as InvestNow (through their in-house Foundation Series Funds) and Smart offer managed funds that invest exclusively into Vanguard funds, enabling Kiwis to take advantage of Vanguard’s management expertise, alongside the tax benefits and efficiency of the Portfolio Investment Entity (PIE) fund structure.
3. Indirect investment through a diversified fund manager.
Kiwis can also invest in Vanguard funds indirectly and on a more limited basis by investing in managed funds that have a portion of their exposure to Vanguard funds.
Your options in New Zealand for retail investing are as follows:
Kiwis can invest in Vanguard funds in New Zealand through various channels, including online brokerage platforms, investment managers and as a portion of an overall portfolio allocation. Here are a few options for Kiwis looking to invest in Vanguard funds:
1. Direct investment through an online brokerage platform.
Many online brokerages in New Zealand (such as Sharesies, Hatch, Tiger Brokers and Stake) offer Vanguard ETFs as part of their investment offerings, providing a direct investment option for Kiwis who prefer to manage their investments through a brokerage platform.
2. Investment through a Vanguard-powered fund manager.
Kiwis who prefer a more streamlined investing approach may want to consider working with a fund manager that creates funds which utilise Vanguard as the underlying investment manager. Fund managers such as InvestNow (through their in-house Foundation Series Funds) and Smart offer managed funds that invest exclusively into Vanguard funds, enabling Kiwis to take advantage of Vanguard’s management expertise, alongside the tax benefits and efficiency of the Portfolio Investment Entity (PIE) fund structure.
3. Indirect investment through a diversified fund manager.
Kiwis can also invest in Vanguard funds indirectly and on a more limited basis by investing in managed funds that have a portion of their exposure to Vanguard funds.
Your options in New Zealand for retail investing are as follows:
Vanguard Through InvestNow
- InvestNow is an online investment platform that gives New Zealanders access to over 150 managed funds from local and international fund managers, banks' term deposits as well as an in-house KiwiSaver Scheme – all in one place.
- InvestNow charges no additional fees for their investments, meaning that the costs of any funds on their platform are identical to those charged by the fund managers themselves. Instead, InvestNow primarily makes their money by charging the fund managers a fee for being available on their platform.
- InvestNow offers a variety of Vanguard-powered funds, including two from their in-house Foundation Series Funds (which invest into Vanguard ETFs), nine from Smart ETFs (which also invest into Vanguard ETFs) and two managed funds from Vanguard Australia (note as the two Vanguard International Shares Select Exclusions Index Funds are Australian unit trust funds, they fall under Foreign Investment Funds tax rules, which are taxed at the investor’s marginal tax rate of up to 39%, compared to the maximum 28% tax rate for the other Vanguard-powered funds on InvestNow, due to their efficient structure as PIE funds).
- InvestNow has the scale to grant access to investments with significantly higher minimum investment requirements (e.g. $500,000 in the case of funds from Vanguard Australia). This means that investors can get access to any (or all) of the 13 Vanguard investment options on InvestNow for as low as $50 (if part of a regular investment plan) or $250 for a one-off investment.
InvestNow Vanguard-powered funds available and respective annual management fees:
InvestNow Fund |
Underlying Vanguard Solution |
Annual Fee |
Foundation Series US 500 Fund |
Vanguard S&P 500 ETF |
0.03% |
Foundation Series Total World Fund |
Vanguard Total World Stock ETF |
0.07% |
Vanguard International Shares Select Exclusions Index Fund (Hedged) |
Vanguard International Shares Select Exclusions Index Fund (Hedged) |
0.20% |
Vanguard International Shares Select Exclusions Index Fund (Unhedged) |
Vanguard International Shares Select Exclusions Index Fund (Unhedged) |
0.26% |
Smart US 500 ETF |
Vanguard S&P 500 ETF |
0.34% |
Smart Total World ETF |
Vanguard Total World Stock ETF |
0.40% |
Smart US Large Growth ETF |
Vanguard Growth ETF |
0.51% |
Smart US Large Value ETF |
Vanguard Value ETF |
0.51% |
Smart US Small Cap ETF |
Vanguard Small-Cap ETF |
0.51% |
Smart US Mid Cap ETF |
Vanguard Mid-Cap ETF |
0.51% |
Smart Asia Pacific ETF |
Vanguard FTSE Pacific ETF |
0.55% |
Smart Europe ETF |
Vanguard FTSE Europe ETF |
0.55% |
Smart Emerging Markets ETF |
Vanguard FTSE Emerging Markets ETF |
0.59% |
Benefits of using InvestNow for Vanguard Investing:
More details: InvestNow review
Foundation Series Funds
Foundation Series Vanguard-powered funds available and respective fees:
The Foundation Series range of funds available on InvestNow includes two funds that invest exclusively in Vanguard ETFs. The main benefit of these funds is that the annual management fees are in line with the underlying Vanguard ETFs so that investors can take advantage of Vanguard’s super low annual fees of 0.03% for the US 500 Fund and 0.07% for the Total World Fund.
In addition, both these Foundation Series funds are structured as Portfolio Investment Entity (PIE) funds, which can enable investors to benefit from tax efficiencies compared to investing in the same Vanguard ETFs directly. This is because investing in the Vanguard ETFs through an online investment brokerage platform (such as Sharesies, Hatch and Stake) count as foreign investments, that would ordinarily incur Foreign Investment Funds (FIF) tax, and which is charged at the investor’s marginal tax rate of up to 39%, compared to PIE funds which are only taxed at a maximum tax rate of 28% (the investor’s Prescribed Investor Rate).
All else equal, this means that investors can benefit from of up to 0.55% per year in tax savings alone by investing in the Foundation Series Funds compared to investing directly in the equivalent Vanguard ETF – which means more dollars in the pocket of investors – particularly for those investors that have $50,000 or more invested into foreign investments, who stand to gain the most from these tax efficiencies as they wouldn’t be eligible for the de minimis exception to FIF taxes. We explain the 0.55% saving in a dedicated frequently asked question.
Know This: The two Foundation Series funds is that they charge a 0.50% transaction fee on each buy and sell order, which covers all foreign exchange, brokerage and fees associated with operating the funds. This fee structure is similar to the types of fees that an investor would pay if they were to invest in the underlying Vanguard ETF directly through a share brokerage platform (such as Sharesies, Hatch and Stake), which charge upfront fees to cover the likes of exchanging NZD and USD as well as brokerage costs for buying and selling the ETF that in total are higher than the 0.50% transaction fee charged by the Foundation Series Funds.
Overall then, the fee structure of the two Foundation Series Funds are highly beneficial for those investors with a multi-year investment horizon, as the benefits of the super-low annual management fees, competitive one-off transaction fees alongside the tax advantages of the PIE structure means that the after-fees-and-tax returns (or the returns that you as an investor actually get to keep) will be some of the highest out of all Vanguard investment options available to New Zealanders.
Video Explainer: To help explain the Foundation Series funds, we suggest watching the video below from a MoneyHubLIVE event held in June 2023. In it, Doug Shephard of MoneyHub and Jason Choy of InvestNow discuss investing in Vangaurd funds, the risks, pros, cons, costs and answer common investor queries from the MoneyHub community.
- Low minimum investments: $250 one-off or $50 per fund for a regular investing plan
- No additional platform fees
More details: InvestNow review
Foundation Series Funds
Foundation Series Vanguard-powered funds available and respective fees:
- Foundation Series US 500 Fund (invests in the Vanguard S&P 500 ETF) – 0.03%
- Foundation Series Total World Fund (invests in the Vanguard Total World ETF) – 0.07%
The Foundation Series range of funds available on InvestNow includes two funds that invest exclusively in Vanguard ETFs. The main benefit of these funds is that the annual management fees are in line with the underlying Vanguard ETFs so that investors can take advantage of Vanguard’s super low annual fees of 0.03% for the US 500 Fund and 0.07% for the Total World Fund.
In addition, both these Foundation Series funds are structured as Portfolio Investment Entity (PIE) funds, which can enable investors to benefit from tax efficiencies compared to investing in the same Vanguard ETFs directly. This is because investing in the Vanguard ETFs through an online investment brokerage platform (such as Sharesies, Hatch and Stake) count as foreign investments, that would ordinarily incur Foreign Investment Funds (FIF) tax, and which is charged at the investor’s marginal tax rate of up to 39%, compared to PIE funds which are only taxed at a maximum tax rate of 28% (the investor’s Prescribed Investor Rate).
All else equal, this means that investors can benefit from of up to 0.55% per year in tax savings alone by investing in the Foundation Series Funds compared to investing directly in the equivalent Vanguard ETF – which means more dollars in the pocket of investors – particularly for those investors that have $50,000 or more invested into foreign investments, who stand to gain the most from these tax efficiencies as they wouldn’t be eligible for the de minimis exception to FIF taxes. We explain the 0.55% saving in a dedicated frequently asked question.
Know This: The two Foundation Series funds is that they charge a 0.50% transaction fee on each buy and sell order, which covers all foreign exchange, brokerage and fees associated with operating the funds. This fee structure is similar to the types of fees that an investor would pay if they were to invest in the underlying Vanguard ETF directly through a share brokerage platform (such as Sharesies, Hatch and Stake), which charge upfront fees to cover the likes of exchanging NZD and USD as well as brokerage costs for buying and selling the ETF that in total are higher than the 0.50% transaction fee charged by the Foundation Series Funds.
Overall then, the fee structure of the two Foundation Series Funds are highly beneficial for those investors with a multi-year investment horizon, as the benefits of the super-low annual management fees, competitive one-off transaction fees alongside the tax advantages of the PIE structure means that the after-fees-and-tax returns (or the returns that you as an investor actually get to keep) will be some of the highest out of all Vanguard investment options available to New Zealanders.
Video Explainer: To help explain the Foundation Series funds, we suggest watching the video below from a MoneyHubLIVE event held in June 2023. In it, Doug Shephard of MoneyHub and Jason Choy of InvestNow discuss investing in Vangaurd funds, the risks, pros, cons, costs and answer common investor queries from the MoneyHub community.
InvestNow's Foundation Series is our Favourite Fund Innovation in our Editor's Choice Awards:
MoneyHub's editor Christopher Walsh says: "InvestNow offers Vanguard funds with fees that align with the underlying Vanguard ETFs; investors can take advantage of Vanguard’s super low annual fees. Furthermore, because they're Portfolio Investment Entity (PIE) funds, investors earning at higher tax rates can benefit from tax efficiencies compared to directly investing in the same Vanguard ETFs. The fee structure of the two Foundation Series Funds is highly beneficial for those investors with a multi-year investment horizon, as the benefits of the super-low annual management fees, competitive one-off transaction fees alongside the tax advantages of the PIE structure means that the after-fees-and-tax returns (or the returns that you as an investor get to keep) will be some of the highest out of all Vanguard investment options available to New Zealanders". |
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Vanguard Through Smart and SuperLife
Smart and their sister brand SuperLife are other investment managers that provide access to various funds, including some Vanguard funds (rebranded as either Smart ETFs for the exchange-traded variants of the fund or SuperLife funds for the managed fund version).
While both invest into the same underlying solutions, SuperLife has no signup, transfer, or withdrawal fee but charges a $12 annual administration fee ($30 for KiwiSaver investors). Smart Funds on the other hand have the benefit of being actively traded on the New Zealand Stock Exchange, although this will also incur additional brokerage costs. In total, Smart and Superlife offer around 40 different funds, with 10 of those funds being powered by Vanguard, where fees start at 0.34% per annum.
Smart and Superlife Vanguard-powered funds available and respective fees:
While both invest into the same underlying solutions, SuperLife has no signup, transfer, or withdrawal fee but charges a $12 annual administration fee ($30 for KiwiSaver investors). Smart Funds on the other hand have the benefit of being actively traded on the New Zealand Stock Exchange, although this will also incur additional brokerage costs. In total, Smart and Superlife offer around 40 different funds, with 10 of those funds being powered by Vanguard, where fees start at 0.34% per annum.
Smart and Superlife Vanguard-powered funds available and respective fees:
Smart / SuperLife Fund |
Underlying Vanguard Solution |
Smart Annual Fee |
SuperLife Annual Fee |
US 500 Fund |
Vanguard S&P 500 ETF |
0.34% |
0.44% |
Total World Fund |
Vanguard Total World Stock ETF |
0.40% |
0.48% |
Total World Fund (Hedged) |
Vanguard Total World Stock ETF |
0.46% |
0.48% |
US Large Growth Fund |
Vanguard Growth ETF |
0.51% |
0.47% |
US Large Value Fund |
Vanguard Value ETF |
0.51% |
0.47% |
US Small Cap Fund |
Vanguard Small-Cap ETF |
0.51% |
0.47% |
US Mid Cap Fund |
Vanguard Mid-Cap ETF |
0.51% |
0.49% |
Asia Pacific ETF |
Vanguard FTSE Pacific ETF |
0.55% |
0.49% |
Europe Fund |
Vanguard FTSE Europe ETF |
0.55% |
0.49% |
Emerging Markets Fund |
Vanguard FTSE Emerging Markets ETF |
0.59% |
0.63% |
Know This: Each of the Smart Funds above are also available on InvestNow, which for many investors will be a more cost-effective way of investing into these funds compared to investing directly through Smart, as:
- Smart charges a $30 set-up fee for new customers versus $0 for InvestNow.
- Smart minimum lump sum investment is $500, versus InvestNow’s $250.
- Orders undertaken directly through Smart are processed only once per month, compared to every business day with InvestNow.
- You can’t sell your units through Smart (you have to sell them through a NZX broker like Sharesies, which will charge you extra brokerage fees), while InvestNow allows you to sell your units for no brokerage fees.
Why do Smart and SuperLife charge, for example, a 0.40% p.a. management fee when Vanguard charges 0.07% p.a.?
The difference is due to the costs of making a Vanguard fund available in New Zealand. This cost includes trading expenses, fund administration, accounting, auditing and legal requirements. Also, every Smart ETF can be bought and sold on the NZX; Smart must pay an annual listing cost for every ETF to appear on the NZX. These costs and general overhead expenses are why the annual charges are higher than the Vanguard fee.
More details:
More details:
Vanguard Through Hatch, Sharesies and Stake
Hatch.
Hatch is a platform that allows you to invest directly in companies and funds listed on both the Nasdaq and New York Stock exchanges in the United States.
There are many Vanguard funds offered on the Hatch Investment platform. Hatch has over 60 Vanguard ETFs available for Kiwis to invest in. All Vanguard ETFs charge the base Vanguard annual management fee rate, which starts from 0.03%.
However, extra fees are involved when investing with Hatch, such as currency exchange fees of 0.5% and a minimum $3 USD brokerage fee per trade. Similar to other investment platforms, investing in Vanguard funds offered by Hatch will have foreign investment fund (FIF) tax implications. Hatch has broken down the implications of FIF taxes in New Zealand in this summary note.
More details: Hatch review
Sharesies.
Sharesies is a New Zealand-based platform that allows you to invest in over 170 companies listed in the country. It also offers more than 35 local funds, some of which are the same Vanguard-powered funds provided through Smart discussed above. The fees for these Smart funds powered by Vanguard range from c. 0.34% to 0.59%.
In addition, Sharesies also offers investment in US stocks and ETFs, including over 60 Vanguard ETFs. All Vanguard ETFs charge the base Vanguard annual management fee rate, which starts from 0.03%.
However, extra fees are involved when investing with Sharesies, such as currency exchange fees of 0.5% and a 1.9% brokerage fee per trade. Similar to other investment platforms, investing in Vanguard funds offered by Sharesies will have foreign investment fund (FIF) tax implications.
More details: Sharesies review
Stake.
Stake is an Australian-based investment platform that allows users to buy and sell shares in publicly listed companies in the United States. It offers a range of investment options, including a range of Vanguard ETFs which will charge their typical annual management fee.
However, once again extra fees are involved when investing through Stake, including currency exchange fees of 1% and a soon to be implemented $3 USD minimum brokerage fee per trade or 0.01% brokerage fee transactions above $30,000 USD (effective 4 March 2023). You can find a detailed breakdown of Stake’s fee structure.
Similar to other investment platforms, investing in Vanguard funds offered by Stake will have foreign investment fund (FIF) tax implications.
More details: Stake review
Each of the three platforms above offers around 60+ Vanguard-powered investment options, with Sharesies offering the widest selection, given it offers Vanguard ETFs and NZX-listed Smart funds (many of which invest in Vanguard funds).
Given the underlying Vanguard investments are more or less identical, the biggest factor will be the costs involved with using each option, as each has a slightly different foreign exchange fee and brokerage fee applicable, depending the amounts invested.
It’s also important to understand the implications of these offshore investments and thus being taxed under the FIF tax regime implemented by the Inland Revenue (IRD), as this can lead to significantly higher tax costs and administrative burdens compared to investing locally. For a comprehensive breakdown of FIF taxes in New Zealand, check out our definitive guide to taxes on investments.
Comparison reviews:
Hatch is a platform that allows you to invest directly in companies and funds listed on both the Nasdaq and New York Stock exchanges in the United States.
There are many Vanguard funds offered on the Hatch Investment platform. Hatch has over 60 Vanguard ETFs available for Kiwis to invest in. All Vanguard ETFs charge the base Vanguard annual management fee rate, which starts from 0.03%.
However, extra fees are involved when investing with Hatch, such as currency exchange fees of 0.5% and a minimum $3 USD brokerage fee per trade. Similar to other investment platforms, investing in Vanguard funds offered by Hatch will have foreign investment fund (FIF) tax implications. Hatch has broken down the implications of FIF taxes in New Zealand in this summary note.
More details: Hatch review
Sharesies.
Sharesies is a New Zealand-based platform that allows you to invest in over 170 companies listed in the country. It also offers more than 35 local funds, some of which are the same Vanguard-powered funds provided through Smart discussed above. The fees for these Smart funds powered by Vanguard range from c. 0.34% to 0.59%.
In addition, Sharesies also offers investment in US stocks and ETFs, including over 60 Vanguard ETFs. All Vanguard ETFs charge the base Vanguard annual management fee rate, which starts from 0.03%.
However, extra fees are involved when investing with Sharesies, such as currency exchange fees of 0.5% and a 1.9% brokerage fee per trade. Similar to other investment platforms, investing in Vanguard funds offered by Sharesies will have foreign investment fund (FIF) tax implications.
More details: Sharesies review
Stake.
Stake is an Australian-based investment platform that allows users to buy and sell shares in publicly listed companies in the United States. It offers a range of investment options, including a range of Vanguard ETFs which will charge their typical annual management fee.
However, once again extra fees are involved when investing through Stake, including currency exchange fees of 1% and a soon to be implemented $3 USD minimum brokerage fee per trade or 0.01% brokerage fee transactions above $30,000 USD (effective 4 March 2023). You can find a detailed breakdown of Stake’s fee structure.
Similar to other investment platforms, investing in Vanguard funds offered by Stake will have foreign investment fund (FIF) tax implications.
More details: Stake review
Each of the three platforms above offers around 60+ Vanguard-powered investment options, with Sharesies offering the widest selection, given it offers Vanguard ETFs and NZX-listed Smart funds (many of which invest in Vanguard funds).
Given the underlying Vanguard investments are more or less identical, the biggest factor will be the costs involved with using each option, as each has a slightly different foreign exchange fee and brokerage fee applicable, depending the amounts invested.
It’s also important to understand the implications of these offshore investments and thus being taxed under the FIF tax regime implemented by the Inland Revenue (IRD), as this can lead to significantly higher tax costs and administrative burdens compared to investing locally. For a comprehensive breakdown of FIF taxes in New Zealand, check out our definitive guide to taxes on investments.
Comparison reviews:
Vanguard New Zealand Investment Options Cost Comparison
We’ve compared the overall costs involved with investing into Vanguard funds using the various options available to New Zealanders, and as an example outlined below a breakdown of what the costs would look like for investing in one of NZ’s most popular Vanguard Funds: the Vanguard S&P 500 ETF (Ticker: VOO) through the various options available to Kiwis.
This comparison takes into account all costs that an investor would pay for investing into this Vanguard ETF, including annual management fees, platform-specific transaction fees (e.g. foreign exchange fees, brokerage costs) as well as tax-related costs.
To demonstrate the significant impact fees and tax can have on investment outcomes, we’ve also outlined how these costs would impact an investor’s overall returns by providing an indicative portfolio value and total return for the Vanguard investment after 10 years (net of all costs including fees and taxes), assuming that an investor has:
This comparison takes into account all costs that an investor would pay for investing into this Vanguard ETF, including annual management fees, platform-specific transaction fees (e.g. foreign exchange fees, brokerage costs) as well as tax-related costs.
To demonstrate the significant impact fees and tax can have on investment outcomes, we’ve also outlined how these costs would impact an investor’s overall returns by providing an indicative portfolio value and total return for the Vanguard investment after 10 years (net of all costs including fees and taxes), assuming that an investor has:
- An initial lump-sum investment of $100,000
- An annual rate of return of 7%, plus a 2% annual dividend yield; and
- A marginal tax rate of 39% and a Prescribed Investor Rate (PIE tax rate) of 28%
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Vanguard NZ Investment |
Foundation Series US 500 Fund |
Smart US 500 ETF |
Vanguard S&P 500 ETF (VOO) |
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via InvestNow |
via Sharesies |
via |
via Sharesies |
via |
||
|
Total Per Transaction Costs |
0.50% |
– |
$25 NZD |
0.50% |
0.50% |
1.01% |
|
Currency Exchange Fee |
– |
– |
– |
0.50% |
0.50% |
1.00% |
|
Brokerage1 |
– |
– |
– |
$3 USD |
1.90%4 |
0.01%5 |
|
Transaction Fee2 |
0.50% |
– |
1.90%3 |
– |
– |
– |
|
Total Ongoing Yearly Costs |
1.43% |
1.74% |
1.74% |
1.98% |
1.98% |
1.98% |
|
Annual Management Fee |
0.03% |
0.34% |
0.34% |
0.03% |
0.03% |
0.03% |
|
Annual Tax Cost |
1.40%6 |
1.40%6 |
1.40%6 |
1.95%7 |
1.95%7 |
1.95%7 |
|
Portfolio Value after 10 Yrs |
$205,337 |
$200,922 |
$200,498 |
$194,650 |
$194,580 |
$192,674 |
|
Total Return (After Fees and Tax) |
105.34% |
100.92% |
100.50% |
94.65% |
94.58% |
92.67% |
1Deducted on the transacting currency (USD), so effective brokerage fee in NZD terms is higher than listed rate
2Deducted based on investment value in NZD terms, so the fee is cheaper compared to brokerage fees that are based on USD values
3NZ Shares transaction fees are capped at $25 NZD per order
4US Shares transaction fees are capped at $5 USD per order
5Effective 4th March 2023, minimum $3 USD brokerage fee per order or 0.01% fee on orders above $30,000 USD
6PIE taxes stipulate 5% annual investment income taxed at maximum 28% PIR rate (5% x 28% = 1.40% Tax Charge)
7Assumes Fair Dividend Rate tax method is applied (superior to the Comparative Value method with positive annual returns), which stipulates 5% annual investment income charged at Marginal Tax Rate (5% x 39% = 1.95% Tax Charge)
Important:
- Based on this analysis, the Foundation Series US 500 Fund from InvestNow comes out on top with the highest overall return on investment after 10 years. This reflects the Foundation Series Fund’s cost-effective fee arrangement as well as tax-efficient fund structure, as nowhere else in the market would Kiwi investors find this unique combination of super-low annual management fees (matching the underlying Vanguard ETF at only 0.03%) whilst still providing the tax benefits of the PIE fund structure (which caps the tax rate charged at 28%), which ultimately results in the best long-term after-fees-and-tax outcomes for investors that are otherwise eligible for FIF taxes.
- Despite the 0.50% transaction fees that the Foundation Series Funds charge, which for example the equivalent PIE fund Smart ETFs don’t charge, the fact that the Foundation Series Funds result in annual management fee savings of 0.31% compared to the equivalent Smart fund means that for multi-year investors, the one-off transaction fees are more than offset by the benefits annual fee savings, which allow investments to better compound over longer time horizons.
- Furthermore, the Foundation Series Fund’s transaction fee structure is also highly competitive compared to the transaction fee structures of online share brokerages such as Sharesies, Hatch and Stake.
- Note that this example is for illustrative purposes only and relies on a few underlying assumptions – investors should take into account their individual circumstances in determining the optimal investment option for themselves.
- Nevertheless, the analysis does highlight the broader importance of considering the overall costs for each investment option (i.e. not just the fund’s annual management fee, but also the platform’s transaction fees and the associated tax costs). For it is these after-fees-and-tax returns that ultimately determine the success of an investment – in much the same way that your take home salary (net of taxes) is what most people are concerned about and plan their finances around, investors should be most interested in which investment option and cost structure leads to the best take-home investment returns.
- Remember, each of these investment options invest into the same underlying Vanguard S&P 500 ETF, so while the investment’s gross returns are identical, the fact that the Foundation Series US 500 Fund comes out with an ending portfolio value of almost 14% greater in dollar terms compared to the worst performing option highlights the drastic role that an efficient cost structure has on your overall investment returns.
- It is important to note that these overall cost savings are fully realised for those investors that would otherwise be subject to FIF taxes (i.e. those that have $50,000 or more invested into foreign investments and thus would not be eligible for the de minimis exception to FIF taxes).
- For investors that are eligible for the de minimis exception on their foreign investments, which charges tax on all dividends earnt at their marginal tax rate, this scenario may not be fully applicable, given it models a $100,000 lump sum investment (i.e. FIF taxes fully applicable).
- Investors who are investing in up to $50k directly (and eligible for the de minimis exception) may find an alternative option cheaper for their individual situation, depending on their marginal tax rate, investment amount, investment frequency, among others – we recommend consulting a financial adviser for any specific advice on your own situation.
Getting Started and Investing in Vanguard Funds
Investing in a Vanguard fund is usually much easier than picking individual shares. Yet it can be hard to know where to start. We believe it's a three-step process, which we outline in detail:
Vanguard publishes useful guides and videos for creating a robust investment plan:
- Decide where to buy. Find the right platform for you, and in particular considering key factor such as the costs of the platform and the investment options available – this may, for example, be InvestNow (for the Foundation Series US 500 and Total World Funds, which invest into Vanguard or Smart's Vanguard series), Sharesies, Hatch or Stake (for Vanguard ETFs) or another platform you already invest with.
- Pick a Vanguard fund or ETF you want to invest in. What funds meet your investing strategy will take some time to consider – please do not rush this process, as it's essential to be comfortable with what you're investing in. Figuring out your investment goals can easily filter down the ideal Vanguard funds or ETFs you want to invest in. For example, are you saving for retirement, your child's education, or a down payment on a house? Understanding your investment goals will help you choose the right Vanguard funds tailored to your specific situation and needs.
- Check the investment minimum, ongoing other costs and redemption times. Then, find the right investment for your budget and financial demands. When setting your investment strategy, it's important to decide how much money you want to invest in each fund and how often you want to make investments (e.g. monthly, quarterly, etc.).
Vanguard publishes useful guides and videos for creating a robust investment plan:
Why Would Kiwis Want to Invest in Vanguard Funds?
What are the Pros of Investing in Vanguard Funds?
There are several reasons why Kiwis may want to consider investing in Vanguard funds in New Zealand. Here are just a few:
1. Diversification.
One of the main benefits of investing in Vanguard funds is the ability to diversify your investment portfolio. Vanguard offers a wide range of investment products, including index funds that track a variety of asset classes, such as stocks, bonds, and commodities. This variety allows Kiwi investors to spread their risk across different asset classes and potentially reduce the impact of market fluctuations on their portfolios.
2. Low fees.
Vanguard is known for its low-cost index funds, which often have lower fees than actively managed managed funds. These low fees can help investors save money over the long term and potentially improve the overall returns on their investments. Additionally, Vanguard doesn't charge performance fees for its index funds and ETFs.
3. Trust.
Vanguard offers widely respected investment products in multiple asset classes. Vanguard's investment products are managed by a team of professional investment managers who use a disciplined approach to investment management. This expertise can give investors the peace of mind that their investments are in good hands.
4. Convenience.
Kiwis can easily invest in Vanguard funds online through a brokerage or directly through investment managers, making it a convenient option for those who prefer to keep investing easy and simple.
5. Low minimum investment.
Various New Zealand platforms ensure the minimum investment is $250 or below, making it easy for Kiwis to invest in Vanguard funds regardless of the amount of money they have set aside to invest. This lower minimum investment effectively widens the number of Kiwis with access to quality investment opportunities.
1. Diversification.
One of the main benefits of investing in Vanguard funds is the ability to diversify your investment portfolio. Vanguard offers a wide range of investment products, including index funds that track a variety of asset classes, such as stocks, bonds, and commodities. This variety allows Kiwi investors to spread their risk across different asset classes and potentially reduce the impact of market fluctuations on their portfolios.
2. Low fees.
Vanguard is known for its low-cost index funds, which often have lower fees than actively managed managed funds. These low fees can help investors save money over the long term and potentially improve the overall returns on their investments. Additionally, Vanguard doesn't charge performance fees for its index funds and ETFs.
3. Trust.
Vanguard offers widely respected investment products in multiple asset classes. Vanguard's investment products are managed by a team of professional investment managers who use a disciplined approach to investment management. This expertise can give investors the peace of mind that their investments are in good hands.
4. Convenience.
Kiwis can easily invest in Vanguard funds online through a brokerage or directly through investment managers, making it a convenient option for those who prefer to keep investing easy and simple.
5. Low minimum investment.
Various New Zealand platforms ensure the minimum investment is $250 or below, making it easy for Kiwis to invest in Vanguard funds regardless of the amount of money they have set aside to invest. This lower minimum investment effectively widens the number of Kiwis with access to quality investment opportunities.
What are the Cons of Investing in Vanguard funds in New Zealand?
There are a few potential cons to investing in Vanguard funds in New Zealand, including:
1. Limited investment options.
While Vanguard offers a wide range of investment products, it may not offer every type of investment that Kiwi investors want. Additionally, because Vanguard is an international investment firm and doesn't have a strong local presence in New Zealand, they're unlikely to offer many options for New Zealand companies or indexes specifically. This lack of choice may limit Kiwi investors' options and ability to diversify their portfolios.
2. Market risk.
Like any investment, Vanguard funds are subject to market risk. This market risk means that the value of an investor's investments can fluctuate based on market conditions (such as recessions). As a result, investors should be prepared for the possibility of losing money on their investments. For more details on the best way to invest during a recession, check out our best recession-proof sectors and asset classes in our dedicated guide.
3. Limited control.
With index funds, investors cannot choose individual stocks or bonds within the fund. Instead, the fund tracks a specific market index, meaning investors have limited control over the specific investments within their fund.
4. No proprietary research.
Because Vanguard options within New Zealand are primarily indexed-focused, they don't generally research individual companies in-depth but rather take a passive, holistic market approach to invest in companies and industries. This means there are no individual company reports like you'd see from the likes of Craigs Investment Partners or Forsyth Barr.
5. Not actively managed.
Vanguard is primarily focused on index funds, meaning the majority of their funds are not actively managed. Therefore, their funds are most suitable for long-term investors that want to mirror the total return of an index or market. However, for those wanting funds that have the potential for market-beating results, you’ll be unlikely achieve this with most Vanguard funds.
1. Limited investment options.
While Vanguard offers a wide range of investment products, it may not offer every type of investment that Kiwi investors want. Additionally, because Vanguard is an international investment firm and doesn't have a strong local presence in New Zealand, they're unlikely to offer many options for New Zealand companies or indexes specifically. This lack of choice may limit Kiwi investors' options and ability to diversify their portfolios.
2. Market risk.
Like any investment, Vanguard funds are subject to market risk. This market risk means that the value of an investor's investments can fluctuate based on market conditions (such as recessions). As a result, investors should be prepared for the possibility of losing money on their investments. For more details on the best way to invest during a recession, check out our best recession-proof sectors and asset classes in our dedicated guide.
3. Limited control.
With index funds, investors cannot choose individual stocks or bonds within the fund. Instead, the fund tracks a specific market index, meaning investors have limited control over the specific investments within their fund.
4. No proprietary research.
Because Vanguard options within New Zealand are primarily indexed-focused, they don't generally research individual companies in-depth but rather take a passive, holistic market approach to invest in companies and industries. This means there are no individual company reports like you'd see from the likes of Craigs Investment Partners or Forsyth Barr.
5. Not actively managed.
Vanguard is primarily focused on index funds, meaning the majority of their funds are not actively managed. Therefore, their funds are most suitable for long-term investors that want to mirror the total return of an index or market. However, for those wanting funds that have the potential for market-beating results, you’ll be unlikely achieve this with most Vanguard funds.
Must-Know Facts about investing in Vanguard funds in New Zealand
- Vanguard is a leading global investment management company with over $7 trillion in assets.
- Vanguard is known for its low-cost index funds, which often have lower fees than actively managed funds.
- Vanguard offers an incredibly wide range of investment products, including index funds, managed funds, and ETFs.
- Kiwis can invest in Vanguard funds directly through dedicated investment managers (such as InvestNow and Smart), directly through online brokerages (such as Sharesies, Hatch, Tiger Brokers or Stake) or indirectly through fund providers (such as SuperLife).
- Vanguard's investment products are managed by a team of professional investment advisors who use a disciplined approach to investment management.
- Vanguard is best for Long-term investors looking to follow a market, investors focused on low-cost funds and investors who already prefer index funds and ETFs.
Conclusion
- Investing in Vanguard funds in New Zealand can greatly grow your wealth and better prepare you for your financial future. With a wide range of investment products, low fees, and professional management, Vanguard offers several benefits for Kiwi investors.
- There are several options available for New Zealanders to invest in Vanguard funds. InvestNow, Smart, Sharesies, Hatch, Tiger Brokers, Superhero and Stake all offer access to Vanguard funds through various platforms and intermediaries.
- The easiest and most cost-effective option for most investors will be through InvestNow and in particular their in-house Foundation Series Funds in many cases provide long-term investors with the highest after-fees-and-tax returns out of all Vanguard options in New Zealand.
- Online share brokerages like Sharesies, Hatch, Tiger Brokers and Stake on the other hand offer the widest breadth of Vanguard options, albeit at a higher overall cost to the investor due to the additional and often times significant fees involved, such as currency exchange, brokerage and other platform fees, which see require investors needing to return up to 4% on their initial investment just to breakeven with the fees they’ve been charged.
- Our guide has been prepared to explain how to invest in Vanguard funds; considering your investment goals and the fees associated with each platform is important before deciding which option to use.
Frequently Asked Questions
How do I pay the fund fees?
Fund fees are automatically deducted from your investment balance. Generally, a portion of your investments will be sold on your behalf to cover the fees. You don't need to set aside any funds to pay fees (in other words, the manager will take care of everything for you).
If I invest in a fund now, what price will I get?
It depends on whether you are buying an ETF or managed fund and how often the manager buys and sells Vanguard investments. For ETFs, the price you get will be determined by the market price that the share broker receives when they place your order, while for managed funds, each fund has a daily cut-off time, after which a sale or purchase order cannot be executed until the next day. So if the cut-off time is noon and you invest at, for example, 2 pm, the price you'll get is likely to be different, and given the unit price will move up and down over each trading day.
What's the minimum amount I can invest?
The minimum investment amount depends on the platform or fund manager you use. For example, investing in a Vanguard ETF through an online share brokerage can be done in as little as $0.01 USD increments – however there will additional currency exchange and brokerage costs before you can make sure investments. Whereas fund platforms like InvestNow have a minimum $250 investment (or $50 if you set up regular investment plan).
Where can I find the performance history of some of the Vanguard funds?
Vanguard has operated since the late 1970s, and many of its funds have 20+ years of performance history. For the Vanguard ETFs, you can find the performance history of the specific funds you're looking at by searching for the relevant index fund or ETF ticker.
For the performance history of the Vanguard-powered managed funds such as the ones from Foundation Series and Smart, these can be found from the fund documentation from the investment manager themselves.
For the performance history of the Vanguard-powered managed funds such as the ones from Foundation Series and Smart, these can be found from the fund documentation from the investment manager themselves.
What is the cheapest way to invest in Vanguard?
The cheapest way to invest is with the option that has the overall lowest fee structure. Per the cost comparison breakdown above, for investors with over $50,000 invested into foreign investments, InvestNow offers the best-overall value, with their in-house Foundation Series Funds in particular working out to be the cheapest overall Vanguard option for many Kiwis, leaving such investors with better after-fees-and-tax returns in most instances. The only drawback is that InvestNow is yet to offer the full range of Vanguard investment options offered by the likes of Sharesies, Hatch and Stake, although the additional Smart Vanguard options also on InvestNow help mitigate this.
Our view however is simple – for many investors, the Vanguard-powered options available on InvestNow are more than sufficient to develop an efficient investment portfolio, with the combination of super-low fund management fees and tax-efficiencies offered by InvestNow’s Foundation Series Funds leading to long-term investors in many cases keeping more of their investment returns compared to most other options. Our view is based on our side-by-side comparison outlined here.
Our view however is simple – for many investors, the Vanguard-powered options available on InvestNow are more than sufficient to develop an efficient investment portfolio, with the combination of super-low fund management fees and tax-efficiencies offered by InvestNow’s Foundation Series Funds leading to long-term investors in many cases keeping more of their investment returns compared to most other options. Our view is based on our side-by-side comparison outlined here.
How long does it take to sell a Vanguard fund?
For Vanguard ETFs, sales are undertaken based on the timeframe of your online share broker, with this typically taking 2 business days to process. For Vanguard-powered managed funds, sales of units undergo a similar timeframe and cut-off process as buying units. If you decide to sell all or a portion of your Vanguard investments, the money you get will be determined by the fund's unit price at the time it's redeemed.
What do I need to do with paying tax on profits?
Platforms, such as InvestNow and Hatch, for example, will calculate your tax liabilities to avoid confusion and underpaying or overpaying of tax. We suggest asking for tax-related information from the platform you invest with.
With regards to the "0.55% per year in tax savings alone by investing in the Foundation Series Funds compared to investing directly in the equivalent Vanguard ETF", how is this calculated?
This answer refers to our tables under the Investment Options Cost Comparison.
As a high level summary:
As a high level summary:
- The Foreign Investment Fund (FIF) tax rules stipulate that if you were investing directly into offshore shares, such as investing into the Vanguard S&P 500 ETF (VOO) through the likes of a Sharesies, Hatch, Stake, etc, then any investment income you make in the tax year is taxed at your marginal tax rate (0%, 10.5%, 17.5%, 30%, 33% or 39%).
- If you have $50,000 or more invested into foreign investments, then FIF provides two different methods for calculation your investment income for any one year:
- Fair Dividend Rate (FDR) Method: Taxable FIF Income = Market Value of your Foreign Investments at Beginning of Tax Year x 5%; or
- Comparative Value (CV) Method: Taxable FIF Income = (Opening Market Value of FIFs + Costs of new FIFs) – (Closing Market Value of FIFs + Proceeds from FIFs)
- Typically, investors will choose the FDR method in positive return years and CV method in negative return years, as this would minimise their tax burden.
- Our assumptions for the Investment Options Cost Comparison is that investors achieves a 7% return each year, they would logically choose the FDR method to minimise tax.
- If you have $50,000 or more invested into foreign investments, then FIF provides two different methods for calculation your investment income for any one year:
- However, if you were to invest into the same underlying global shares by these investments are done within a PIE Fund (like the Foundation Series US 500 Fund), then any investment income is charged at the investor’s Prescribed Investor Rate (0%, 10.5%, 17.5%, 28%).
- For someone on the 39% marginal income tax rate, they would fall under the 28% PIR rate
- Therefore, if their VOO investment is taxed under FIF rules (FDR), then their Tax Obligation for that year will be calculated as 5% x 39% = 1.95% tax rate of beginning market value (footnote 7)
- However, if their VOO investment is wrapped up in a PIE Fund, then their Tax Obligation for that year will be calculated as 5% x 28% = 1.40% tax rate of beginning market value (footnote 6)
- The difference between 1.95% (under FIF’s applicable tax rate of 39%) and 1.40% (under PIE’s applicable PIR rate of 28%) results in your 0.55% of tax savings each year.
- If the investor fell under 33% marginal tax rate, then the annual savings would be (5% x 33%) = 1.65% - 1.40% = 0.25% p.a. tax savings
- If the investor fell under 30% marginal tax rate, then the annual savings would be (5% x 33%) = 1.50% - 1.40% = 0.10% p.a. tax savings
- Any investors falling underneath 30% tax rate will likely have the same marginal RWT rate as their PIR rate, so equivalent savings
- The PIE still has benefits though from an administrative point of view, as the PIE tax is final – there is no need to separately fill out a tax return for your foreign investments.
- Note however if an investor has less than $50,000 invested into foreign investments, then they would be eligible for the de minimis exception to the FIF tax rules, which means that instead of choosing either the FDR or CV methods, their foreign investment tax obligations are simply the dividends they received in the tax year, charged at their marginal tax rate.
I see Vanguard has an Australian and UK website for investing directly. Is there an option to do this in New Zealand?
Not at this time. Vanguard has likely not decided to create a bespoke New Zealand website (and there likely won't be a direct Vanguard channel in the foreseeable future) due to the relatively small size of the New Zealand investing market compared to global markets.
If I use Sharesies, Hatch, InvestNow or anyone else to buy Vanguard funds, what happens if the platform goes bust?
Each platform's administrator protects your investments – our detailed guide to what happens to your investments if InvestNow, Sharesies, Hatch, etc., shut down has more details.
Where can I find the fund summary of some of the Vanguard funds?
Most of the Vanguard funds are very detailed and tracked through various metrics. You can find examples of Vanguard's fund reports here.
How do index fund fees work for funds like Vanguard?
Whenever you invest in index funds or ETFs, it's important to understand how the index fund fees are charged. Index fund fees are a percentage of your investment and are charged annually. For example, if you invest in a fund with a fee of 0.10%, you will pay $1 per year for every $1,000 invested. As the amount of money you have invested increases, so does the size of the fee you pay, which is why investing in a low-fee fund is beneficial.
The fees for investing in Vanguard funds in New Zealand will vary depending on the specific fund and investment strategy. Vanguard is known for its low-cost index funds, which often have lower fees than actively managed funds.
The fees for investing in Vanguard funds in New Zealand will vary depending on the specific fund and investment strategy. Vanguard is known for its low-cost index funds, which often have lower fees than actively managed funds.
Can New Zealanders work with a financial advisor to invest in Vanguard funds?
Yes, New Zealanders can work with a financial advisor to invest in Vanguard funds. Financial advisors can help investors choose the right Vanguard funds for their investment goals and provide ongoing support and guidance. For a comprehensive breakdown and more details, check out our guide to financial advisers.
What other options exist if I want to invest in Vanguard funds but don't want to use any of the investment managers or platforms listed above?
Other options for investing in Vanguard funds in New Zealand include using a share broker to access the full range of Vanguard Australia ETFs listed on the Australian Stock Exchange (ASX).
However, this option may not be cost-effective due to brokerage fees and exchange rate considerations. It’s generally cheaper to use platforms such as InvestNow to access Vanguard funds due to the fewer overall fees involved.
However, this option may not be cost-effective due to brokerage fees and exchange rate considerations. It’s generally cheaper to use platforms such as InvestNow to access Vanguard funds due to the fewer overall fees involved.
Why are the Smart and Superlife Vanguard funds fees not the same as those shown on the Vanguard fund summary?
The fees for the Vanguard funds on Smart and SuperLife are higher than those of the underlying Vanguard funds due to the presence of these companies needing to cover the costs of running the funds, hence the need to "clip the ticket" and add a fee on top of the base Vanguard fees.
How do Superlife's Vanguard KiwiSaver options compare to other KiwiSaver fund providers?
Superlife is a popular option for investing in Vanguard funds through your KiwiSaver as the fees are lower than many other KiwiSaver fund providers (except Simplicity, Kernel and InvestNow) which compete in price and tax advantages. Our guide to Kernel KiwiSaver vs SuperLife is an example of our research into the cost differences of similar funds and KiwiSaver schemes.
Related Guides:
If you’re interested in checking out some of the other ways to invest, check out our reviews of the top investment platforms in New Zealand:
New Zealand Investment Platform Reviews:
International Investment Platform Reviews:
If you’re interested in checking out some of the other ways to invest, check out our reviews of the top investment platforms in New Zealand:
New Zealand Investment Platform Reviews:
- InvestNow
- Sharesies
- Tiger Brokers (NZ)
- Hatch
- ASB Securities
- Jarden Direct
- Simplicity Investment Funds
- Kernel Wealth
International Investment Platform Reviews:
