MAS Financial Advice Service Review
Our review explains how MAS financial advice works, what the service covers, who it's suited to, and answers frequently asked questions.
Updated 13 April 2026
Summary
Our guide covers:
Know This First: MAS's financial advice is a genuine service, delivered by experienced, salaried advisers with no commission incentive. The zero-cost, zero-minimum model makes it unusually accessible. But it is important to understand that it's not independent advice – it is product-specific guidance limited to MAS's own range.
Summary
- MAS (Medical Assurance Society) offers a financial advice service at no additional cost through salaried, non-commissioned advisers based across New Zealand.
- The advice covers MAS KiwiSaver Scheme, MAS Investment Funds, MAS Retirement Savings Scheme and MAS insurance products – and nothing else. There is no minimum investment required to receive advice, making it one of the most accessible in-house advisory services available. However, the MAS Investment Funds can only be opened with a minimum investment of $500.
- If you are already a MAS member or are considering MAS products, we believe this service is worth exploring. However, if you want advice comparing MAS with Milford, Simplicity, Kernel, Generate, or any other fund manager or investment company, you need an independent financial adviser.
Our guide covers:
- How MAS Financial Advice Works
- What the MAS Financial Advice Service Covers
- MAS Adviser Network
- Who MAS Financial Advice Is Arguably Suited For
- MAS Advice vs Independent Financial Advice
- Frequently Asked Questions
Know This First: MAS's financial advice is a genuine service, delivered by experienced, salaried advisers with no commission incentive. The zero-cost, zero-minimum model makes it unusually accessible. But it is important to understand that it's not independent advice – it is product-specific guidance limited to MAS's own range.
How MAS Financial Advice Works
The process is straightforward:
MAS employs MAS advisers who are "nominated representatives" under MAS's financial advice provider licence. They are qualified and regulated, but their scope is limited to MAS products. They will not recommend, for example, a Milford, Simplicity, Kernel or Generate fund, even if one may be a better fit.
- Contact MAS: You complete a contact form or call 0800 800 627. MAS assigns an adviser based on your region.
- Discuss your goals: Your adviser reviews your financial position, risk profile, investment timeframe and insurance needs. Meetings are available in person or by video call.
- Receive personalised recommendations: Your adviser recommends specific MAS products – which KiwiSaver Scheme fund, which investment fund, which insurance policies (such as house, car, life and income protection) to suit your situation.
- Ongoing check-ups: MAS encourages regular reviews to ensure your investments and insurance remain appropriate as your circumstances change.
MAS employs MAS advisers who are "nominated representatives" under MAS's financial advice provider licence. They are qualified and regulated, but their scope is limited to MAS products. They will not recommend, for example, a Milford, Simplicity, Kernel or Generate fund, even if one may be a better fit.
What the MAS Financial Advice Service Covers
MAS's advice spans three product areas:
The advice is personalised to your circumstances. MAS states that its advisers "provide advice on the use of MAS products for various aspects of your financial life, such as protecting your family and saving toward retirement".
No Additional Fee, No Minimum Investment
MAS does not charge an additional separate fee for financial advice, and there is no minimum investment threshold. However, the MAS investment Funds can only be opened with a minimum investment of $500. This stands in contrast to providers like Milford (minimum $500,000 for wealth management) and Pie Funds (minimum $1,000,000).
However, "free" is not entirely accurate. The cost of the advisory service is embedded in the management fees you pay once you invest in MAS products. You are paying for the advice – it is simply not itemised as a separate charge or added to the product fees. That said, you would pay those management fees whether or not you used the advice service, so there is no incremental cost for taking advantage of it.
- MAS KiwiSaver Scheme – fund selection, contribution rates, and switching between MAS KiwiSaver Scheme funds.
- MAS Investment Funds – choosing the right managed fund based on your risk tolerance and goals.
- MAS Retirement Savings Scheme – choosing the right fund, contribution rates. The MAS Retirement Savings Scheme is also a recognised overseas pension scheme (ROPS).
- MAS Insurance – life insurance, income protection and other MAS insurance products. This is a notable point of difference – most competing investment companies (Milford, Generate, Pie Funds) do not offer insurance advice.
The advice is personalised to your circumstances. MAS states that its advisers "provide advice on the use of MAS products for various aspects of your financial life, such as protecting your family and saving toward retirement".
No Additional Fee, No Minimum Investment
MAS does not charge an additional separate fee for financial advice, and there is no minimum investment threshold. However, the MAS investment Funds can only be opened with a minimum investment of $500. This stands in contrast to providers like Milford (minimum $500,000 for wealth management) and Pie Funds (minimum $1,000,000).
However, "free" is not entirely accurate. The cost of the advisory service is embedded in the management fees you pay once you invest in MAS products. You are paying for the advice – it is simply not itemised as a separate charge or added to the product fees. That said, you would pay those management fees whether or not you used the advice service, so there is no incremental cost for taking advantage of it.
MAS Adviser Network
MAS employs around 45 advisers across eight regions. The largest team is based in Auckland, but there is nationwide coverage, including regional centres that many competitors overlook.
You can see the full list of MAS advisers here.
Important: MAS adviser roles include Private Wealth Advisers (for higher-value clients), Senior Life and Investment Advisers, Life and Investment Advisers, and Commercial Insurance Advisers.
- Auckland: 17
- Waikato/Bay of Plenty: 6
- Hawke's Bay: 2
- Manawatū/Taranaki: 4
- Wellington: 5
- Nelson: 2
- Canterbury: 5
- Otago/Southland: 4
You can see the full list of MAS advisers here.
Important: MAS adviser roles include Private Wealth Advisers (for higher-value clients), Senior Life and Investment Advisers, Life and Investment Advisers, and Commercial Insurance Advisers.
How are MAS Advisers Compensated?
MAS advisers are salaried employees. They do not receive commissions or performance bonuses tied to the volume of products they sell. This is an important distinction – it removes the direct financial incentive for an adviser to recommend a higher-fee fund or an insurance policy you may not need.
That said, the structural conflict of interest remains: MAS, as an organisation, earns more revenue when more people invest more money in its products. The individual adviser may not benefit personally, but the system they work within does. This is not unique to MAS – it applies to every investment company that offers in-house advice.
That said, the structural conflict of interest remains: MAS, as an organisation, earns more revenue when more people invest more money in its products. The individual adviser may not benefit personally, but the system they work within does. This is not unique to MAS – it applies to every investment company that offers in-house advice.
Who MAS Financial Advice Is Arguably Suited For
MAS financial advice is popular with:
MAS financial advice is often less suitable for:
Our View: If your question is "Which MAS fund should I be in?", MAS's advice service is ideal. If your question is "Should I be with MAS at all?", you need an independent financial adviser who can compare MAS against every other option in the market.
How MAS Compares to Other In-House Advisory Services
Several investment companies in New Zealand offer financial advice through their own advisers. Our dedicated guide explains more.
Important: MAS's key advantages in this comparison are its zero minimum investment threshold, inclusion of insurance advice, and salaried (non-commission) adviser model. The key limitation – shared by all providers in this table – is that the advice is restricted to the company's own products.
For a detailed guide covering all investment companies offering financial advice, see our guide Investment Companies Offering Financial Advice.
- People who have already chosen MAS as their provider and want help selecting the right fund and structure.
- Members who want a periodic review of their investment in the MAS KiwiSaver Scheme, MAS Retirement Savings Scheme and/or MAS Investment Funds and insurance to make sure everything is still on track.
- People with lower-value portfolios who would not meet the minimums at Milford or Pie Funds.
- Anyone looking for combined investment and insurance advice under one roof, within the MAS product range.
MAS financial advice is often less suitable for:
- People who have not yet decided which provider to invest with and want a market-wide comparison.
- Investors who want diversification across multiple fund managers to reduce concentration risk.
- Those with complex financial situations – such as trusts, property portfolios, business succession, or cross-border tax obligations – who need holistic, independent planning.
Our View: If your question is "Which MAS fund should I be in?", MAS's advice service is ideal. If your question is "Should I be with MAS at all?", you need an independent financial adviser who can compare MAS against every other option in the market.
How MAS Compares to Other In-House Advisory Services
Several investment companies in New Zealand offer financial advice through their own advisers. Our dedicated guide explains more.
Important: MAS's key advantages in this comparison are its zero minimum investment threshold, inclusion of insurance advice, and salaried (non-commission) adviser model. The key limitation – shared by all providers in this table – is that the advice is restricted to the company's own products.
For a detailed guide covering all investment companies offering financial advice, see our guide Investment Companies Offering Financial Advice.
MAS Advice vs Independent Financial Advice
An independent financial adviser is not employed by any product provider. They can recommend funds from MAS, Milford, Simplicity, Kernel, Generate or any other provider based on what suits your situation.
The trade-off is cost - MAS's advice is embedded in the management fees you would pay anyway. Independent advice has an explicit cost – typically a few hundred dollars for a KiwiSaver review, or several thousand for comprehensive financial planning. Some independent advisers also charge an ongoing fee of around 1% of assets under management - working with an MAS adviser avoids these costs.
If you are already committed to MAS, we believe their in-house advice adds real value at no extra cost. If you are weighing MAS against other providers, independent advice gives you the unbiased comparison that MAS cannot. Our financial adviser guides by city can help you find an independent adviser near you.
Questions to Ask a MAS Adviser
If you engage with MAS's advice service, these questions will help you get the most from the experience:
The trade-off is cost - MAS's advice is embedded in the management fees you would pay anyway. Independent advice has an explicit cost – typically a few hundred dollars for a KiwiSaver review, or several thousand for comprehensive financial planning. Some independent advisers also charge an ongoing fee of around 1% of assets under management - working with an MAS adviser avoids these costs.
If you are already committed to MAS, we believe their in-house advice adds real value at no extra cost. If you are weighing MAS against other providers, independent advice gives you the unbiased comparison that MAS cannot. Our financial adviser guides by city can help you find an independent adviser near you.
Questions to Ask a MAS Adviser
If you engage with MAS's advice service, these questions will help you get the most from the experience:
- What are the total fees I'll pay? Understand the all-in cost of the recommended funds, including management fees, administration fees, and any performance fees. MAS does not charge performance fees.
- How does this MAS fund compare to similar options elsewhere? The adviser cannot make the comparison for you, but the answer will clarify the scope of the advice you are receiving.
- What happens if MAS funds underperform? Ask whether the adviser would recommend switching to a non-MAS provider. The answer is almost certainly no, and that's worth knowing upfront.
- Do I need insurance, or are you recommending it because it's available? MAS offers insurance alongside investments. Make sure any insurance recommendation is genuinely needed, not just available.
- Can you help with my full financial picture? If you have investments outside MAS, property, debt or other considerations, understand whether the adviser can factor those into their advice or whether they are limited to the MAS product set.
Frequently Asked Questions
Is MAS financial advice really free?
There is no separate advice fee, and MAS advisers are salaried. However, the service's cost is ultimately embedded in the management fees for MAS products. You are paying for it indirectly. That said, you pay those fees whether or not you use the advice, so there is no additional cost for engaging with an adviser.
Do I need to be a medical professional to use MAS?
No - MAS was originally established for medical professionals but is now open to a broader membership. Anyone can access the advice service and invest in MAS products.
Will a MAS adviser recommend I leave MAS if a competitor is better?
Almost certainly not. MAS Advisers are limited to advising on MAS products. If a Milford, Simplicity, or Kernel fund would be a better fit for your situation, a MAS Adviser is not in a position to tell you that. For a cross-market comparison, you need an independent financial adviser.
How is MAS different from an independent financial adviser?
An independent adviser can recommend products from any provider and charges you directly for advice. A MAS adviser recommends only MAS products and does not charge a separate fee. The key difference is scope: independent advice covers the entire market; MAS advice covers MAS.
Is the MAS advice service available nationwide?
Yes - MAS has advisers in Auckland, Waikato/Bay of Plenty, Hawke's Bay, Manawatū/Taranaki, Wellington, Nelson, Canterbury and Otago/Southland. Video call appointments are also available for those in areas without a local adviser.
