Three weeks of platform analysis, brought together in one place. Here is how they stack up and how to think about combining them.
Over the past three weeks I have covered why the platform decision matters more in New Zealand than almost anywhere else, why PIE fund platforms handle FIF differently from direct investing platforms, and what the trade-offs are for each of the six platforms most NZ investors will encounter. This week I am bringing it together in one place.
The comparison table below covers the five criteria that matter: fees, fund access, FIF handling, custody, and tax reporting. After that, six scenarios that map investor profiles to platform combinations. The goal is not to tell you what to do but to give you a framework for making a deliberate decision rather than defaulting to whatever you signed up for first.
A few notes before the table. Fee structures change, so verify current details directly with each provider. The FIF handling column reflects whether the platform's default structure handles FIF internally at the fund level or passes the obligation to you directly.
Most investors do not need to choose just one platform. The more useful question is what role each platform plays in a portfolio and whether your current setup reflects a deliberate choice or a historical accident.
The fee structure works at this size, the experience is the best in market for beginners, and getting started and building the habit matters more than optimising costs. Once your portfolio reaches $10,000–$15,000, reassess.
Both handle FIF internally through NZ-domiciled PIE funds, charge no transaction fees on regular contributions, and suit a systematic buy-and-hold approach. Choose InvestNow if you want access to multiple fund managers. Choose Kernel if you prefer a cleaner interface.
Keep overseas direct holdings below the $50,000 FIF threshold if you want to avoid the FIF obligation, or manage FIF directly if you are comfortable doing so. The two-platform approach is more common than most investors realise.
IBKR's FX conversion costs are significantly lower than retail NZ platforms at this portfolio size. Factor in the additional tax reporting work or the cost of an accountant who can handle it.
These two things are where most NZ investors are losing money without knowing it. The PIR threshold changes in April 2025 mean a meaningful proportion of investors are on the wrong rate. The difference between a 0.93% bank fund and a 0.25% low-cost fund compounds to tens of thousands of dollars over a career.
The threshold applies across all your overseas holdings combined, not per platform. If you are near or above it, understand whether FDR or CV gives you a better result for your specific situation. In a flat or down year, CV can be meaningfully lower than FDR.
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The investor who understands their platform structure, their FIF position, and their KiwiSaver fee is already ahead of most people in this market. None of it is complicated. It just requires knowing where to look.
Check your FIF position, compare FDR vs CV, and find your correct KiwiSaver PIR rate under the updated April 2025 thresholds. Open the tools →
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