“..A controversial KiwiSaver provider is under fire for aggressively promoting products to Unitec students.
Distributors from Huljich Wealth Management were eventually asked to leave Unitec’s Mt Albert campus as a storm grew over former managing director Peter Huljich’s admission he propped up the funds with his own money.
One mother of an 18-year-old first-year student is “furious” her daughter was lured into signing up with a chance to win a $100 shopping voucher.
Industry commentators say the selling methods are alarming and inappropriate for a complex financial product.
On February 19, Rich Lister Peter Huljich admitted using his own money in 2007 and 2008 to top up his company’s three KiwiSaver funds..
.. making their performance seem better than it was.
The Securities Commission is investigating.
A fortnight later, he resigned as managing director and chief investment officer.. with Don Brash taking over in the latter role and as executive chairman.
Unitec Students’ Association communications and marketing manager Jodine La Pere said the tertiary institution’s orientation programme ran from February 22 to March 5, during which Huljich and other financial service providers had stands on campus.
In the first week, Huljich was asked to take down signage claiming it was a top-performing KiwiSaver provider .. on the grounds it was “false advertising”.
“As (the situation) became more well-known and the speculation became quite concerning, we actually had to ask them to leave in the second week,” she said.
go to source/story>>Rich lister’s firm under fire again – Business – NZ Herald News
