The number of KiwiSaver members passed 1.9 million in March, but according to the latest report by Morningstar, the total amount of money in KiwiSaver is $11.26 billion, meaning the average balance per member is under $6000.

According to Murray Weatherston of Financial Focus, the numbers just don't stack up when one takes into account the relatively meagre commissions advisers get for KiwiSaver. 

KiwiSaver doesn't figure at all in the advice he gives to clients "other than to recommend to employees that if they can afford their contributions they put the minimum amount in to get the maximum amount from the government and their employer," he said.

"The reason I don't deal with KiwiSaver is I have no idea how to meet the requirements of the Financial Advisers Act and do everything they require for the quite small remuneration that one gets.

"I would believe most KiwiSavers are unwilling to pay any fee at all in order to get advice.  If you take the average KiwiSaver fund balance of $5000 and the average trail of 20 basis points, you have to do everything to comply with the Financial Advisers Act for the princely sum of $10 a year."

A number of other advisers spoken to by Good Returns have expressed similar sentiments.

However, Goldridge Wealth Management chairman Bill Dahlberg said clients are already showing signs of greater interest in KiwiSaver as their funds grow.

"After four years of talking with our clients, and KiwiSaver accounts now over $10,000, and some up to $50,000, the clients are taking a more active interest in what is one part of their investment planning."