Vested — funnel and unit economics
v1 draft
KiwiSaver-led, life referred to Resure. Monthly steady state, 12-month view.
Signups / month
—
—
Life referrals / month
—
—
Advisers needed
—
—
Year 1 contribution
—
—
Funnel
Prospects / month
Made contact
%
Booking rate
of contacted — implied by your 225
%
Show-up rate
%
Close rate (switch)
%
Life referral
Referred to Resure
of signups
%
Resure close rate
%
Life upfront commission
EST
$
Vested's share
%
KiwiSaver economics
Upfront per switch
$
Average balance
$
Trail rate p.a.
%
Costs
Meetings / adviser / month
EST
Adviser cost, loaded p.a.
EST
$
Compliance, PI, licence p.a.
$
Platform, AI, telephony p.a.
$
Other overhead p.a.
$
Long run
Market return p.a.
net of fees, on existing FUM
%
Average client salary
EST
drives contributions
$
Contributions — legislated
3.5% + 3.5% =
7.0%
of salary now
4.0% + 4.0% =
8.0%
from 1 Apr 2028
Client attrition p.a.
EST
%
Cost inflation p.a.
EST
%
Book value
EST
multiple of recurring trail
×
Monthly funnel
Year 1 profit and loss
Line
Per month
Year 1
The book — what you're actually accumulating
End of
Clients
FUM
Trail p.a.
Year 1 ramp only, balances held flat. The compounding version is below. This is the asset that doesn't walk out the door with an adviser.
Ten year P&L
Year
Clients
Contribs in
FUM
Trail
Revenue
Cost
Contribution
Cumulative