Frequently asked questions
What does the Lemmi joining process involve? (video)
Joining Lemmi takes 4-5 business days and it’s a good idea to get ready the following:
Your NZ drivers license or passport
Your bank account number plus a screen grab of your bank account number (crop out any transactions).
Your NZ IRD number.
Watch our short joining guide:
Is my money safe from misappropriation by Lemmi or what if Lemmi goes bust?
Any cash you deposit into your Lemmi portfolio is handled by the Public Trust, who manage a special trust bank account for this purpose. When your investment portfolio is set up, Public Trust is the custodian that holds the investment assets in the funds on your behalf. From the moment your portfolio is established the units are in your name on the APEX registry as proof of your rights and ownership. If you draw any money from your portfolio, Public Trust will process the transactions through the same trust account and only pay it to your nominated bank account to help protect you from someone else getting hold of your cash. All of the cash transaction and portfolio ownership structures are independent from Lemmi.
What sits behind the Lemmi Goal Plan?
What is Lemmi's scientific approach to investing?
We’re not gambling here, this is your future, it is important, so we take it seriously. Your Lemmi portfolio is aligned to your longer term Lemmi Goal Plan needs.
Read more here.
What is Lemmi's approach to environmental and ethical investing?
At Lemmi, sustainable investing is more than just an ESG box to tick—it’s a core part of who we are and how we believe one should invest. We believe in utilising portfolios that have the capacity to deliver strong financial returns and also contribute to a better world wherever possible. By focusing on sustainability, we are able to better align the investment processes with your values, helping you achieve your financial goals while making a positive impact wherever possible. We don’t profess that every single holding will be 100% clean and green at all times, knowing that is a near impossible claim to make, but we do take it very seriously.
Read more here.
Are the portfolios Lemmi clients invest in brand new to the market?
Lemmi clients have access to the New Zealand Investment Portfolio Management Limited (NZIPM) portfolios, managing over $300 million of Kiwi investors' money. With a track record of over a decade, these funds represent an already well-trusted option for long-term investment growth.
Does Lemmi work for trusts?
Yes, Lemmi is available for non-complex family trusts. You will have to sign up for our Trust module to get things set up though. The Lemmi Trust module is free of charge for Lemmi Plus and Lemmi Team members.
Can I invest with my partner?
Yes, you can set up a jointly owned investment through Lemmi.
A single Lemmi account is used for a joint investment. We will collect your details first and add your partner's details to your investment application during the on-boarding stage. The investment will be in both your names with either party able to make changes.
How do the advice fees work with Lemmi?
Lemmi works off a fixed monthly advice fee basis. It doesn't matter how much money you have invested, your fees will not go up based on your balance.
The more traditional model charges a % of your Funds Under Management. Eg if the advice fee is 1%, on a balance of $100,000 you pay $1000 in advice fees per year. On a balance of $500,000 you pay $5,000 per year.
With Lemmi you pay $180 or $780 per year depending on your desired service level, regardless of your Funds Under Management.
If you are a Lemmi Teams member ($780 in advice fees per year) you have unlimited access to our qualified Financial Advisers, including the advice modules at no cost.
Lemmi members ($180 in advice fees per year) can choose to pay for add-on advice modules should they find themselves wanting financial advice at any particular moment in their life.
Do fixed advice fees make sense for everyone?
Although Lemmi advice fees are low, they can quickly eat into very low balances. We recommend only starting out at the $1,000 minimum if your intention is continue to contribute to Lemmi on an ongoing basis.
Can I set up more than one Lemmi goal plan?
No, this is not possible at this stage, but we also think it's a great idea and have it in our development pipeline.
Can children join Lemmi?
No, you must be 18 or over to open a Lemmi portfolio. If you'd like to invest for your children, you can open the account and investment portfolio in your own name. Once they turn 18, they can start their own Lemmi journey, set their own goals, and you can transfer the portfolio to them as a nice kickstarter.
How do I ensure my Lemmi account is included in my estate should something happen to me?
Simply send the executor of your Will the following:
- Your IPM number (find it here)
- The Lemmi website for them to use to contact us (www.lemmi.co.nz/contact/)
- And let them know to include your Lemmi account in your Will.
How do I meet a Lemmi adviser?
All meetings with the Lemmi team will utilise an online Microsoft Teams meeting. These can be done on your smart phone, tablet or computer. We will organise the meeting and all you need to do is click a link we will send you.
To arrange a meeting, simply submit your request here and the team will be back in touch within 1 business day.
Why do I need to create a Lemmi Service Request each time I want to add more money.
If you have set up a regular direct debit, there's no need to complete additional Lemmi service requests.
For all other deposits we are required by law to know from you the source of the funds (eg, from savings, sales of a property, inheritance, etc).
How do I add money to my Lemmi investment?
Quick summary:
To complete a Lump Sum Deposit service request, you’ll need to fill out a form in the Lemmi app. You can find all the details you need in the Lemmi app. Just a heads up, deposits usually take 3 - 5 working days to show up in the Lemmi app.
Read more here:
Will I always see the most up to date value of my portfolio in the app?
We update the value of your Lemmi portfolio every business day. This value is based on recent market changes, so your portfolio’s value will usually rise or fall with the markets it’s invested in.
Your portfolio value also reflects any deposits, withdrawals, or fees applied up to that date.
Any taxes owed for the current tax year (ending on March 31) are calculated daily but not taken from your balance until the end of the tax year. However, if you make a withdrawal, a small portion of the tax may be deducted and paid at that time, based on the amount you withdraw.
How do I add the Lemmi app to my phone?
Lemmi uses a web app, so you won't find Lemmi in the Apple App store or Google Play.
Instead use your web browser to go to the Lemmi web app:
app.lemmi.co.nz
To add Lemmi to your Android home screen, open the "More" menu button and select "Add to home screen". "Confirm", and it will appear on-screen.
On an iPhone tap the "share" icon and select "Add to Home Screen". Confirm with "Add", and it will appear on-screen.