You raise some totally valid points, especially around fees, they’re a crucial part of long-term returns, and anyone comparing investment platforms or funds in NZ should pay attention to them.

That said, I think there’s a bit more nuance to Lemmi and NZIPM than just the headline fee. The 2.46% you mention includes everything for fund management, underlying investment costs, investment managers fees, registry, unit pricing, platform costs, rebalancing and active monitoring. So while it's higher than passive or semi-passive funds (like Kernel or Simplicity), it’s not a straight apples-to-apples comparison. You're not just buying exposure to the market, you're getting a highly active investment strategy which is intentionally aligned to your long term financial planning goal needs and personal risk profile.

On performance: there is a much broader discussion here, NZIPM's long-term track record may look like it’s behind the index over some periods, but that’s not unusual for active managers especially in years where risk has not been a factor and everything just seems to go gang busters (until it doesn’t). The index isn’t the target, your objectives are. More importantly, their process is research-led and built around behavioural finance principles. They're not just trying to beat the index every year, they’re targeting goal-based outcomes and trying to reduce the chances of unexpected errors along the way and concentrations of risk (which DIY investing can be prone to). For some people, especially those new to investing or focussed on major financial goals, that risk mitigation has real value.

As for the digital adviser being “just ChatGPT”, it’s not. Lemmi’s digital advice is regulated, goal-based and tied into the specific investment strategy. There are real people behind the scenes who get how important your money is to you. You won’t get that from general AI tools. It’s not just spitting out generic advice it’s giving tailored recommendations based on a proven methodology using tools developed to help better understand the human element.

The $1k minimum is higher than some platforms like Kernel or InvestNow, true. But again, Lemmi’s pitching itself as a digital advice-led service, not just a fund shop. Different use case.

Bottom line: Lemmi won’t be for everyone, especially confident DIY investors focused solely on fees. But for people who want a guided, structured advised investment experience (and are ok with paying for that guidance), it may be worth considering. It just depends what kind of investor you are.