The total fee (fund management + adviser fee) is calculated daily, according to net asset value (NAV). Any fees accrued are paid to the adviser from Kernel on a monthly basis.

The fee is applied as the client contributes to their KiwiSaver balance. If no contributions are made, the adviser fee will accrue then be taken from the next processed contribution, or if/when they eventually withdraw or transfer their KiwiSaver balance out.