Disclosure Statement


LICENSING INFORMATION

Advice Financial 2019 Ltd (FSP667651), trading as Advice Financial, holds a licence issued by the Financial Markets Authority to provide financial advice. The following advisers are authorised by that licence to provide financial advice:

  • Thomas James Coltman (FSP656931)
  • Marcus Eagan Brown (FSP415286)
  • James Francis Coltman (FSP56081)
  • Hamish Robert Coltman (FSP742353)
  • George Andrew Mitford Orton (FSP742353)


NATURE & SCOPE OF SERVICE

Advice Financial provides advice to our clients about their life insurance, health insurance, KiwiSaver and finance needs. Our financial advisers provide financial advice in relation to these financial advice products.

We only provide financial advice about products from certain providers:

  • For life insurance, we work with the following providers – AIA, AMP, Asteron, Cigna, Fidelity Life and Partners Life.
  • For health insurance, we work with the following providers – AIA, Accuro, nib, Southern Cross and Partners Life.
  • For KiwiSaver, we work with the following providers – Generate.
  • For finance, we only provide financial advice about loan products from certain providers: We only provide financial advice about certain products that are included in the NZ Financial Services Group approved panel of product providers.

In providing you with financial advice, we will only consider existing life insurance, health insurance, KiwiSaver and finance products. We will not provide advice on existing whole of life or endowment products, so you will need to consult a specialist if you would like advice on those products.


FEES OR EXPENSES

Advice Financial does not charge fees, expenses or any other amount for the life insurance, health insurance and KiwiSaver advice provided to its clients.

Advice Financial generally does not charge fees for the finance advice and associated transactional solutions that we provide to you. This is possible because, on settlement of a loan, we usually receive commission from the applicable product provider as described above.

There are two exceptions to this general position which are explained below.

We may charge you a one-off fee in the following situations:

  • No commission: If you request that we provide services in relation to a product or service and we do not receive a commission. Any such fee would be agreed and authorised by you in writing before we complete the services, and would be based on an estimate of the time spent providing the advice. This may arise in the rare event that you request that we provide Services in relation to either a product that is offered by a provider that we do not hold an accreditation with, or a product that is outside our usual arrangements with our product providers.
  • Repayment of commission: If a product or service provider requires that we repay commission within 27 months of settlement of your loan. Any such fee would be no more than $2,500 (plus GST, if any) and would be calculated based on a rate of $250 (plus GST, if any) per hour of the financial adviser’s time spent providing services to you in connection with the applicable loan. The fee charged will not exceed the amount of commission clawed back from the lender.

Should we need to charge you a fee, you will be invoiced and given 30 days to make payment.


CONFLICTS OF INTEREST & INCENTIVES

Advice Financial and our financial advisers receive commissions from the providers on whose products we give financial advice (the insurers, KiwiSaver and finance product providers). If you decide to take out insurance or to take our KiwiSaver or finance advice, the provider will pay a commission to Advice Financial and to your financial adviser. The amount of commission is based on the amount of the insurance premium, KiwiSaver balance or loan.

From time to time, product providers may also reward us for the overall business we provide to them. They may give us tickets to sports events, hampers, or other incentives.

To ensure that our financial advisers prioritise the client’s interests above their own, we follow an advice process that ensures our recommendations are made on the basis of the client’s goals and circumstances. All our financial advisers undergo annual training about how to manage conflicts of interest. We maintain registers of conflicts of interests, and the gifts and incentives we receive. Advice Financial monitors these registers and provides additional training where necessary. Advice Financial performs an annual review of our compliance programme.


COMPLAINTS HANDLING & DISPUTE RESOLUTION

If you are not satisfied with our financial advice service you can make a complaint by emailing: [email protected], or by calling: 0800 102 604 or 021 66 44 58. You can also write to us at PO Box 47220, Ponsonby, Auckland 1144.

When we receive a complaint, we will consider it following our internal complaints process:

  • We will consider your complaint and let you know how we intend to resolve it. We may need to contact you to get further information about your complaint.
  • We aim to resolve complaints within 10 working days of receiving them. If we can’t, we will contact you within that time and let you know we need more time to consider your complaint.
  • We will contact you by phone or email to let you know whether we can resolve your complaint and how we propose to do so.

If we can’t resolve your complaint, or you aren’t satisfied with the way we propose to do so, you can contact Financial Services Complaints Ltd (FSCL).

FSCL provides a free, independent dispute resolution service that may help investigate or resolve your complaint, if we haven’t been able to resolve your complaint to your satisfaction.

You can contact FSCL by emailing: [email protected], or by calling: 0800 347 257. You can also write to them at: PO Box 5967, Lambton Quay, Wellington 6145.


DUTIES INFORMATION

Advice Financial and anyone who gives financial advice on our behalf, have duties under the Financial Markets Conduct Act 2013 relating to the way that we give advice.

We are required to:

  • Give priority to your interests by taking all reasonable steps to make sure our advice isn’t materially influenced by our own interests.
  • Exercise care, diligence, and skill in providing you with advice.
  • Meet standards of competence, knowledge and skill set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure that we have the expertise needed to provide you with advice).
  • Meet standards of ethical behaviour, conduct and client care set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure we treat you as we should and give you suitable advice).

This is only a summary of the duties that we have. More information is available by contacting us, or by visiting the Financial Markets Authority website at www.fma.govt.nz.


CONTACT INFORMATION

Contact details:
Advice financial 2019 Ltd (FSP667651) trading as Advice Financial, is the Financial Advice Provider.

You can contact us at:

Email:

Address:
Level 2, 34 Douglas Street
Ponsonby
Auckland 1021

0800 102 264