Our team of advisers can give you financial advice on the following:
Investment products and services
• Managed Funds
• Exchange-traded funds (ETFs)
• Term deposits
• Directly held debt and equity securities
• Legacy products, such as whole of life and endowment policies
• KiwiSaver schemes
• Superannuation schemes
Life and health insurance products and services
• Life insurance
• Income protection
• Mortgage protection
• Health insurance
• Trauma cover
• Disability cover
• Group insurance and employee benefits
We refer to an Approved Product List (APL) for investment and KiwiSaver solutions, and life and health insurance products.
Products in these APLs have gone through due diligence with research professionals. The list is reviewed regularly and is available on our website.
Our approved life and health insurance providers are:
• Fidelity Life
• Partners Life
• Southern Cross
For KiwiSaver we use the following providers:
• AMP KiwiSaver scheme
• OneAnswer KiwiSaver scheme
• Booster KiwiSaver scheme
• Generate KiwiSaver scheme
If we can’t find a suitable solution for you through our APL we will look at other options for you. Our advisers can also help you with your existing products, funds and policies.
We don’t expect to charge any one-offfees for the advice we provide. If we do, we’ll discuss this with you before we charge it and confirm the amount in a statement of advice.
For investment advice, we charge a Portfolio Servicing Fee (PSF) for managing your investments,based on the level of funds under management.
AdviceFirst receives commission from product providers if you take out insurance following advice from us. The amount of the commission varies between providers and is based on the product sold. It can include an initial commission and a servicing and renewal commission.
We also receive commission from KiwiSaver scheme providers if you choose one based on our recommendations,and an ongoing commission for as long as we help you manage your KiwiSaver scheme.
Our advisers are salaried employees and don’t directly receive any commission payments. They will advise you about any commission payment or other fees AdviceFirst will receive before you proceed with any recommendations. Our advisers are not required or expected to fulfill a quota with any particular provider. Any product recommendations our advisers give are based solely on your goals and objectives, and within the boundaries of our APL.
If you have a problem, concern, or complaint about any part of a service we give you, please contact your adviser directly so they can try to fix it.
You can also let us know about any complaints you may have by:
• email: firstname.lastname@example.org
• post: PO Box 10550, Wellington, 6143
• phone: 0800 438 238.
How we deal with complaints
If you let us know you’re not happy with any part of our service, we work through this with our internal complaints process.
• We’ll acknowledge your complaint, consider it, and let you know how we intend to fix it. We may need to
contact you to get further information.
• We aim to resolve complaints within 10 working days of receiving them. If we can’t, we’ll contact you within
that time to let you know we need more time to consider your complaint.
• We’ll contact you by phone or email to let you know whether we can resolve your complaint and how we propose to do so.
How we resolve disputes
If we can’t resolve your complaint, or if we haven’t resolved it to your satisfaction, you can contact the Insurance & Financial Services Ombudsman (IFSO) Scheme. This scheme provides a free, independent dispute resolution service that may help investigate or resolve your complaint if we haven’t been able to do so to your satisfaction.
You can contact the IFSO Scheme by:
• email: email@example.com
• post: PO Box 10-845, Wellington, 6143
• phone: (04) 499 7612 or 0800 888 202.
You can find out more information about the IFSO Scheme on their website: https://www.ifso.nz/ and click on ‘Make a Complaint’.
All our financial advisers get annual training on how to manage conflicts of interest. We also record and monitor any conflicts of interest, including any gifts or incentives our advisers receive that are worth more than $100.
At an organisational level, AMP (a long -established financial services company) has a majority shareholding in AdviceFirst. We understand that this may create a perceived conflict of interest with AMP also being one of the product providers that we advise on.
We manage any potential or perceived conflict of interest with our AMP links by having our advisers follow internal processes to ensure that they give priority to your interests. Any product recommendations our advisers give are based solely on your goals and objectives, within the boundaries of our APL.
The Financial Markets Conduct Act 2013 sets out the duty of care we as a licensed financial advice provider and our advisers must follow relating to the way that we give advice.
The Act requires that we:
The points above are a summary. You can find more information about the Financial Markets Conduct Act 2013 and our duties to you within it by visiting the Financial Markets Authority website.