Disclosure Information
Licensing, Identity and Nature and Scope of Advice information
Licensing Information
Moneyworks NZ Ltd (FSP 15281) holds a licence issued by the Financial Markets Authority to provide financial advice.
Contact Information: Moneyworks NZ Ltd, P O Box 1003, 7c Hall Street, Cambridge 3434
Ph 0800 225 621, www.moneyworks.co.nz
Nature and Scope of the Advice
Moneyworks NZ Ltd provides advice to our clients about their financial planning, investments and insurances (life, income protection, trauma and health).
Our advisers provide financial advice in relation to KiwiSaver, managed funds, life, trauma, health and income protection insurances.
We only provide financial advice about products from certain providers:
For insurance we work with the main insurers in New Zealand - Partners Life, NIB, Cigna, AIA, AMP, Asteron, Fidelity
For investments - we use the OneAnswer WRAP platform and within that system there are a wide range of managed funds and direct investments (equities and bonds) that we may recommend to you. These include a wide range of New Zealand and Australian-based managed investment products. We also provide advice on Lifetime Retirement Income investments.
For KiwiSaver - we work directly with Pathfinder, Fisher Funds, Booster, Generate, Milford and ANZ OneAnswer. We also provide advice on all other KiwiSaver funds, but you are likely to have to set up the investments directly.
Commissions, incentives, fees or expenses
Fees charged
Clients directly pay Moneyworks a Plan Fee (for developing a new plan) directly and an annual Membership Fee.
If you put in place an investment portfolio through Moneyworks, you will pay us a fee from your investments (paid monthly in arrears), which is negotiated directly with you, and will starts off at 1.00% pa plus gst, and reduces as the value of your portfolio increases. This is currently tax deductible to you.
Commissions received
For KiwiSaver or direct managed funds that we can implement and manage for you, the KiwiSaver or investment provider pays Moneyworks either a trail commission that is normally between 0.20% and 0.25% of your funds invested per annum - but can be 0.50% pa, or a fee that is agreed with you when the investment is set up. Some providers pay an ‘onboarding supplement’ as a one off fee, eg Pathfinder pays $150.00, Booster $50.00 and Generate a scaled fee depending on how much you are transferring in investments.
For insurances, the insurer will pay Moneyworks an upfront commission (which we will tell you about when we recommend your insurance) and an ongoing 'renewal' commission. This commission is based on the premium that you pay.
If we refer you to a Fire & General insurance broker or a mortgage broker, we are likely to receive a 20% share of the commission that they earn from working with you.
If we refer you to Advice Financial, we will receive a share of the commission that they earn from working with you (20% or 30%).
Incentives received
Moneyworks and our financial advisers do not receive any additional incentives from any providers. We keep a log of all gifts that we receive (if any) which is update twice a year.
Advice process and adviser remuneration
All Moneyworks financial advisers receive a salary and a profit share payment. To ensure that our financial advisers prioritise our clients interests above their own, we follow an advice process that ensures that our recommendations are made on the basis of the client's goals and circumstances.
We regularly audit our processes and procedures to ensure that we are doing what we say we are going to do.
Complaints handling and dispute resolution
If you are not satisfied with our financial advice service you can make a complaint by emailing contact@moneyworks.co.nz or by calling 0800 225 621. You can also write to us at 7c Hall Street, Cambridge 3434.
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 to 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 that we propose to do so, you can contact the Insurance and Financial Services Ombudsman (IFSO) at 0800 888 202, or by filling in the form at their website at www.ifso.nz. Or you can contact them at IFSO Scheme, PO Box 10-845, Wellington 6143.
IFSO 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.
This disclosure information in available in writing on request
Duties information
Moneyworks NZ Ltd and our financial advisers have duties when we give financial advice, 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 that 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.
Conflicts of Interest and Incentives
All our financial advisers undergo regular training about how to manage conflicts of interest.
We maintain registers of conflicts of interests, and the gifts and incentives we receive. Moneyworks monitors these registers and provides additional training where necessary.
We regularly audit our processes and procedures to ensure that we are doing what we say we are going to do.
Moneyworks NZ Ltd
P: 0800 225 621
E: contact@moneyworks.co.nz
P O Box 1003, Cambridge 3450
Licensed Financial Advice Provider - FSP 15281
Regulatory Information: Moneyworks is a Licensed Financial Advice Provider (FSP15281), and AML Reporting Entity and is supervised by the Financial Markets Authority.