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Disclosure Statement

Licensing Information

Finsol Financial Services Limited/Finsol and Finsol Insurance and Mortgage Brokers is licensed by the Financial Markets Authority (the Government agency that monitors financial markets in New Zealand) as a Financial Advice Provider.

Our Financial Services Provider Number is FSP627069. You can find us on the Financial Services Register here.

Our Contact Details:

  • Phone: 0800 346 765
  • Email: finsol@finsol.co.nz
  • Head office: 66 Munroe Street, Napier South, Hawke’s Bay 4110

Nature and Scope of Our Advice

Services and advice provided

  • Personal and group Insurance advice (life, trauma, income protection, health insurance, permanent disablement, specific injury cover)
  • Business insurance advice (key person, shareholder protection, business debt protection)
  • ACC disability cover for sole-traders and shareholders (ACC CoverPlus Extra)
  • Home loans (borrowing capital for the purchase of personal or investment property)
  • KiwiSaver advice
  • Wealth optimisation and investment portfolio advice

Insurance providers

AIA, Accuro, Asteron Life, Chubb Life, Fidelity Life, NIB, Partners Life, Southern Cross, Allianz (travel insurance)

Home loan and lending providers

ANZ, ASAP Finance, ASB, Avanti, Bluestone, BNZ, Cressida, DBR, First Mortgage Trust, Heartland Bank, Kiwibank, Liberty, NZCU, Resimac, SBS, Sovereign, The Cooperative Bank, Westpac

KiwiSaver providers

Booster, Pathfinder, Milford Asset Management, Kōura

Investment providers

Consilium

If a provider other than the above has a particular product that you are interested in, please let us know as we will be happy to provide advice on that basis. If you require specialist taxation or estate planning, we will make recommendations on how important these are concerning the advice we have provided and, if requested, refer you to the relevant trusted professional.

Commissions

We are paid commission by insurers and lenders when an insurance policy or a loan application is finalised and complete.

For insurance, commissions rates paid by the insurer are:

Initial commission:

  • Group Insurance products: up to 15% of the annual premium – excluding any policy fees.
  • Health Insurance products: 30% to 140% of the annual premium – excluding any policy fees.
  • Life, Trauma, Permanent Disability, and Income Protection Insurance products: 80% to 220% of the first year’s premium – excluding any policy fees.
  • Travel insurance: 30% of the total premium.

Ongoing commission:

  • Group Insurance products: up to 15% of the annual premium, paid annually – excluding any policy fees.
  • Health Insurance products: up to 20% of the annual premium, paid annually – excluding any policy fees.
  • Personal Life, Trauma, Permanent Disability, and Income Protection Insurance products: 5% to 30% of the annual premium, paid annually – excluding any policy fees.
  • Travel insurance: Nil.

For loans, commission rates paid by the lender are:

Initial commission:

  • New Home Loans: between 0.45% to 0.85% of the total lending amount.
  • ASB and ANZ pay a one-off re-fix fee of $150

Ongoing commission:

  • Home Loan Renewal: between 0% and 0.20% of the total remaining lending (calculated annually but paid monthly).

Fees or Expenses

Insurance

Insurance review fee

  • Where upfront commission is not paid by the insurance provider and substantial work has been undertaken to review and adjust your existing insurance policies: we charge $250 per hour + GST for a minimum of four hours.

Lending

Financial advice fee
  • A fee may apply for additional financial advice required to secure lending: $250 per hour + GST for a minimum of two hours.
Nil commission fee
  • Where lenders don’t pay commission: we charge a fee of between 0.75% and 1.50% of the total loan amount.
Bridging finance fee
  • Where advice is provided in relation to bridging finance: we charge a fee of between 0.75% and 1.25% of the total loan amount.
Lending withdrawal fee
  • Where substantial work has been undertaken and you withdraw, transfer or cancel your application: we charge $250 per hour + GST for a minimum of two hours.
Please note:
  • Fees will be invoiced accordingly and payable on the 20th of the month following the withdrawal of your loan application or once your advice has been provided. Your invoice will include details of how to make payment.
  • All and any such fees will be clearly disclosed and discussed with you before you commit to any financial transaction.

KiwiSaver

  • As we are paid fees from the KiwiSaver providers we work with, we do not charge a fee for KiwiSaver advice. We're paid between 0.20%-0.50% by the KiwiSaver provider of choice to cover the expense of providing ongoing advice and support.
  • Please note, the fee paid to Finsol does not increase the overall fee you would pay as their KiwiSaver customer, with the exception of Kōura, where the fee paid to Finsol does increase the overall fee you pay by 0.30%.

‍‍Wealth Optimisation Plan or Investment Portfolio Advice

Initial Consulation
  • Initial 60-90 minute consultation: we charge $250 + GST
Wealth Optimisation Plan Costs
  • Where a new wealth optimisation plan is provided: we charge a one-off fee of $1,250 + GST
  • Where time is spent reviewing an existing wealth optimisation plan: we charge $250 + GST
Investment Portfolio Advice Plan and Ongoings Costs
  • Where an investment portfolio plan is provided: we charge a one-off fee of $250 + GST (does not apply if a wealth optimisation plan has been provided).
  • To cover the expense of reviewing and servicing an investment portfolio: we charge an ongoing fee of 0.35% + GST per annum of the total investment fund balance.
Please note:
  • Fees will beinvoiced accordingly and payable on the 20th of the month. Your invoice will include details of how to make payment.
  • The Ongoing Investment Portfolio fee will be automatically deducted from your investment balance by your investment provider and paid to Finsol accordingly.
  • All and any such fees will be clearly disclosed and discussed with you before you commit to any financial transaction.

Incentives

  • Finsol does not accept incentive gifts from our product providers, though we may receive small Christmas gifts from some providers.
  • Any incentives or Conflicts of Interest for Finsol Financial Services (FSP627069) are managed by our internal Conflicts of Interest Policy.
  • We undertake regular compliance training and undergo a voluntary external compliance audit every year.

Conflicts of Interest

  • As mentioned above, in relation to the placement of insurance or a drawdown of a loan, we are paid commission by the provider of choice.
  • As mentioned above, in relation to the implementation of a KiwiSaver account or investment solution, we are paid an ongoing fee by the provider of choice.
  • We are under no obligation to do business with any provider or financial organisation.
  • We prioritise our client’s interests above our own.
  • We have no relationship with any person or organisation that would influence our advisers while giving advice.
  • We follow a six-step advice process which includes thorough research and diligence with our product selection. This process ensures we meet our client’s specific needs and always place their interests above our own.
  • This process can require a series of meetings with a prospective client before we finalise our advice. We maintain a close ongoing relationship with clients, regularly reviewing progress and working with them over time to help meet their goals.

Six-Step Advice Process

  • Establishing the client-adviser relationship.
  • Gathering client data and determining their goals and expectations.
  • Analysing and evaluating the client’s financial position, including the client’s cash and debt management, personal and business insurance, retirement and estate planning needs and or investment needs.
  • Developing and presenting our written advice.
  • Overseeing the implementation of the plan.
  • Monitoring and reviewing the plan.

All our financial advisers and suppport team member undergo annual training about how to manage conflicts of interest. We also maintain a register of conflicts of interests.

Duties Information

We are bound by the duties of the Financial Markets Conduct Act (431I, 431K, 431L, 431M) to:

  • Give priority to the client’s interests by taking all reasonable steps to make sure our interests don’t materially influence our advice.
  • Exercise care, diligence, and skill in providing advice.
  • Meet the standards of competence, knowledge, and skill-set outlined in the Code of Conduct.
  • Meet the standards of ethical behaviour, conduct, and client care set out in the Code of Conduct.

Reliability History

Neither Finsol nor any of its employees have been subject to any material public discipline, relevant convictions or civil proceedings, and in the case of financial advisers, any bankruptcies or insolvencies.

Complaints

If you have a problem, concern, or complaint about any part of our advice or service, please speak with your adviser as soon as possible so that they can try to resolve the issue.

Initial Complaints Process

If you cannot resolve the issue with your adviser, you can contact our internal complaints manager:

  • ‍Anne Oldham
  • finsol@finsol.co.nz
  • +61410399722

Anne will respond to you within 24 hours and will try to resolve your complaint. When we receive a complaint, we will assess it by 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 ten working days of receiving them. If we cannot do so, we will contact you to let you know we need more time to consider your complaint and provide you with a realistic timeframe.
  • 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.

External Complaints Process

If we cannot agree on how to fix the issues, you can contact our external dispute resolution scheme, Financial Services Complaints Ltd (FSCL) - A Financial Ombudsman Service. This service will cost you nothing and will help us resolve any disagreements.

You can contact the FSCL at:

  • ‍Financial Services Complaints Ltd (FSCL) - A Financial Ombudsman Service
  • 0800 347 257
  • info@fscl.org.nz
  • PO Box 5967, Lambton Quay, Wellington, 6145

Professional Indemnity Insurance

Finsol and its advisers are covered under a Professional Indemnity Insurance policy. This insurance is underwritten by Dual New Zealand. As with all insurance policies, there are terms, conditions and exclusions that may apply.

Financial Advice Provider

  • Finsol Financial Services Limited
  • FSP627069
  • Phone: 0800 346 765
  • Email: finsol@finsol.co.nz
  • Postal address: 66 Munroe Street, Napier South, Hawke’s Bay 4110