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:
Nature and Scope of Our Advice
- Personal Insurance
- Business Insurance
- ACC Restructuring
- Lending including borrowing for personal and investment purposes
- Booster KiwiSaver
We can give advice on
- Personal and Group Insurance (life, trauma, income protection, disability)
- Business Insurance (key person, shareholder protection, business debt protection)
- ACC Restructuring (ACC CoverPlus Extra).
- Home loans
- Booster KiwiSaver (this is general Booster KiwiSaver advice and is not financial planning or retirement advice)
Providers we work with:
Our Life and Health Insurance providers include, but are not limited to:
- Asteron Life
- Fidelity Life
- Partners Life
- Southern Cross
Our Home Loans and lending providers include, but are not limited to:
- ASAP Finance
- First Mortgage Trust
- Heartland Bank
- The Cooperative Bank
Our KiwiSaver providers are:
- Milford Asset Management
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 advice, 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.
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:
- Group Insurance products: up to 20% of the annual premium– excluding any policy fees.
- Health Insurance products: 30% to 140% of the annual premium – excluding any policy fees.
- Personal Life, Trauma, Permanent Disability, and Income Protection Insurance products: 80% to 220% of the first year’s premium – excluding any policy fees.
- Business Life, Trauma, Permanent Disability, and Income Protection Insurance products: 80% to 220% of the first year’s premium – excluding any policy fees.
- Group Insurance products: up to 20% 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.
- Business Life, Trauma, Permanent Disability, and Income Protection Insurance products: up to 5% to 30% of the annual premium, paid annually – excluding any policy fees.
For loans, commission rates paid by the lender are:
- New Home Loans: between 0.45% to 0.85% of the total lending amount.
- ASB and ANZ pay a re-fix fee of $150 for every home loan we re-fix with them.
- Home Loan Renewal: between 0% and 0.20% of the total remaining lending (calculated annually but paid monthly).
For KiwiSaver, commission rates paid by our providers are:
Between 0.20% and 0.50% per annum of the total KiwiSaver balance.
Fees or Expenses
Because we are paid commission from the insurance provider, we do not charge fees.
Financial advice fee
A fee may apply for additional financial advice required to secure lending.
Advice fee = number of hours worked x $250 per hour + GST for a minimum of two hours.
Nil commission fee
In some cases with certain lenders where commission isn’t paid, we will charge a fee of between 0.75% and 1.25% of the total loan amount.
Bridging finance fee
In some cases, when the advice provided is in relation to bridging finance, we charge a fee of between 0.75% and 1.25% of the total loan amount.
Lending Withdrawal/Cancellation fee
If substantial work has been undertaken to prepare and/or submit your application and you withdraw, transfer or cancel, you will be charged a fee. We will use the following formula to calculate the fee:
Withdrawal fee = number of hours worked x $250 per hour + GST for a minimum of two hours.
Administration fee = number of hours worked x $50 per hour + GST for a minimum of two hours.
Fees 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.
For any other lending services, we receive commission from the lender, and we do not charge a fee.
We do not charge fees for KiwiSaver advice as we receive commission from Booster KiwiSaver.
- 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
- We are paid commissions by product providers when a policy goes into force, and at the annual renewal of a policy.
- 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
1. Establishing the client-adviser relationship.
2. Gathering client data and determining their goals and expectations.
3. 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.
4. Developing and presenting our written advice.
5. Overseeing the implementation of the plan.
6. Monitoring and reviewing the plan.
All our financial advisers undergo annual training about how to manage conflicts of interest. We also maintain a register of conflicts of interests.
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.
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.
Our Internal Complaints Process
If you have a problem, concern, or complaint about any part of our advice or service, please tell us as soon as possible so that we can try to fix the problem.
You can contact our internal complaints manager at:
Alternatively, you can lodge a complaint directly with your adviser.
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.
Our External Complaints Process
If we cannot agree on how to fix the issues, you can contact our external dispute resolution scheme, FSCL. This service will cost you nothing and will help us resolve any disagreements.
You can contact the FSCL at:
Financial Services Complaints Limited
0800 347 257
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 Ltd. As with all insurance policies, there are terms, conditions and exclusions that may apply.
Financial Advice Provider