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, 7c Hall Street, Cambridge 3434
Ph 0800 225 621, www.moneyworks.co.nz
Nature and Scope of the Advice
Moneyworks NZ Ltd provides financial advice in relation to financial planning, investments and insurance (life, income protection, trauma and health).
Our advisers provide financial advice in relation to KiwiSaver, managed funds, and insurance products including life, trauma, health and income protection.
We only provide financial advice about products from certain providers:
For insurance, we currently work only with Resolution Life (closed to new business) and Partners Life.
For investments, we use the NZX Wealth WRAP platform, which provides access to a wide range of managed funds and direct investments (equities and bonds) that we may recommend. 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 and Generate, and continually review the KiwiSaver managers we recommend.
We also provide advice on non KiwiSaver, non platform investments with Booster, Pathfinder, ANZ OneAnswer and Fisher Funds.
Our investment recommendations are based on research into available New Zealand funds with a focus on ethical investment, including some legacy investments with an ethical awareness.
When a new fund is released, it may take up to 12–18 months to complete our research before it is incorporated into our analysis, if at all.
Commissions, incentives, fees or expenses
Fees charged
Clients pay Moneyworks a Plan Fee (for developing a new plan) and an annual Membership Fee.
If you establish an investment portfolio through Moneyworks, you will pay an investment management fee (paid monthly in arrears), negotiated directly with you. This starts at 1.10% p.a. plus GST (on 70% of the portfolio) and reduces as the value of your portfolio increases. This is currently tax deductible to you.
We also charge you an annual ‘Membership Fee’ which will depend on your situation, and this is charged directly to you and is currently tax deductible to you.
Commissions received
For KiwiSaver or managed funds that we implement and manage, the provider pays Moneyworks either a trail commission (normally around 0.25% p.a., but up to 0.50% p.a.), or a fee agreed with you when the investment is established. Some providers pay a one-off onboarding supplement (for example: Pathfinder $150, Booster $50, Fisher $250, and Generate a scaled fee depending on the investment amount).
For non-KiwiSaver, non-platform investments, we charge a fee of 0.25% p.a., which is either incorporated into the investment’s fee structure or charged separately by the provider.
For insurance, the insurer will pay Moneyworks an upfront commission (which we will disclose when we recommend your insurance) and an ongoing renewal commission. These commissions are based on the premium you pay.
If we refer you to a Fire & General insurance broker or a mortgage broker, we are likely to receive a share of the commission they earn from working with you (typically around 20%).
If we refer you to and adviser for insurance, we will receive a share of the commission they earn from working with you (generally around 20%).
Incentives received
Moneyworks and our financial advisers do not receive any additional incentives from any providers. We maintain a register of any gifts received, which is reviewed and updated regularly.
Advice process and adviser remuneration
All Moneyworks financial advisers receive a salary and a profit share payment. To ensure advisers prioritise clients’ interests, we follow an advice process that bases recommendations on each client’s goals and circumstances.
We regularly audit our processes and procedures to ensure they operate as described.
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.
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 on how to manage conflicts of interest.
We maintain registers of conflicts of interest, and of any gifts or incentives we receive. Moneyworks monitors these registers and provides additional training where necessary.
We regularly audit our processes and procedures to ensure that we do what we say we will do.
Moneyworks NZ Ltd
P: 0800 225 621
E: contact@moneyworks.co.nz
7c Hall Street, Cambridge 3434
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.