The Legal Stuff…

Licencing Information

Richard (FSP93821) and Oliver (FSP748491) are accredited financial advisers who, along with Barbara, run a licensed insurance & kiwisaver practice called Elan Brokers.

(FSP736432) R.&B. Pykett Limited (Trading as Elan Brokers) is a registered Financial Service Provider and holds a licence with Financial Markets Authority (FMA) to provide financial advice.

Commissions

Elan Brokers and the financial adviser receive commissions from the providers on whose products we give advice. If you decide to take out insurance or adopt a new kiwisaver fund, the provider will pay a commission to Elan Brokers and your financial adviser. The amount of the commission paid is based on the type of service and product:

Insurance: Commissions are calculated based on annual premium (AP). Life Insurance Policies are between 130% and 245% AP (deducting policy fees, GST & modal loadings) with service commission on annual basis of between 4% and 15%. For Health Insurance Policies we receive only service commission on annual basis of between 15% and 20%. Commissions are subject to clawback if the policy does not stay in place for longer than 24 months. This requires Elan Brokers & the adviser to pay all, or part of the commission back if the policy does not last this period.

Kiwisaver: Commissions vary with each provider however an upfront fixed commission of up to $300 based on your contributions to your Kiwisaver in the first 12 months is common. Ongoing trail commission of no greater than 0.20%/year of the client’s portfolio is also paid to Elan from the fees associated with your Kiwisaver portfolio, this is not deducted away from your portfolio returns. An ongoing advice and services fee of 0.25%/year of the client’s portfolio is also paid to the specific adviser for ongoing services/reviews provided to the client.

Conflicts of Interest

To ensure that our financial advisers prioritise our clients’ interests above their own, we follow an advice process that ensures our recommendations are made on the basis of each client’s goals and circumstances. All our financial advisers undergo annual training about how to manage conflicts of interest.

From time to time, product providers may also reward us for the overall business we provide to them. If this does occur, it is usually a small gift such as a hamper. To ensure that our financial advisers prioritise our clients’ interests above their own, we follow an advice process that ensures our recommendations are made directly on the basis of each client’s goals and circumstances.

Nature & Scope of Advice

Elan Brokers provides advice to our clients regarding their life and health insurances as well as Kiwisaver. Our financial advisers provide advice in relation to these financial products, along with other types of personal insurance products such as Income Protection, Trauma, Key Person & Ownership Buyout.

We work with several suppliers who we feel provide the best and most stable financial products to our clients. We only provide financial advice about products offered by these providers.

• Partners Life

• AIA

• Fidelity Life

• Cigna

• NIB

• Generate Kiwisaver

• Milford Kiwisaver

• Fisher Funds Kiwisaver

We currently do not provide specific advice in relation to Fire & General Insurance or Mortgages. We however are able to refer you to other professionals.

Can I lodge a complaint?

If you are not satisfied with our financial advice service you can make a complaint by emailing the relevant adviser, or by calling: 09 268 4140. When we receive a complaint, we will consider it following our internal complaints process which aims to rectify the situation for our clients. Our internal complaints process will:

• Acknowledge your complaint within 2 working days

• Inform you how we will address the complaint

• Gather any information that will help us resolve the complaint

• Aim to resolve the complaint within 20 days

If we can’t resolve your complaint, or you aren’t satisfied with the way we propose to do so, you can contact our external disputes resolution scheme - Insurance & Financial Services Ombudsman. This is a free service to you. Contact details below:

Email: info@ifso.co.nz
Phone: 0800 888 202