It Is Important That You Read The Following Information
SMART is committed to ensuring that your financial goals and needs are met in accordance with best practice.
We have provided the following information to help you choose whether SMART is the right Financial Adviser Business for you.
SMART, and anyone who gives financial advice on our behalf, have duties 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 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 at firstname.lastname@example.org, or by visiting the Financial Markets Authority website.
What We Do
Our financial advisers are able to provide financial advice in relation to the following products
Commercial Property Loans
Review Existing Loans
Income/Mortgage Protection Insurance
Permanent Disability Insurance
Managed Investment Funds
We do not provide advice on existing whole of life or endowment products, so you will need to consult a specialist if you would like advice on those products.
We do not give advice on, taxation, legal and estate planning.
Who We Work With
At SMART we maintain contractual relationships to enable us to place with the following reputable lenders, insurance companies and investment companies to be able to provide financial advice about their products.
The Co-operative Bank
Non-Bank Lenders and Finance Companies
First Mortgage Trust
Resimac Home Loans
Sovereign Home Loans
Southern Cross Finance
We periodically undertake reviews of the supplier companies to ensure that the companies we choose to work with are able to meet the needs of our clients and align to our core values.
How We Get Paid
For loans, SMART and the financial adviser receive commission from the bank or lender with whom we arranged the loan.
If you decide to take out the loan, the bank/lender will pay a commission to SMART and your financial adviser. The amount of the commission paid is based on the amount of the loan amount borrowed.
Where a lender does not pay a commission for the placement of business a fee is then payable based on the percentage of the borrowings. The Fee will be disclosed at the time the advice is provided and can be added to the loan and will be paid to SMART at the time the loan is drawn.
For life and health insurance, SMART and the financial adviser receive commission from the insurance companies on whose policies we give advice. If you decide to take out the insurance, the insurer will pay a commission to SMART and your financial adviser. The amount of the commission is based on the amount of the premium.
For KiwiSaver and managed investment funds, SMART and the financial adviser receive commission from the provider of whom we arrange KiwiSaver and managed investment funds with. If you decide to go ahead, the provider will pay SMART and your financial adviser a commission for new applications and the balance amount.
SMART receives an ongoing commission for any fire and general insurance referrals which result is a policy being issued.
SMART pays commission received to the relevant Financial Adviser whilst retaining a portion of this commission for marketing, lead generation, compliance support, training, administration support and any other general expenditure in the course of running a business.
How Much Does Our Service Cost?
All initial consultations with SMART do not bear any up front professional service fees. By doing so, we believe that we can help more New Zealanders achieve their financial goals.
For any Loans and Finance SMART may charge a fee for the financial advice provided under the following circumstances
- If the loan is less than $200,000
- If we obtain a pre-approved loan offer that meets your specified needs and then you decide not to proceed with the offer through us
- A cancellation fee for the financial advice provided to a client If the loan is repaid in full or part or re-financed within two years of inception
For any Insurance SMART may charge a cancellation fee for the financial advice provided to a client where the client cancels or reduces a life or health insurance policy within two years of inception.
Generally any fees payable for Insurance or Lending related work are to compensate for the costs associated with providing the advice and the time taken by a SMART Financial Adviser.
The manner in which any fee is payable will be advised at the time advice is provided to the client.
Conflicts Of Interest And Incentives
From time to time, product providers may invite us to their own sponsored events or give us tickets for events, gifts or other incentives.
To ensure that our financial advisers prioritise the client’s interest above their own, they follow an advice process that ensures the recommendations are made on the basis of the clients goals and circumstances.
All our financial advisers undergo regular training about how to manage conflicts of interests. We maintain registers of conflicts of interest, and the gifts and incentives we receive.
SMART monitors these registers and provides additional training where necessary.
SMART undertakes a audit and review of our compliance programme annually through a reputable compliance adviser.
This Disclosure Policy was last updated on 15 March 2021.