Rodway & Associates Ltd (FSP747251), (trading as AIM Financial) is licensed by the FMA as a Financial Advice Provider and holds a licence issued by the Financial Markets Authority to provide financial advice.
NATURE AND SCOPE OF THE FINANCIAL ADVICE PROVIDED
AIM Financial provides advice to our clients about their investments, mortgages, personal protection insurance and health insurance. Our financial advisers provide financial advice and investment planning services relating to the following products: KiwiSaver, Superannuation, Managed funds, Investment products, Mortgages, Life insurance products (Life Cover, Disability, Income protection, Mortgage Protection and Trauma) and Health insurance as well as employer Group Schemes.
We only provide financial advice about products from certain providers:
- For Mortgages, we are accredited with ANZ, Westpac, BNZ, ASB, Sovereign Home Loans, SBS Bank, Select, The Co-operative Bank, Heartland Bank, Liberty Financial, Resimac, NZCU, ASAP Finance, Avanti Finance, Cressida, Southern Cross, DBR, First Mortgage Trust.
- For Personal Protection Insurance, we work with Partners Life, AIA Life, Fidelity Life, Asteron Life, Cigna & AMP.
- For Health insurance, we work with four providers – AIA, NIB, Partners Life & Southern Cross.
- For KiwiSaver we work with ANZ, Booster, Consilium Kiwiwrap, NZ Funds KiwiSaver and Generate.
Investment products, we only provide financial advice about products from certain providers:
- Consilium Wrap Service, Synergy investments, Kiwiwrap
- OneAnswer Portfolio Service, One Answer investments, One Answer KiwiSaver
- Booster – Investments, Superannuation, UK Pensions transfers, KiwiSaver
- NZ Funds – Advised portfolio service, Investments, portfolio service, managed Superannuation service, KiwiSaver
- Generate KiwiSaver
- Select Wealth advised portfolio service.
- NB: Within the above wrap platforms and Portfolio services are a range of select managed funds that we can also provide advice on.
NB: we are not sharebrokers and do not give advice on shares
FEES AND EXPENSES
Aim Financial may charge the following fees for the financial advice. The actual fee charged will depend on the Nature and Scope of the advice service we provide. We will discuss with you and agree the actual fees with you at the time the advice is provided and explain how they are paid.
- The fees charged for our advice and our services may be based on a combination of a set dollar amount; or a percentage-based fee.
- Our agreed advice and service fees may include charges for initial advice, ongoing or annual advice and services.
For investment advice,
- an initial advice fee or plan fee for the time involved in meeting a client, obtaining all necessary information, and preparing and presenting a financial strategy (NB this may be rebated on implementation of the investment)
- An initial one off set up and implementation fee for the investment
- an ongoing financial advice fee for the provision of ongoing financial advice services; and
- where requested by a client, undertaking a specific assignment, for which an agreed consultancy fee may be charged.
Mortgage services fee
- Aim Financial may charge a fee for the mortgage advice and service provided to a client where the loan provider does not offer a commission alternative. We will discuss and agree this with you before proceeding.
- Aim Financial may charge a fee for the mortgage advice and service provided to a client where a client repays their loan, sells their house or refinances within two years of inception. Whether a fee will be charged and the manner in which it will be charged will be advised and agreed when the advice is provided to the client. This fee will be payable by the client by the 20th of the month after the mortgage is cancelled.
Insurance services fee
- Aim Financial may charge a fee for the financial advice provided to a client where a client cancels a Life or Health insurance policy within two years of inception. Whether a fee will be charged and the manner in which it will be charged will be advised and agreed when the advice is provided to the client.
This fee will be payable by the client by the 20th of the month after the policy is cancelled.
CONFLICTS OF INTEREST AND INCENTIVES
Our advisers receive a base salary and a set percentage of commission received.
For services in relation to insurance, some investment products and loan and mortgage products, commissions may be paid by the product provider as follows:
- Initial commission – a percentage of the value of your investment contribution, loan balance or insurance premiums; and;
- Ongoing commission – percentage of the value of your investment balance, outstanding loan balance or insurance premiums, usually calculated at the end of each month in which you hold the investment or loan or on renewal of Insurance products.
For Life insurance and Health insurance, Aim Financial and the financial adviser receive commissions from the insurance companies on whose policies we give advice. If you decide to take out insurance, the insurer will pay a commission to Aim Financial and your financial adviser. The amount of the commission is based on the amount of the premium.
For investments, Aim Financial and the financial adviser may receive commissions from the managed fund investment scheme managers on whose products we provide financial advice on or in which our clients invest in. The amount of the commission is based on the amount of the investment. We will provide more specific details of these commissions once we have talked to you and understand your needs and at the time our advice is given.
For mortgages, Aim Financial and the financial adviser receive commissions from the banks
with whom we arrange mortgages. If you decide to take out the mortgage, the bank will pay a commission to your financial adviser. The amount of the commission is based on the amount of the mortgage. Some lenders do provide an ongoing advice fee. We will provide more specific details of these commissions once we have talked to you and understand your needs and at the time our advice is given.
To ensure that Aim Financial and our financial advisers prioritise the client’s interests above their own, we follow an advice process that is designed to ensure our recommendations are made on the basis of the client’s financial goals and circumstances and are suitable for the client. All our financial advisers undergo annual training about how to manage conflicts of interest.
Aim Financial also:
- has a quality assurance programme in place to monitor the advice our financial advisers provide.
- actively monitors compliance with our conflicts policies and procedures; and
- ensures training is provided to all Aim Financial financial advisers about how to manage conflicts of interest.
We also undertake a compliance audit, and a review of our compliance programme by a reputable compliance adviser.
COMPLAINTS HANDLING AND DISPUTE RESOLUTION
Even with the best of intentions, complaints sometimes arise. Aim Financial is committed to ensuring that all client complaints are handled and resolved in a professional, fair and timely manner in accordance with our Client Complaints Policy and associated procedures. If you are not satisfied with our financial advice services, please tell us as soon as possible. You can make a complaint by:
When we receive a complaint, we will follow our internal complaints process:
- We will acknowledge your complaint within 2 business days and, where possible, try and resolve immediately.
- 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 we propose to do so, you can contact:
An independent dispute resolution scheme operated by Financial Services Complaints Limited (“FSCL”) and approved by the Ministry of Consumer Affairs.
Email: email@example.com or calling FSCL on 0800 347 257. Full details of how to access the FSCL scheme can be obtained on their website www.fscl.org.nz. There is no cost to you to use the services of FSCL.
This service will cost you nothing and will help us resolve any disagreements.
Aim Financial, 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, or by visiting the Financial Markets Authority website at https://www.fma.govt.nz.
Rodway & Associates Ltd (FSP747251) trading as Aim Financial) is the Financial Advice Provider.
You can contact us at:
Phone: 09 425 9975 or 021 940 231
Address: PO Box 409 Warkworth 0941. Auckland
A written copy of this information is available upon request.