Financial Lifestyle Limited – Disclosure Statement

Licensing Information

Financial Lifestyle Limited (FSP575907) is a Financial Advice Provider (FAP) and holds a Class 2 Licence issued by the Financial Markets Authority on 16 June 2022.

The financial Lifestyle Disclosure Statement was last reviewed by us on 04 July 2022.

Nature and Scope of the Advice

Financial Lifestyle provides advice to our clients and about their life insurance, health insurance and KiwiSaver. Our financial advisers provide financial advice in relation to these financial advice products.

We only provide financial advice about products from certain providers:

For Life Insurance we work with several companies – AIA New Zealand, Asteron Life, CIGNA Life, Fidelity Life, Partners Life and Pinnacle Life.

For Health Insurance we work with – ACCURO, AIA New Zealand, NIB NZ, Partners Life and Southern Cross.

For KiwiSaver, we work with – Pathfinder, Milford Assets, NZ Funds, ANZ Oneanswer, NZRT, Booster Services Limited and Generate Wealth, AMP.

Financial Advisers

• Gregor MANSFIELD – FSP105371
• Monalisa URQUHART – FSP774936  (Urquhart Enterprises 2020 Limited)
• Jack TAN – FSP1002398  

Cost of the Advice

Financial Lifestyle may charge a fee for implementing the statement of advice/record of advice provided to a client, where the hours worked exceeded the estimate included in the scope of service. Whether a fee will be charged will be advised before the work is performed. If such a fee is charged, it will be calculated at $250 an hour plus GST. This fee will be payable by the client by the 20th of the month after an invoice is issued.

Financial Lifestyle 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 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.

Commission

As a general indicator of the range of commissions that may be paid, Financial Lifestyle Limited receives standard commission terms from all insurers (there are no preferential terms over and above any other Financial Adviser in the market), which are:

• Personal and Business Insurance products are typically up to 240% x the first year’s premium paid by a Client, with an ongoing commission typically of between 7.5% to 10% of the annual premium.
• Medical Insurance products are typically between 20% and 30% x the first year’s premium
• KiwiSaver products upfront commission between $50 or 0.05% of the balance.
• Group Insurance products are typically up to 20% x the annual premium, continuing to be paid annually upon renewal at the same rate.

Conflicts of Interest and Incentives

Financial Lifestyle and our Financial Advisers receive commissions from the providers on whose products we give financial advice (the insurers and KiwiSaver providers). If you decide to take out insurance or take our KiwiSaver advice, the provider will pay a commission to Financial Lifestyle and your Financial Adviser. The amount of the commission is based on the amount of the premium or the KiwiSaver balance.

From time to time, product providers may also reward us for the overall business we provide to them or to assist us to provide services to our clients.

To ensure that our Financial Advisers prioritise the client’s interests above their own, we follow an advice process that ensures our recommendations are made on the basis of the client’s goals and circumstances. All our Financial Advisers undergo annual training about how to manage conflicts of interests. We undertake a compliance audit and a review of our compliance programme annually by a reputable compliance adviser.

Complaints Handling and Dispute Resolution

If you are not satisfied with our financial advice service, you can make a complaint by emailing support@finlife.co.nz or by calling 09 488 0852 or 0800 302 884. You can also write to us at P O Box 31-052, Milford, Auckland 0744.

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 obtain further information about your complaint.
• We aim to resolve complaints within ten (10) working days of receiving them. If we cannot, 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 cannot resolve your complaint, or you are not satisfied with the way we propose to do so, you can contact Financial Dispute Resolution Services Limited (FDRS).

FDRS 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.

You can contact FDRS by emailing enquiries@FDRS.org.nz or by calling 0508 337 337. You can also write to them at Freepost 231075, P O Box 2272 Wellington 6140.

Reliability History

Neither Financial Lifestyle Ltd or any of its Financial Advisers personally have been subject to a reliability event. A reliability event is something that may materially influence you in deciding whether to seek advice from us. As an example, it would include legal proceedings or if one of us had been discharged from bankruptcy in the last four years.

Duties Information

Financial Lifestyle 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 ensure 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 Contact 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

Financial Lifestyle Privacy Statement

Financial Lifestyle (‘we’, ‘us’ and ‘our’) are committed to protecting your privacy. Our privacy statement explains how we collect, store, use and share your personal information.

Under the Privacy Act 2020 you have the right to ask for a copy of any personal information we hold about you, and to ask for it to be corrected if you believe it is wrong.

You do not have to provide information to us. If you choose not to provide necessary personal information when requested, we may be unable to provide particular information or services to you.

Click here to read our Privacy Statement.

Should you have any questions about our privacy statement, or you’d like to ask for a copy of your information or to have it corrected please contact us.

Contact Details

You can contact us at:

Financial Lifestyle Limited

Landline: 09 488 0852 

Email: support@finlife.co.nz

Address: P O Box 31-052, Milford, Auckland 0622: Suite 2/162 Kitchener Road, Milford, Auckland 0741

Website: www.finlife.co.nz