Important Insurance Disclosures

Providers & Advice Type

Providers we work with:

AIA, Asteron, Chubb, Fidelity Life, NIB, Partners Life.

We do not provide financial advice services relating to:

Legal or estate planning (e.g. wills, trusts, contracts, etc.)
General Insurance advice
Investment products (e.g. shares, bonds, managed funds, KiwiSaver, etc.)
Tax advice

You will need to consult an appropriate specialist if you would like advice on the above.

Commissions and Incentives

I receive commissions from the relevant insurance providers if you choose to take up my advice and a policy is put in force. The commissions are between 80% and 250% of the first year's policy premiums. I will also receive between 5% to 20% of the policy premiums for each year the policy is in force.

The commission I receive is shared with The Mortgage Whānau for providing me with compliance support, training, and back-office support.

Conflicts of Interest

Some product providers may subsidise training, technology solutions and compliance costs for The Mortgage Whānau.

I am paid commissions by product providers when a policy goes into force and at the annual renewal of a policy.

I ensure that I prioritise your interests by following an advice process that considers your circumstances and goals. A thorough comparison of suitable products and services available to meet your needs is completed during this process to support our Recommendations.

I also undergo annual training on how to manage any conflicts of interest.

The Mortgage Whānau is subject to a yearly audit and compliance reviews to ensure we meet our obligations while doing right by our clients.

Fees or Expenses

I do not charge you a fee if you decide to take out an insurance policy following my advice. The insurance provider will pay us a commission if you decide to take up our advice. However, I may charge you for the financial advice that I provide if you cancel your health or life insurance policy within the first two years of its inception. We will use the following formula to calculate the fee:

Cancellation fee = $2250 for 15 hours of work calculated at $150 per hour.

We will invoice you for this fee and it will be payable on the 20th of the month following the cancellation of your policies. Details of how to make payment will be included on the invoice.

If you decide not to act on my advice, then I may charge you an hourly fee of $150 for the services performed. This will be based on the time it has taken to prepare my advice. The average charge for this service is $1500 which is calculated at 10 hours $150 per hour.

We would only charge this fee if we proceed to the research phase and apply for insurance and then you decide to not proceed. Our initial conversations will not have a fee until we complete research and present you with options.

Reliability History

A reliability event is something that may materially influence your decision on seeking advice from The Mortgage Whānau or from me. Some examples of reliability events are legal proceedings against me or if I had been bankrupt in the last four years. Neither The Mortgage Whānau nor I have been subject to a reliability event.

How to make a complaint and resolve a dispute

If you are not satisfied with my service you can make a complaint through the following methods:

By logging into the Trail client portal and pressing on the “Make a Complaint” button on the bottom right of the page
By contacting me directly
By sending an email to Louis Namana on louis@mortgagewhanau.co.nz

Once we receive a complaint, we follow an internal procedure to ensure we address the issue. Our process will:

Inform you how we will address the complaint
Gather any information that will help us resolve the complaint
Aim to resolve the complaint within two working days
If we cannot resolve the complaint within this timeframe, we will update you regarding next steps

If you are not satisfied with how we addressed or resolved your complaint, you can contact the FSCL. They are an independent dispute resolution service that costs you nothing to use, and will help us resolve any disagreements or finalise outstanding complaints. Their contact details are:

Phone: 0800 347 257+64 4 472 3725 (international)
Email: complaints@fscl.org.nz
Post: PO Box 5967 Wellington 6140

My duties to you

I, Louis Namana, am bound by the duties of the Financial Markets Conduct Act to:

Meet the standards of competence, knowledge and skill set out in the Code of Conduct
Give priority to the clients’ interests and
To exercise care, diligence, and skill in regards to the advice we provide and
Meet the standards of ethical behaviour, conduct, and client care set out in the Code of Conduct

You can find more information by contacting us or visiting the Financial Markets

Authority website at https://www.fma.govt.nz/.