The following information provides you with an important overview of wealthhq, our duties to you, fees, and how we manage complaints.
License Status and Conditions
wealthhq limited, FSP764012, trading as wealthhq holds a financial advice providers (FAP) license issued by the Financial Markets Authority.
Nature and Scope of the Advice
wealthhq provides a money management tool to build and design savings plans. wealthhq provides financial advice to our clients regarding their risk and personal insurance needs, as well as asset finance. wealthhq has access to the following insurance companies and asset lenders:
- Chubb NZ (previously Cigna)
- Fidelity Life
- Partners Life
- Southern Cross
- Oxford Finance
Fees and Expenses:
Generally speaking, wealthhq does not charge for it’s advice. However, in certain situations where the client’s requirement may be more complex, wealthhq may charge a fee for offering the financial advice. The exact fees we will charge will be confirmed before the advice is provided and the client can decide to proceed or not.
Wealthhq may charge an enrollment fee in certain circumstances. The exact fees we will charge will be confirmed before the advice is provided to give the client time to decide if they want to proceed.
Conflicts of Interest and Incentives
wealthhq has strong working relationships with New Zealand based insurers and asset lenders. These relationships allow us to provide competitive pricing and help us meet our expected service expectations to a high standard.
If you take out an insurance policy or draw down on asset finance advice, wealthhq will be paid a commission from the applicable product provider (insurance company etc).
The commission payable for insurance is between 45% and 230% of the first year’s premiums of your policy. The amount depends on which insurance company and which insurance products you choose. There is also an additional commission of between 5% and 10% of the premium for each year the policy remains in force. wealthhq will also be paid a commission in the event of an asset finance loan being drawn down. The amount payable will be 0.5% of interest rate, minus the interest rate cost.
Our advisers receive a salary as an employee of wealthhq. They are eligible to receive a bonus each quarter of a certain level of overall performance is achieved. The performance incentive accounts for (but not limited to) individual financial targets, quality of work, and team performance.
From time to time, product providers may also reward us for the overall business we provide to them. They may give us tickets to events, hampers or take us out for lunch.
To ensure that our financial advisers prioritise our clients interests above their own, we pay our advisers on a salary basis.
Wealthhq policy is to only engage with clients where there is a clear material benefit to be gained for our clients, otherwise, we will refuse to engage. We do not want to waste your time if we do not think we can or should help.
Wealthhq have clear ‘conflict of interest’ policies and procedures. Our financial advisers 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 regular training about how to manage conflicts of interests. We undertake a compliance audit, and review of our compliance program annually, completed by an external compliance adviser.
Complaints and Disputes
If you are not fully satisfied with the service provided by an wealthhq adviser, please contact your adviser, or wealthhq directly. The managing director is available at [email protected]
The wealthhq complaints officer will acknowledge your complaint in writing within 8 business hours, and endeavour to resolve your complaint in a timely manner. You can find more about our complaints process online on the next tab, titled disputes and complaints.
Wealthhq and anyone who gives financial advice on our behalf, have duties under the Financial Markets Conduct Act 2013 relating to the way we give advice.
We are required to:
- Give priority to your interests by taking all reasonable steps to make sure our advice is not 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 that we have the expertise needed to provide you with advice)
wealthhq limited holds a financial advice provider licence issued by the Financial Markets Authority.
You can contact us at:
- Phone: 0800 733 462
- Email: [email protected]
- Post: PO BOX 54229, The Marina, Auckland 2144