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License status and conditions – Isbister Financial Services Limited (“the Company”) holds a license issued by the Financial Markets Authority (“FMA”) to provide financial advice. The Company is not bound by any restrictions on this license.
Nature and scope of advice – The Company offers a range of products including mortgages, investment and retirement planning.
We provide financial advice about products from a range of providers:
For Kiwisaver investments we use six providers being:
Fees and expenses and amounts payable – The Company operates a fee-based service for its investment services based on the amount of funds invested. There are two fee structures. Firstly, there is an initial upfront fee based on the complexity of the planning involved, paid upon engagement. There is then an ongoing servicing fee based on the funds under management, paid monthly in arrears.
The initial implementation fee may be up to 2.5% of the funds invested and the ongoing servicing fee may be up to 1.4% plus GST based on the value of the fund when calculated at the end of each quarter.
When working with Booster Investment Management we can be paid an ongoing trail commission of up to 1.05% of funds under management. The Adviser fee is paid out of the overall management charges by Booster. For the Wealth Series Investment Series, we charge a fee of up to 1% of funds under Advice.
For Kiwisaver investments we offer general or personalized advice. We are paid a commission which is paid monthly in arrears depending on the funds under management. The commission can be up to .50%. We will also receive a sign on commission which can be up to $150, which covers administration costs.
Fees charged for Kiwisaver are paid monthly in arrears depending on funds under management.
For Kiwiwrap we charge up a .75% fee which reflects a full advice service including the design and management of portfolios.
For evidential we charge up to .50% which reflects a full advice service.
For Milford we charge a fee of up to .50% which Milford rebates .20%.
For Kernel we charge a fee of up to .50%.
Conflicts of interest and commissions or other incentives – Currently there are no conflicts of interest as it relates to the services provided by the Company.
The Company and our financial advisers receive commissions from the providers on whose products we give financial advice (banks and KiwiSaver providers). If you decide to take out a mortgage or take our KiwiSaver advice, the provider
will pay a commission to the Company and to your financial adviser. The amount of commission is based on the amount of the mortgage, or the KiwiSaver balance.
Management and staff of Isbister Financial Services may provide and accept gifts and gratuities within the following guidelines. The overriding philosophy is that professional integrity and honesty is to be maintained at all times. Compliance with the letter and the spirit of New Zealand laws and regulations is a mandatory element to Isbister Financial Services operations enhanced by personal and corporate integrity.
To ensure that our financial advisers prioritise our clients’ interests above their own, we 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 annual training about how to manage conflicts of interest. We undertake a compliance audit, and a review of our compliance programme is undertaken annually by an external compliance adviser.
Complaints Process – If there are any problems, concerns, or complaints about any part of the Company’s service, you can make a complaint by e-mailing info@isbister.co.nz or phone 0800 472478, or in writing to Isbister Financial Services Limited 32 Thompson Drive, Papamoa Beach, Papamoa, 3118
We will consider your complaint and let you know how we intend to resolve it. To assist with the analysis of the complaint we may need to contact you to get further information.
We aim to resolve complaints within 15 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 if so, 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 our Dispute Resolution Scheme which is a free service. Their contact details are:
Financial Services Complaints Limited
Address: P.O. Box 5967, Wellington 6140
Telephone: 0800 347 257 / (04) 472 3725
Email: complaints@fscl.org.nz
Duties information –
Under the Financial markets Conduct Act 2013 the Company and its advisers are required to meet certain duties such as: