Disclosure
Lifelong wealth
Important information about the Lifelong Wealth service
Licence information
Lifelong Wealth Limited (FSP1003662) (Lifelong Wealth) holds a licence issued by the Financial Markets Authority to provide a financial advice service.
Nature and scope of financial advice service
Lifelong Wealth provides you with financial advice in relation to KiwiSaver account. We only provide advice on KiwiSaver schemes that we have advice arrangements for. We have arrangements with providers of the following KiwiSaver schemes:
- Booster KiwiSaver Scheme
- Pathfinder KiwiSaver Plan
- Generate KiwiSaver Scheme
- Milford KiwiSaver Plan.
This list may change from time to time. It is possible that a KiwiSaver scheme that we do not advise on would also suit your needs, or might better suit your needs.
We do not give advice on other investment or financial products from any other provider.
Fees
Lifelong Wealth does not charge you a fee to use the service, except where you choose to invest in the Milford KiwiSaver Plan.
If you invest in the Milford KiwiSaver Plan, you will be charged an advice fee from Lifelong Wealth of 0.20% per annum. This fee will be deducted from your KiwiSaver balance at the end of each month. Lifelong Wealth has negotiated for all members in Milford’s KiwiSaver Plan (receiving advice and service from Lifelong Wealth) to receive a rebate of 0.20%* per annum. Milford pays this rebate to your KiwiSaver account at the end of each month. This means the effective cost of using Lifelong Wealth with Milford’s KiwiSaver Plan is ZERO per annum.
All other providers pay an advice fee directly to Lifelong Wealth of 0.25% per annum. Effectively you will not be charged for advice from a Lifelong Wealth financial adviser.
You will also pay management and other fees and expenses out of your KiwiSaver investment. These are explained in the Product Disclosure Statement for your recommended KiwiSaver scheme.
*0.20% p.a. rebate is applied to all Milford KiwiSaver Funds other than Milford KiwiSaver Cash. Lifelong Wealth clients receive a 0.05% rebate for investments in Milford KiwiSaver Cash.
You will not be charged for advice from a Lifelong Wealth financial adviser. However, if you decide to seek advice from a third-party financial adviser they may charge you a fee for their services.
Incentives
Lifelong Wealth receives advice fees from the providers whose KiwiSaver schemes we advise on. If you decide to switch your KiwiSaver investment to one of these providers using Lifelong Wealth, then we will receive an advice fee from that provider for providing you with advice. The advice fee is currently 0.25% per annum of your KiwiSaver balance, for all providers. We receive the advice fee for as long as you remain a member of the relevant provider’s KiwiSaver scheme and a Lifelong Wealth client.
Lifelong Wealth may also be reimbursed for costs associated with carrying out ‘Know your Customer’ checks on behalf of KiwiSaver providers.
To manage the conflicts of interest these incentives might pose, the advice process does not take into account the advice fees or other incentives we receive when making a recommendation. In addition, the advice provided by Lifelong Wealth (including from a Lifelong Wealth financial adviser) is subject to a quality assurance process that is designed to ensure the advice you receive is suitable.
Complaints
Lifelong Wealth takes all complaints seriously. If you have a complaint about Lifelong Wealth or the financial advice you receive you can make a complaint by contacting Lifelong Wealth at info@lifelongwealth.co.nz.
When we receive a complaint we will confirm receipt, then consider how we can resolve it and let you know. We may need to contact you for more information about your complaint. We aim to resolve complaints within 10 working days of receiving them, but sometimes we need more time. If we need more time, we will contact you to let you know.
If a resolution to your complaint cannot be reached or you are unhappy with the outcome of your complaint you can contact Lifelong Wealth’s independent dispute resolution scheme, free of charge, who may help resolve your complaint:
Insurance and Financial Services Ombudsman
Level 2, Solnet House
70 The Terrace
PO Box 10-845
Wellington 6143
0800 888 202
info@ifso.nz
Duties
We, and anyone who gives financial advice on our behalf, have legal duties relating to the way that we give advice.
We must:
- give priority to our clients’ 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 the advice;
- meet standards of competence, knowledge and skill set by the Code of Professional Conduct for Financial Advice Services; and
- meet standards of ethical behaviour, conduct and client care set by the Code of Professional Conduct for Financial Advice Services.
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 www.fma.govt.nz.
Record keeping and personal information
We will keep records about the advice we provide you through the Lifelong Wealth service for at least seven years. These records will include personal information about you. Records relating to you will be made available to you as soon as practicable after you request them. Requests can be made by contacting Lifelong Wealth at info@lifelongwealth.co.nz.
The personal information we collect as part of the Lifelong Wealth service is used in accordance with our privacy policy which is available on our website along with our terms and conditions.
Contact us
You can contact us at:
Lifelong Wealth Limited
331 Rosedale Road,
Rosedale,
Auckland, 1025
Email: info@lifelongwealth.co.nz
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