Important information about Frank Wealth Limited
License information
Frank Wealth Limited (FSP1011429), trading as Frank Wealth is a Financial Advice Provider (FAP) licensed and regulated by the Financial Markets Authority to provide financial advice.
Nature and Scope of Engagement
At Frank Wealth we provide the following services:
· Investment planning
· Investment solutions
· Financial projections/retirement planning
· KiwiSaver
Frank Wealth Limited provides financial advice on a wide range of investment products, including listed New Zealand and global equities, New Zealand and global fixed interest and managed funds. There are no material limitations on the providers whose products can be advised on. We may also get external research from Mapua Research, Consilium, Value Line, and Morningstar or anywhere that may suit the situation.
In addition to personalised financial advisory services, we can provide class financial advice on general market matters based on investment research and other general information.
Frank Wealth treats all clients as retail clients regardless of whether they meet the criteria for Wholesale investor status. Retail clients (non-wholesale) enjoy a higher level of regulatory protection. This includes more detailed disclosures, the right to complain to financial ombudsmen, and stronger recourse in case of disputes or mis-selling of products.
Remuneration
At Frank Wealth Limited, we endeavour to be as independent and transparent with our fees as we possibly can. We charge for running a portfolio a percentage of asset under advice. These are typically as below but may vary depending on size and complexity of the portfolio. Full costs will be provided to you in a Statement of Advice before you agreed to our services.
We do not charge an implementation fee / initial planning fee.
Portfolio Advice Fee: Up to 1.00%
KiwiSaver Advice Fee: Up to 0.75%
Platform Fee: around 0.25%
Brokerage / Commissions
We do not collect broker fees as income but there may be broker fees that you have to pay if you want to transact any direct listed equities or bonds on an exchange. The indicative cost would be quoted at the time before transacting. It will depend on factors such as size of the trade, is research from an external party required and the exchange that it would be traded on.
We do not receive any commissions from product providers as we feel that that is a conflict of interest. Any rebates received in a portfolio run by Frank Wealth are refunded back to the investor.
Frank Wealth does not receive any remuneration from anyone other than you for providing personalised financial advisory services in relation to your investment portfolio.
Product providers
Consilium NZ Limited is the provider of the Synergy Investment Programme, KiwiWRAP KiwiSaver Scheme (KWKS) and the Evidential KiwiSaver Scheme (EKS), of which we may recommend to you.
In addition, Consilium is the issuer of Evidential Investment Funds (Evidential), a registered scheme that is included as an investment option for KWKS and as an investment for some of the Synergy portfolios. Further, Evidential may be a component of another type of portfolio we recommend to you.
FNZ Custodians Limited (FNZ) is the independent custodian we recommend and is also the custodian for Synergy and KWKS. This means that investments held on behalf of our clients are placed with the organisations invested in, through FNZ.
We access the custodial services of FNZ through Consilium Wrap, a wrap platform provided by Consilium. This is the only wrap platform we use.
Our duties and obligations
At Frank Wealth Limited, 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 our clients’ interests
· Exercise care, diligence, and skill
· Meet standards of competence, knowledge and skill set by the Code of Professional Conduct for Financial Advice Services
· 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 https://www.fma.govt.nz.
Conflicts of interest
Frank Wealth Limited has no contractual obligation to recommend any financial products of any particular product provider.
We take any perceived or real conflicts of interest very seriously and have a dedicated policy for dealing with such issues whereby we avoid, disclose and/or manage any conflicts so that our client’s interests are placed first and foremost. Our staff undergo annual training about how to manage conflicts of interest. We undertake a compliance audit, and a review of our compliance programme annually by a reputable compliance adviser.
Reliability Statement
Neither Frank Wealth nor any of its financial advisers have been subject to a reliability event. A reliability event is something that may materially influence your decision to seek advice from us. This includes, for example, any legal proceedings, disciplinary action, or being discharged from bankruptcy within the past four years.
Complaints handling and dispute resolution
If you are not satisfied with our financial advice service, you can make a complaint by emailing angela@frankwealth.co.nz or by calling 021 075 3526. 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. Where possible, we try to resolve your complaint immediately.
If we are unable to resolve your complaint immediately, we will acknowledge your complaint within 2 business days. We may contact you to get further information about your complaint.
We aim to resolve complaints within 10 working days of receiving them. If we need more time to investigate your complaint, we will let you know when you can expect to receive a response to your complaint.
We will contact you by phone, email or letter to let you know whether we can resolve your complaint and 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 may refer your complaint to our external disputes resolution service Financial Services Complaints Ltd (FSCL). FSCL provides a free and independent dispute resolution service that may help resolve your complaint if we haven’t been able to do so to your satisfaction. You can contact FSCL by:
o Going to their website at https://fscl.org.nz/make-a-complaint/
o emailing complaints@fscl.org.nz
o calling 0800 347 257
o or by writing to FSCL at PO Box 5967, Wellington 6140
Privacy/Data Collection
To give our clients the very best advice we need to collect personal information about their financial circumstances. In the digital age that we live in, we take our responsibilities under the Privacy Act 2020 very seriously. Some key points
· We only collect information relevant to the nature and scope of the advice we are providing.
· The accuracy of this information to our advice is critical, this is where we need your help. Once collected we will protect any client information:
· You can request any personal information or ask for it to be amended at any time
· We will only share information where it is necessary to do so in providing the agreed services provided. If this is not part of our normal business, we would only consider this with your express consent to do so. However, there are some third parties you may not be aware of that we may need to share your information with such as:
o Financial Markets Authority (FMA) – the Regulator of financial services in New Zealand
o External compliance agencies we may engage for quality assurance purposes.
We have policies and procedures for dealing with any data breaches as soon as possible. Any information no longer needed will be destroyed securely. You can find out more by visiting our Privacy Policy here.