Important information about Frank Wealth Limited

License information 

Frank Wealth Limited (FSP1011429), trading as Frank Wealth, holds a licence issued by the Financial Markets Authority to provide financial advice. We have no license limitations. 

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.

Conduct

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 your 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 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 we treat you as we should and give you suitable advice).  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.

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. 

  • Portfolio Advice Fee: Up to 1.00%

  • KiwiSaver Advice Fee: Up to 0.75%

  • Platform Fee: Up to 0.25%

Both fees are tax deductible.

For more information on our fees, please visit here.

Brokerage

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.

Commissions

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. 

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.  

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.

  • We may need to contact you to get further information about your complaint. 

  • We aim to resolve complaints within 10 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 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:

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:

    • Financial Markets Authority (FMA) – the Regulator of financial services in New Zealand 

    • External compliance agencies we may engage for quality assurance purposes.

We have policies and procedures for dealing with any data breaches ASAP. Any information no longer needed will be destroyed securely.  You can find out more by visiting our Privacy Policy page.