IMPORTANT INFORMATION RELATING TO OUR SERVICE TO YOU
In order to build a strong long term relationship with you as a prospective new client, we believe that a key foundation of this is to have transparency with you all the way through our relationship together.
The information that we are providing to you here on our website outlines to you important information relating the following:
- Nature and Scope of the Advice we will agree with you as a client
- Our/my regulatory licensing & contact information
- Our/my contact information.
- Our Privacy Statement on how we use your information provided to us
- How we are paid, both My Futurity and your myself as your adviser
- Any relevant fees & expenses that we may charge and when.
- Our Complaints Handling & Disputes Resolution
- Our Duties Information
- Any important reliability information
NATURE AND SCOPE OF THE ADVICE SERVICE TO YOU
My Futurity provides advice to our clients about their mortgages, life insurance, health insurance and KiwiSaver. Our financial advisers provide financial advice in relation to these financial advice products. We only provide financial advice about products from certain providers:
- For life insurance, we work with six providers:
AIA, AMP, ASTERON LIFE, CIGNA, FIDELITY LIFE & PARTNERS LIFE
- For health insurance, we work with four providers:
ACCURO, AIA, PARTNERS LIFE & nib
- For KiwiSaver schemes, we work with two providers:
GENERATE KIWISAVER SCHEME
BOOSTER KIWISAVER SCHEME
- For mortgages, we currently refer these enquiries to a Qualified Mortgage Adviser.
Should you choose to seek advice on a range of products then this will be known as a Full Advice Service to you.
Alternatively, should you choose to seek advice on a single product type only e.g. Health Insurance or KiwiSaver only then this will be known as a Limited Advice Service to you.
In providing you with financial advice, we will only consider existing term life, trauma, income protection and health insurance policies (if any) Life Insurance, Trauma & Permanent Disability, Mortgage protection, Income Protection, Medical insurance, and Mortgage Advice. We will not provide advice on existing whole of life or endowment products, so you will need to consult a specialist if you would like advice on those products.
LICENSING & CONTACT INFORMATION
My Futurity Limited holds a licence issued by the Financial Markets Authority to provide financial advice. My Futurity (FSP552047) is authorised by that licence to provide financial advice as a Financial Advice Provider (FAP). All of our advisers are registered as regulated Advisers under that licence.
Contact Details for My Futurity Limited:
Physical: Level 1, 15 Mercari Way, Albany, Auckland, 0632
Postal: PO Box 183,Orewa, Auckland, 0946
Phone: 0800 333 121
As a financial advice provider, a key aspect of our business is obtaining and storing client information and other types of data. Our business will use a range of ways to do this, such as having information in hard and soft copy, using systems, software and other ways to store and retrieve your data.
Some of the information may be stored outside of our business such as in the Cloud or with a third-party provider. We are classed as an Agency in this respect i.e. that is almost everyone holding personal information about others – and we therefore must comply with the Privacy Act 2020.
The Privacy Act 2020 defines principles we need to comply with, including the principle that we can only use information for the purposes for which we collected it.
The systems we use to hold client information include: Evince, Google Workspaces (paid version), online services such as Mail Chimp, third party providers such Quote Monster and hard copy client files stored in the office.
- We ensure all information is kept securely.
- We only share and use information as per the agreed purpose.
- We only collect personal information necessary for the services being provided and ensure that you the client knows that their information is available anytime they wish to view it.
- We ensure that client information is retained and stored in a secure environment.
- When we collect client information, we explain the reasons why the information is collected and how it will be used
- We don’t give out any personal information, unless we know exactly who’s asking for it, why they want it and that they are authorised to have it.
- We don’t breach client confidentiality.
- We don’t collect information that isn’t required to complete the services we agreed with the client.
- We don’t leave client information visible for other people to see.
CONFLICTS OF INTEREST AND INCENTIVES
My Futurity Ltd is a business and just like any other business operation it relies on income to function and cover the expenditure costs of operating that business and hopefully make a profit at the end of it.
As a client My Futurity does not charge you a fee directly for implementing any of the policy recommendations to you.
Instead our income is paid to us directly from the providers in the form of commissions from the providers on whose products we provide financial advice on and you decide to implement, which effectively offsets a fee we would have to charge otherwise.
Once you decide to take out insurance the insurance provider will pay a commission to My Futurity and then My Futurity will pay a commission or fee to your financial adviser for providing this advice to you. As a guide the amount of commission is usually based on the amount of the insurance premium or mortgage amount.
Unlike most other traditional businesses though the income (commissions) paid to My Futurity from the providers have a debt period of usually 24 months. This means that should a policy lapse or cancels within this 24 month period then some or all of the commission initially paid to My Futurity initially will be required to be paid back to the provider under the terms of the agency agreements My Futurity holds with them.
To ensure that our financial advisers prioritise the client’s interests above their own, My Futurity advisers follow an advice & compliance process that ensures their recommendations are made on the basis of the client’s goals and circumstances and always placing the interests of the client above their own.
To further assist in this process My Futurity has a policy that your adviser is remunerated at the same level of commission for all lump sum & covers (life, critical illness, income covers) and bundled medical policies irrespective of the provider recommended.
The commission levels for stand alone medical policies are considerably less, and our compliance processes enforce that our client’s interests are always above that of your adviser.
In order that you are fully informed once a provider is chosen for a recommendation to you we will confirm with you a more specific commission level again, prior to you making a decision to proceed with that recommendation.
Finally all of our financial advisers undergo annual training about how to manage conflicts of interest. We maintain registers of conflicts of interests, and the gifts and incentives we receive. My Futurity monitors these registers and provides additional training where necessary. My Futurity performs an annual review of our compliance programme.
The guide to levels of commissions is as follows:
For Life, Critical Illness, all Income Covers & premium cover with the 6 providers we deal with above, the commissions range between 180% and 200% of the first year’s premiums of your policy.
For Bundled Medical policies with AIA & Partners Life the commissions range between 125% and 150% of the first year’s premiums of your policy.
For stand alone medical policies only with AIA & Partners Life the commissions paid to My Futurity range between 30% and 50% of the first year’s premiums of your policy.
For stand alone medical policies with nib the commission paid to My Futurity is 140% the first year’s premiums of your policy.
For stand alone medical policies with Accuro the commission paid to My Futurity is 30% of the first year’s premiums of your policy.
My Futurity receives Financial Advice Provider Override (F.A.P.O.) commissions of between 19% and 30% of the first year’s premiums of your policy, depending upon which insurance company and which policy you choose. My Futurity also receives a commission of between 5% and 10% of the premium for each year the policy remains in force as a policy servicing commission.
For KiwiSaver Schemes My Futurity receives the following:
Generate KiwiSaver Scheme: My Futurity will receive an initial fee payment of between $80 and $240 which is dependent on your KiwiSaver balance or salary level. My Futurity also receive a commission of 0.25% p.a. of the fund balance as a servicing commission.
Booster KiwiSaver Scheme: My Futurity does not receive an initial fee payment. My Futurity will receive a commission of 0.25% p.a. of the fund balance as a servicing commission.
Mortgages: We currently refer our client’s mortgage requests through to a specialist mortgage adviser. That mortgage adviser will receive a commission from the relevant lender generally as a range between 0.6% and 0.8% of the new mortgage balance. My Futurity then receives a fee of 30% of that commission amount.
FEES OR EXPENSES
We aim to be fair and reasonable in our dealings with you, with the view of building a long term relationship with you as a client.
Should you cancel your insurance policy in part or whole, within the initial 24 month period of the policy start date, to replace this policy with one from another provider via a different adviser firm to us or bank, who will therefore receive a commission for this new replacement policy, My Futurity will charge you a fee for the financial advice initially provided to recoup the costs of setting up the plan initially for you .
Should you decide to cancel your policy within that 24 month period to be replaced by the methods listed above then My Futurity will charge a fee of $1,900 inc GST in months if cancelled 0-12 months from policy start date or a fee of $950 inc GST if cancelled in months 13-24 from the policy start date.
My Futurity will NOT charge you a fee should you cancel this policy in part or whole within that 24 month period due to mitigating circumstances such as financial hardship, relationship breakup or a policy restructure with retaining My Futurity as your adviser firm.
My Futurity will NOT charge you a fee on KiwiSaver changes you make or Mortgage Changes you make within that 24 month period.
COMPLAINTS HANDLING AND DISPUTE RESOLUTION
If you are not satisfied with our financial advice service you can make a complaint by emailing firstname.lastname@example.org or by calling 0800 333 121.
You can also write to us at My Futurity Limited, PO Box 183, Orewa, Auckland, 0946
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 can contact Financial Disputes Resolution Scheme (FDRS).
FDRS provides a free, independent dispute resolution service that may help investigate or resolve your complaint, if we haven’t been able to resolve your complaint to your satisfaction.
You can contact FDRS by emailing email@example.com , or by calling: 0800 347 257.
You can also write FDRS at: Lv 4, 142 Lambton Quay, Wellington 6011: Postal Address P O Box 2272, Wellington 6104.
My Futurity, 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/
A reliability event is something that might materially influence you in deciding whether to seek advice from me or from My Futurity.
As an example, it would include here details of any legal proceedings against the company or if a Director had been discharged from bankruptcy in the last four years for example.
Neither My Futurity nor Mark Atherley the Director have been subject to a reliability event.