Licensing Information

Central Wealth Limited (FSP771032) holds a license issued by the Financial Markets Authority to provide a financial advice service.

 

Nature and Scope of our Financial Advice

We provide our clients with financial planning and investment management services including:

 

• Retirement planning 

• KiwiSaver

• UK and Australian Pensions and Transfers

 

We provide advice and arrange investments for clients. This includes reviewing existing investments, and the setting and monitoring of asset allocations (investment strategy) in the context of agreed risk and return parameters, and usually within the confines of an overall planning exercise.

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Our investment service is non-discretionary. That is, we require client approval before we proceed with any investment transaction.

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Our advice is independent and focused on the best interests of our client. As such we do not seek to limit ourselves to any particular investment or product provider. 

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We do however, have a detailed understanding of the products of NZ Funds Management Limited, which align with our goals based investment approach, and therefore we are likely to use their products as a core allocation, where it aligns with our client’s best interest.

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We also have product arrangements in place with ANZ Investments and via the Consilium platform, which allows us to access a large number of managed and direct investment options.  

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We don’t provide advice on personal insurances, fire and general insurance and mortgages, taxation in relation to investments or legal matters associated with an overall financial plan. We will instead refer you to specialist providers for those services.

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Fees

Central Wealth Limited may charge the following fees for financial advice: 
 

• an initial advice fee for the time involved in meeting a client, obtaining all necessary information, and preparing and presenting a financial strategy; 
   

• an ongoing financial advice fee for the provision of ongoing financial advice services; and
   

• where requested by a client, undertaking a specific assignment, for which an agreed consultancy fee may be charged.

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Our Duties

Central Wealth Limited, 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, and by identifying, avoiding, or managing any conflicts of interest;
   

• 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 (these are designed to make sure that we have the expertise needed to provide you with advice); and 
   

• 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 that we treat you fairly, act with integrity, and give you advice that is suitable for your circumstances, needs and goals). 
   

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

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Conflicts of Interest

Our financial advisers are remunerated by way of a salary. 

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Central Wealth Limited may receive servicing payments in relation to some products. These payments are for ongoing support and administration services provided to clients invested in these products. Other than those listed below, we are fee based (see Fee section above). 

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New Zealand Funds Management Limited make a payment of up to $300 for each client that invests in the NZ Funds KiwiSaver Scheme, NZ Funds Wealth Builder or NZ Funds Income Generator. Central Wealth Limited also receives an annual servicing payment of up to 0.4% on amounts invested in the named NZ Funds investment solutions. 

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To ensure that Central Wealth Limited’s financial advice prioritises each client’s interests above their own, advisers follow an advice process that is designed to ensure their recommendations are made on the basis of the client’s circumstances and financial goals and are suitable for the client. 

Central Wealth Limited also: 

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• Has a quality assurance programme in place to monitor the advice our financial advisers provide through the ongoing development and review of systems and processes.

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• Actively monitors compliance with our conflicts policies and procedures; and 

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• Ensures training is provided to Central Wealth Limited financial advisers about how to manage conflicts of interest.

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We are required by law to identify, manage, and disclose any material conflicts of interest. Other than servicing payments disclosed above, we do not have any other material conflicts of interest.

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Handling Complaints

Even with the best of intentions, complaints sometimes arise. Central Wealth Limited is committed to ensuring that all client complaints are handled and resolved in a professional, fair and timely manner in accordance with our Client Complaints Policy and associated procedures. A copy of our Client Complaints Policy is available on request.

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If you are not satisfied with our financial advice services, you can make a complaint by contacting us at: 

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Central Wealth Limited

P O Box 30

Wanaka  9343 

Attention: Complaints

T. 027 221 3464 or E. complaint@centralwealth.nz 

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When we receive a complaint, we will consider it and let you know how we intend to resolve it. We may need to contact you to get further information about 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.

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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. 

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There is no cost to you for making a complaint or using our internal complaints process.

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If we can’t resolve your complaint, or you aren’t satisfied with the way we propose to do so, you can contact the Insurance and Financial Services Ombudsman Scheme as follows: 

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Email:                        info@ifso.nz

Website:                   www.ifso.nz

Freephone:               0800 888 202

Address:                   P.O. Box 10845

                                 WELLINGTON 6143

 

The Insurance and Financial Services Ombudsman Scheme is an approved dispute resolution scheme who provide a free, independent dispute resolution service that may help investigate or resolve your complaint. 

 

Contact Details

You can contact us at:

Central Wealth Limited

P O Box 30 

Wanaka 9343 

T. 027 221 3464

E. enquiries@centralwealth.nz