Our Disclosure

About

Maurice Woodham Ltd (FSP112724, trading as SwainWoodham Group) holds a licence issued by the Financial Markets Authority (FMA) to provide financial advice.


Nature and scope of the financial advice given

Maurice Woodham Ltd provides advice to our clients about their Life and Health Insurances and Financial Investment Advice.

We provide advice about products from a large range of providers.

We do not provide advice on Mortgages.

Any financial advice provided on our behalf will take account only of the information you have given us about your particular needs, financial situation or goals.

 

Fees, expenses or other amounts payable for our financial advice

Insurance
We do not charge any fees, expenses or any other amounts for financial advice given to you.

Investment
We do not charge any fees, expenses or any other amounts for financial advice given to you.

If you proceed to investing in a Portfolio based on our advice we can charge an Implementation Fee of up to 1% of the total value of the invested sum which is paid by you from the funds invested.

In addition to this we charge an ongoing advice fee of up to 1%pa + GST on the total value of the sum invested. This is calculated on a monthly basis and funds paid from the portfolio cash account.

 

Conflicts of interest and commissions or other incentives

Insurance
If you take out Insurance following our advice we receive commission from the relevant insurance company.  The initial commission rates are between 120% and 200% (+ GST) of the first years premium of your Policy – this amount depends on which Insurance Company and which benefit you choose.

In some cases we also receive an override bonus of up to 30% of the first years premium.

In addition we receive a renewal commission ranging from 5% to 10% and can be up to 30% depending on the renewal structure chosen, for the life of the Policy.

If the Policy is cancelled within the first 2 years of issue a proportional writeback of any commission or renewal paid will be debited to SwainWoodham Group.

Investment
If you open or transfer a KiwiSaver Fund based on our advice we receive a 1 off payment ranging from $0 to $180 (inc GST) dependent on the provider.

In addition we receive a trail on KiwiSaver of .2% to .75%.

With investment portfolios we do not receive any commission from brokerage fees or from any other providers we only receive the fees that are paid to us from you through your portfolio account.   

Referrals
If during the engagement, a need arises for the use of another professional, we will refer you to an appropriate professional. That person will enter into any agreement for services with you directly.

If you have been referred to us by another professional we may in some situations pay the person a referral fee or gift.  However, our financial advice is to act in your best interests and not be influenced by referral fees, gifts or any other type of incentive.

We complete registers for any gifts we may receive.

 

Our duties

SwainWoodham Group, 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:

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.

The Code of Conduct standards can be read here: https://www.fma.govt.nz/assets/assets/code-of-professional-conduct-for-financial-advice-services.pdf.