Insurance and Investment Solutions
Disclosure – Ballater Wealth Management Ltd
Important information about our business
Ballater Wealth Management Ltd is a Financial Advice Provider (FAP) Licensed by the FMA to provide financial advice services. Financial Services Provider Number is FSP717091. Ballater Wealth Management Ltd is a sole adviser practice, that adviser is Richard (Rick) McLean FSP46223
Ballater Wealth Management Ltd is a Financial Advice Provider (FAP) Licensed by the FMA to provide financial advice services. Financial Services Provider Number is FSP717091. Ballater Wealth Management Ltd is a sole adviser practice, that adviser is Richard (Rick) McLean FSP46223
Our office contact details
Address: 206 Station Road, Matamata.Phone: 07 888 9357Email: rick@ballater.co.nzWebsite: www.ballater.co.nz
Nature and Scope of financial advice services
Our Services
- Investments strategies (investing - strategic asset allocation and monitoring)
- KiwiSaver investment strategies
- Personal insurance
Products we can provide financial advice about:
- KiwiSaver investments
- Managed investments
- Personal, business and group Insurance (life cover, disability, income protection, trauma and medical)
- Life investment products including whole of life and endowment.
Product providers we might recommend - Insurance
- AIA
- AMP
- Asteron
- Cigna
- Fidelity
- Foundation Life
- NIB
- Partners Life
- Resolution Life
Product providers we might recommend - Investment
- AMP Investment Services
- ANZ
- Fisher Funds
Insurance Fees and Commission
We do not, in normal practice, charge a direct fee for the provision of insurance advice. However, we do receive remuneration from product suppliers we use.
The insurance fees and commissions are normally included in the premium you pay for your life, trauma, disability, income protection and health insurance.
When a comprehensive insurance and/or investment plan is requested by the client, we may charge a planning fee which may be rebated in part, or full, if a client implements the plan. The actual fee charged to you will depend on the nature and scope of the advice or service we provide. We will discuss and agree the actual fees with you before we proceed and explain how they are payable.
The following section outlines the types commission or fees that may apply:
The insurance fees and commissions are normally included in the premium you pay for your life, trauma, disability, income protection and health insurance.
When a comprehensive insurance and/or investment plan is requested by the client, we may charge a planning fee which may be rebated in part, or full, if a client implements the plan. The actual fee charged to you will depend on the nature and scope of the advice or service we provide. We will discuss and agree the actual fees with you before we proceed and explain how they are payable.
The following section outlines the types commission or fees that may apply:
Risk Products: | Commission Structure: | Percentage Range:
|
Life, Trauma, Disability, Income Protection and Health. | Introductory Upfront Commission | Up to 100% of annual premium |
Production Bonus Commission | Up to 80% of annual premium | |
Renewal Commission | 4% to 30% of annual premium | |
Persistency Bonus and/or FAP override | Up to 20% of annual premium |
Investment Fees
This fee is charged when implementing an investment portfolio and calculated as a percentage of the amount being invested. Should you proceed, with our investment recommendations, the percentage will vary ranging from 0.5% to 5.0% depending on the size of the portfolio. This fee will be deducted from the portfolio on implementation.
Implementation Fee Based on | The Percentage Range | Implementation Fee |
Initial Cash value to be invested | 0.5% to 5% | = dollar amount |
The value of assets to be realised and invested | 0.5% to 5% | = dollar amount |
The value of assets to be transferred into portfolio | 0.5% to 5% | = dollar amount |
= Total Implementation Fee |
Adviser Monitoring Fees
What does the adviser monitoring fee cover?
This fee is charge by Ballater Wealth Management Ltd for the services it provides, to monitor the investments in your portfolio, provide regular reviews and make changes where necessary based on the outcome of the review. The fee is calculated as a percentage of the portfolio valuation. This fee may be deducted directly from your portfolio monthly.
Adviser Monitoring Fee | The Percentage Range |
A monitoring fee of up to 1.25% plus GST per annum of the portfolio balance is calculated and deducted monthly from the portfolio. | 0.30% to 1.25% plus GST |
Other costs
Where other costs are incurred in the process of providing our advice and services to you, you will be liable for these costs. However, we will agree all additional costs with you prior to incurring them.
Conflicts of interest or other incentives
We are here for our clients and to advise you as best we can. Your interests are our priority although we do have business relationships with product providers also. It is normally my practice not to accept gifts of a substantial nature from the companies we deal with. I choose to do this to prevent any prospect of a conflict of interest, and the perception that I would support a provider based on company incentives.
From time to time our product providers may provide subsidised professional development. We take advantage of this training as our on-going education benefits our clients.
From time to time our product providers may provide subsidised professional development. We take advantage of this training as our on-going education benefits our clients.
How we manage any conflicts of interest
To ensure our advisers prioritise our clients’ interests:
- We follow an advice process that ensures our recommendations are made appropriately, based on clients’ goals and circumstances.
- We maintain registers of conflicts of interests and the gifts and incentives we receive. These registers are monitored regularly, and additional training is provided as required.
Our duties and obligations to you
We are bound by the duties of the Financial Markets Conduct Act (431I, 431K, 431L and 431M) to:
- Meet the standards of competence, knowledge and skill set out in the Code of Conduct
- Give priority to the clients’ interest and
- Exercise care, diligence and skill and
- Meet the standards of ethical behavior, conduct, and client care set out in the Code of Conduct.
Our Internal complaints process
An internal complaints resolution facility is available by firstly contacting Rick McLean, your Ballater Wealth Management Adviser. On receipt of your complaint he will acknowledge it in writing and will contact you in an attempt to resolve the problem.
If you are not satisfied with the outcome or if you decide not to use the internal complaints scheme then a deadlock will be declared and Ballater Wealth Management Ltd will confirm this to you in writing. You then have 2 months from the date of the letter of deadlock to contact the Insurance & Financial Services Ombudsman (“IFSO”) Scheme. This service will cost you nothing, and will help us resolve any disagreements. You can contact the Insurance & Financial Services Ombudsman at—
Address: PO Box 10-845 Wellington 6143
Telephone number: 0800 888 202
Email: info@ifso.nz
All complaints should be in writing and should set out your complaint in detail, and the reason/s for the complaint.
If you are not satisfied with the outcome or if you decide not to use the internal complaints scheme then a deadlock will be declared and Ballater Wealth Management Ltd will confirm this to you in writing. You then have 2 months from the date of the letter of deadlock to contact the Insurance & Financial Services Ombudsman (“IFSO”) Scheme. This service will cost you nothing, and will help us resolve any disagreements. You can contact the Insurance & Financial Services Ombudsman at—
Address: PO Box 10-845 Wellington 6143
Telephone number: 0800 888 202
Email: info@ifso.nz
All complaints should be in writing and should set out your complaint in detail, and the reason/s for the complaint.