FINANCIAL ADVICE PROVIDER DISCLOSURE INFORMATION

About Eliteinsure Ltd (Eliteinsure)

Eliteinsure is a Financial Advice Provider that holds a licence issued by the Financial Markets Authority (FMA) to provide financial advice services.

You can find us listed on the Financial Service Providers Register at fsp-register.campaniesoffice.govt.nz.

• • Eliteinsure FSP Number: 706272
  • Contact Number: 0508 123 467
  • Email Address: admin@eliteinsure.co.nz

The conditions of our licence allow us to provide the following financial advice services:

• • Personal Life Risk & Medical Insurance
  • KiwiSaver
  • Managed Investment Products

Eliteinsure has been in the financial industry since March 2016. We are a ‘close-knit’ team of professionals with a wealth of experience where we aim to offer the best financial solutions to clients for their insurance and investment needs.

The information on this page is to help make informed decisions about whether to seek, obtain or act on advice provided by Eliteinsure.

KiwiSaver and related managed investment products

At Eliteinsure, we provide generalised advice about KiwiSaver, limited to the 2 providers we have chosen to work with. Generalised advice is a non-personalised service where we can help you work out what your risk profile is when it comes to investing and recommend a KiwiSaver fund that matches your tolerance for financial risk.

If you require investment planning or retirement planning services, Eliteinsure will refer you to a specialised internal service limited to Concilium or NZ Funds wealth builder product.

Providers we work with:
We have chosen to work with the following providers when helping our clients:

• • • Booster
    • Concilium
    • NZ Funds

This means that Eliteinsure will only consider the providers listed above when implementing a product to meet your investment needs.

Personal Life Risk and Medical Insurance

At Eliteinsure, we offer two services related to insurance:

• • Six-Step advice process: This is the recommended approach for all clients who seek advice and full service.
  • Transaction service: This is recommended to clients who have existing knowledge of insurance products and structures with specific and well-defined requests were going through the full recommendation process wouldn’t be appropriate.

What the Six-Step Advice Process Looks like

Providers we work with:
Eliteinsure have chosen to work with the following personal risk and medical insurers:

• • • AIA
    • Asteron Life
    • Chubb Life
    • Fidelity Life
    • NIB
    • Partners Life
    • Southern Cross

This means that Eliteinsure will only consider the providers listed above when recommending a product to meet your personal risk insurance needs.

General Insurance (Home, contents & car)

To ensure that our clients receive the highest level of advice and service, we have a team of Fire and General Insurance Specialists, Blanket Advice Limited that we refer all our clients to.

If you take out a policy with Blanket on the back of my referral, our advisers may receive a small referral commission depending on which insurance products you take out cover with, after taxes.

Fees and Costs

The types of services we offer include related to investment:

• • • Tier 1 – We do not charge any fees for implementing a KiwiSaver solution through generalised advice.
    • Tier 2 – We charge an hourly rate of $200, capped at $6,000. This is a comprehensive advice service where we can do investment planning and/or retirement planning (Tier 2 services are to be agreed upfront).

Fee for Cancellation or Reduction of Insurance Cover:

If you cancel or reduce your insurance cover within 24 months of the policy/policies being issued, a fee will be charged to you and Eliteinsure Ltd will invoice you for this fee. We charge this fee because cancellation or reduction of an insurance policy arranged by Eliteinsure within a 24-month period may result in a clawback of the commission Eliteinsure was paid by the insurance company when you took out the policy.  A typical insurance policy takes around 15 – 25 hours from the point of initial contact to the issue of the policy and the provider commission usually compensates us for the time spent getting the cover in place.  If it is clawed back by the insurance company, we reserve the right to charge you directly for this time.

Calculation of Charges

The clawback amount is generally based on the commissions Eliteinsure receives when issuing a policy.  This can be estimated at 2x the annual premium for the first 12 months and 1x the annual premium for 12-24 months of the cancellation or reduction.

We will invoice you for the lesser of $2,500 or the exact amount that the insurance company has clawed back.  This does not include added interest or recovery charges.

Payment Terms

Any invoice issued by Eliteinsure Ltd is payable within 7 days of the invoice date. Delayed payments will incur overdue interest at 10% per annum from the invoice date, plus all recovery charges, legal expenses, any damages, and an amount for our time spent recovering the debt at $200 per hour plus GST where applicable.

Commissions and Remuneration

• • Typically, we are remunerated by way of commissions received directly from product providers as demonstrated in the remuneration table below:

• • Eliteinsure is paid directly from the provider based on the percentages in the table above (the insurance percentage is based on the annual premium of an issued policy and investment on the funds invested).
  • Advisers who are contracted by Eliteinsure who give financial advice on our behalf, except those who are employed directly by us, will receive 50% to 100% of the commissions paid to Eliteinsure by the insurers and investment providers.

Conflicts of Interest or Incentives

Our advisers are committed to providing unbiased advice. They are not directed to favour any particular provider, nor do they receive performance incentives that could influence their judgment. If you decide to take out insurance or investment solution, the insurer will pay a commission to Eliteinsure, and your financial adviser will receive their share of that paid commission. The amount of the insurance related commission is based on the amount of the premium.

From time to time, product providers may reward us for the overall business we provide to them. This may include but is not limited to tickets to sports events, hampers, or other incentives.

Despite being paid by the providers, we always prioritize your interests:

• • Client centric advice process
  • Transparency in commissions
  • Comprehensive cover comparison if replacing
  • Written recommendations
  • Rigorous review process
  • Adviser raining on how to manage conflicts of interest

Our Duties

Under the Financial Markets Conduct Act 2013, Eliteinsure Ltd and our advisers have responsibilities to adhere to the Code of Professional Conduct for Financial Advice Services. These include having competence, knowledge and skill. Prioritizing your interests. Exercising care, diligence and skill, and meeting the standards for ethical behaviour and client care.

Complaints Handling and Dispute Resolution

If you are not satisfied with our financial advice services, you can raise a complaint through the following channels:

• • Email: admin@eliteinsure.co.nz
  • Website: Complaints Page
  • Phone: 0508 123 467
  • Mail: Eliteinsure Ltd., 27C Mauranui Avenue, Epsom, Auckland 1051, New Zealand

Upon receiving your complaint, we will follow our internal complaints process:

1. 1. Acknowledgment: We will acknowledge your complaint within 2 days of receipt.
   2. Resolution: We aim to resolve your complaint within 10 days. If the issue is complex or there are external factors, we may request further information or agree on an extension.

If we cannot reach an agreement on how to resolve the complaint, we will issue a letter of deadlock. You may then contact our independent Dispute Resolution Scheme, Financial Services Complaints Ltd (FSCL) at no cost to you. FSCL is an external financial dispute resolution scheme approved by the Minister of Consumer Affairs under the Financial Service Provider (Registration and Dispute Resolution) Act 2008.

• • Email: info@fscl.org.nz
  • Phone: 0800 347 257

FSCL will investigate your complaint and work to facilitate an agreed resolution. If an agreement cannot be reached, FSCL may make a formal decision that is binding on Eliteinsure Ltd, but not on you unless you accept the decision. FSCL will assist you in lodging your complaint.

Ask Us – We Are Here to Help

We welcome any questions or queries you may have regarding this important information. Feel free to reach out to us via email at admin@eliteinsure.co.nz or by calling us at 0508 123 467. We will promptly address your concerns, and this service is absolutely free of charge.