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Disclosure Statement

Wealth Protection Specialists Limited

LICENSING INFORMATION

Karl Moran (FSP 181344) is a Financial Adviser and a Chartered Accountant.

Karl runs a licensed Financial Adviser Business trading as Wealth Protection Specialists Limited (FSP716711). Karl Moran and Wealth Protection Specialists Limited hold a license issued by the Financial Markets Authority to provide financial advice.

You can contact us on:

Phone: 03 470 1422
Email: karl.moran@wealthprotection.co.nz
Address: Level Two, Bracken Court, 480 Moray Place, Dunedin 9016

NATURE & SCOPE OF THE ADVICE

Wealth Protection Specialists Limited provides advice to clients about their Life Insurance, Health Insurance, Business Insurance, Employee Insurance, ACC restructuring, KiwiSaver and Retirement Savings Advice.

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: Accuro, AIA, Asteron Life, Cigna, Fidelity Life, nib & Partners Life.
  • For Health Insurance: Accuro, AIA, nib, Partners Life.
  • For KiwiSaver and Retirement Savings we provide advice on NZ Funds products only, specifically NZ Funds KiwiSaver, WealthBuilder and Income Generator.

FEES AND EXPENSES

My company, Wealth Protection Specialists Limited, receives all commissions that are generated by me (Karl Moran). I am remunerated as a shareholder and director of the company by way of drawings, and I am also paid a salary.

I do not charge you directly for my time, experience, or advice. Instead, I am paid a commission from the insurer whom I place your business with. These are based on the value of the premiums you pay for your insurances each year, which creates a conflict of interest. This is particularly true if I am recommending you move from one Insurer to another because I receive an upfront commission on the new business that is being lodged. I will have good reasons for recommending such changes and these are provided to you before you need to make any product selection decisions.

Wealth Protection Specialists Limited may charge a fee for the financial advice provided to a client where a client cancels a life or health insurance policy within two years of inception. Whether a fee be charged and the way it will be charged will be advised when the advice is provided by the client. This fee will be payable by the client by the 20th of the month after the policy is cancelled.

CONFLICTS OF INTEREST & INCENTIVES

I manage any conflicts of interest in relation to remuneration received by the company by making full upfront disclosure of the fees and remuneration I will receive before you decide about proceeding with the recommendations that I have made to you.

In addition, I use appropriate product research provided by research agencies to ensure that the product I recommend to you is appropriate for your needs and objectives and these recommendations are not influenced by the commission or remuneration I will receive.

From time to time, product providers may also reward us for the overall business we provide to them. They may give us company merchandise, tickets to events, hampers, luncheons or other incentives.

To ensure that our financial advisers prioritise our client’s interests above their own, we follow an advice process that ensures our recommendations are made based on each client’s goals and circumstances. All our financial advisers undergo annual training about how to manage conflicts of interest. We undertake a compliance audit, and a review of our compliance programme is undertaken regularly by a reputable compliance adviser.

COMPLAINTS HANDLING AND DISPUTE RESOLUTION

If you are not satisfied with our financial advice service in any way, you can make a complaint by:

Email: karl.moran@wealthprotection.co.nz
Phone: 03 470 1422

You can also write to us at:

Wealth Protection Specialists Limited
PO Box 5191,
Dunedin 9054.

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 cannot contact you within that time to let you know we need more time to consider your complaint and will aim to provide you with a realistic timeframe.
  • 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 cannot resolve your complaint, or you are not satisfied with the way we propose to do so, you can contact our external dispute resolutions scheme which is the Financial Disputes Resolution Service.

The Financial Disputes Resolution Service provides a free, independent dispute resolution service that may help investigate or resolve your complaint if we have not been able to resolve your complaint to your satisfaction.

You can contact the Financial Dispute Resolution Service at:

Website: www.fdsr.org.nz
Email: enquiries@fdrs.org.nz
Phone: 0508 337 337

Or write to them at:

Financial Dispute Resolution Service
Freepost 231075
PO Box 2272
Wellington 6140
New Zealand

DUTIES INFORMATION

I have duties under the Financial Market Conduct Act 2013 relating to the way that I give advice.

I am required to:

  • Give priority to your interests by taking all reasonable steps to make sure my advice is not materially influenced by my 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 I have the expertise 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 that I have the expertise to provide you with advice.)

This is only a summary of the duties that I have. More information is available by contacting me, or by visiting the Financial Markets Authority website at https://www.fma.govt.nz