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Money Men Disclosure Statement

LICENCING INFORMATION

The Money Men Limited is a Financial Advice Provider (FSP778394). We hold a Class 2 Licence issued by the Financial Markets Authority, allowing us to provide Financial Advice.

Financial Advice Provider:
The Money Men Ltd
FSP778394

Licencing Status: 
Class 2 Licence issued by the Financial Markets Authority

Company Contact Information: 
P: 0800 888 482
E: support@moneymen.co.nz 
W: ww.moneymen.co.nz
A: 5e/16 Florence Avenue, Orewa, Auckland 

WHAT WE DO

We provide practical, personalised, and easy to understand financial advice. We do this through getting to know you and
understanding your wants and needs. We then work to implement that advice and provide continued and ongoing support. We are in the relationship game and aim to be a part of your financial journey now and well into the future.

The Money Men provides regulated financial advice in the following areas.

      • Life & Health Insurance
      • Mortgages
      • KiwiSaver
      • Investments

We also provide general financial advice in the following areas

      • Money Management / Budgeting
      • Financial Coaching / Life Mapping

PROVIDER INFORMATION

We provide financial advice to clients about their Life and Health Insurance, Mortgages, and KiwiSaver. We only provide financial advice on products from certain providers. 

For mortgages we work with: 
ANZ, ASB, BNZ, Sovereign, Westpac, Resimac, Pepper Money, Avanti 

For insurance we work with: 
AIA, Chubb Life, Partners Life, Nib, Fidelity Life, Asteron Life 

For KiwiSaver we work with: 
Booster, Generate, NZ Funds, Milford, Pathfinder  

We also work with and refer to the following companies 
Cactus Insurance, Kernel Wealth, Oxford Finance 

THE TYPE OF ADVICE WE CAN GIVE

We are able to provide you with Insurance, Mortgage and KiwiSaver advice on the products available with the product providers just mentioned. In providing you with financial advice, we will only consider existing term life products. We will not provide advice on existing whole of life or endowment products, so you would need to consult a specialist if you would like advice on those products.  

The nature of our advice is limited as outlined above. We will not provide you with financial advice on products outside of our scope of experience or qualification. If we feel as though we are limited in the advice or support we can provide to you, and that you would benefit from speaking to, or working with any other professionals or advisers we will let you know and happily refer you on. 

DISCIPLINARY HISTORY YOU SHOULD BE AWARE OF

Zilch…. Neither The Money Men nor our advisers have been subject to a reliability event. A reliability event is something that might materially influence you in deciding whether to seek advice from me or from The Money Men. As an example, it would include legal proceedings against us, or if our directors or senior managers had been discharged from bankruptcy in the last four years.  We have also not been subject to any disciplinary action, client disputes resolutions or negligence claims.  

COMMISSION AND INCENTIVES (How we get paid)

If you take out an Insurance policy, Mortgage or join a KiwiSaver provider following our advice, The Money Men will be paid a commission from the applicable product provider (Lender, Insurance company etc).  

A portion of the commission is retained by The Money Men to cover business expenses and overheads, the wages of our incredible team and so on. A portion is then paid to our advisers as income. 

From time to time, product providers may also reward us for the overall business we provide to them. They may give us tickets to events, hampers or take us out for lunch. 

We also have referring relationships with other companies; at times this can see us getting paid a referral fee from those businesses.  This is either a flat fee or commission percentage.  Any referrals will be made only upon your request and any incentives for the referral will be disclosed to you. 

FEES

A few of the services we provide are fee based as we do not receive commission from a third party for the work that we do. This includes:

      • Investment advice
      • Wealth Mapping packages
      • Mortgages through some non-bank lenders (although the fee is added to the loan and not directly payable)
      • Mortgage applications under $250,000

Any fees will be discussed clearly with you and agreed in writing before undertaking any work on your behalf.

If a client cancels a life or health insurance policy within 24 months of its start date or discharges a mortgage or loan within 27 months, The Money Men may charge a fee for the financial advice provided. This fee compensates for the time spent by the adviser and covers the original commission that The Money Men must repay to the lender or insurance provider upon cancellation. A maximum fee of $3000 (incl GST calculated on an average of 12 hours advice and administration at an hourly rate of $217.50 per hour plus GST)

No fee is payable if:

  • The Money Men was given the opportunity but was unable to get a subsequent finance approval
  • no fees will apply if a new insurance policy or mortgage is obtained through The Money Men .
  • An upfront fee was agreed and paid by the client when an mortgage or originally drawn down and no commission was received
  • That the Money Men agrees that the early repayment of the mortgage or the cancelation of the insurance policy was driven by exceptional circumstance for the client.
  • No fee is payable is cancelation is due to the replacement of a product that the Money Men also facilitates, and a new commission is then received.

Any applicable fees will be due by the 20th of the month following the cancellation.

CONFLICTS OF INTEREST

The Money Men and all of its adviser’s prioritise our clients’ interests above their own, we follow an advice process that ensures our recommendations are made on the basis of our client’s goals and circumstances. All our financial advisers undergo regular training about how to manage conflicts of interests, and the gifts and incentives we receive.  

We have regular internal audits to ensure the advice we provide is quality, compliant and aligns with our company values. The Money Men also undertake a compliance audit, and a review of our compliance programme is undertaken annually by a reputable compliance adviser. 

Above all of this, giving priority to our clients’ interests is at the core of what we do, we have been in this game long enough to know that long-term relationships and doing a great job pay dividends. We don’t want a transactional relationship; we want to work with you for a very long time, and hopefully your friends and family. 

COMPLAINTS AND DISPUTES RESOLUTION

If you have a problem, concern, or complaint about any part of our service to you, or the financial products we have recommended and implemented we ask that you please contact us in the first instance so we can try and resolve any issues.  You can make a formal complaint verbally or in writing to either:

Lucy Stirling (Operations and Compliance Manager) 
lucy@moneymen.co.nz
021 793 712

or

Josh Farry (Financial Adviser and Director) 
josh@moneymen.co.nz
022 313 4421  

We will always try our best to resolve any issues you may have in a timely manner. However, if we cannot satisfactorily resolve the issue or you are not happy with the time in which it is taking to do so, it will then become a dispute.  

The Dispute Resolution Process 

      • In the event of a dispute, you must notify us that the complaint has not been resolved and it is now a dispute.
      • We will acknowledge this and confirm in writing our internal complaints process, likely timeframes, and our Disputes Resolutions Service which you can access at any stage should you choose to.
      • Should we fail to handle the problem to your satisfactions within a reasonable timeframe then the product providers themselves have internal complaints handling processes which you might also wish to access. This means that if we have used a particular product that is connected to the issue at dispute, you can contact the company that issued that product and have them attempt to resolve the matter as well.
      • If these options fail to resolve the dispute to your satisfaction, then you may take the matter to the Insurance & Financial Services Ombudsman, of which we are a member. We are bound by the outcome of that process.  You can choose to be bound by the outcome, but you can also choose to be free to pursue other legal avenues if you wish.

The use of Insurance & Financial Services Ombudsman is free for you to use as we cover the cost of their services, and it can help us resolve any disagreements.  You can contact them on:

Insurance & Financial Services Ombudsman

Email: info@ifso.nz
Phone: 0800 888 202 (call free)

Physical Address:
Level 2, Solnet House
70 The Terrace
Wellington 6143

Postal Address:  
PO Box 10-845
Wellington 6143
NEW ZEALAND

PRIVACY POLICY

To provide our services, we are required to obtain and hold certain information from you such as contact details, financial information and records, and medical information and records. 

We collect your personal information to provide advice that is correct for your situation and your needs, as well as facilitate applications for things such as insurance, mortgages and KiwiSaver. We also collect information to support in making claims against insurance policies. 

Besides our staff, we may share this information, only with your permission with:

      • Other Financial Service Providers such as insurers, banks and KiwiSaver providers as is required to assist in obtaining an insurance policy, bank or joining and KiwiSaver provider. 
      • Compliance advisers, assessors, regulators or any claims investigators who may need access to such information.
      • Other professionals or institutions such as solicitors, accountants, general insurance brokers, lenders when such services are required to complement our advice for you
      • Statutory authorities

If you choose not to provide the necessary information that is required, unfortunately we’ll be unable to provide our services.

We keep your information safe by storing it in a secure CRM and only allowing the necessary and required staff access to this information.

In accordance with the Privacy Act 2020, you have the right to ask for a copy of any personal information we hold about you, and to ask for it to be corrected if you think it is wrong. If you’d like to ask for a copy of your information, or to have it corrected, please contact us at support@moneymen.co.nz, or 0800 888 482.

We keep your information for as long as you are a client of The Money Men, so we have all relevant and past information.  If you cease being a client, we are obligated to hold your information on file for a period of at least seven years, however we will retain this information until such time as any statue of limitations relating to the advice provided has passed. 

OUR DUTIES

We are under the watchful eye of the Financial Markets Authority (FMA). 

The Money Men and anyone who gives financial advice on our behalf, have duties under the Financial Markets Conduct Act 2013 relating to the way we give advice. 

We are required to: 

      • Give priority to your interests by taking all reasonable steps to make sure our advice is not materially influenced by our 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 we have the expertise needed 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 we have the expertise needed to provide you with advice) 

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.