Nature and Scope of Our Advice​

​

GV Financial Services Limited provides financial advice and investment services relating to the following financial products:

 

KiwiSaver:

• NZ Funds KiwiSaver

• Booster KiwiSaver

• Generate KiwiSaver

• Milford KiwiSaver
   

Life insurance provided by:

• AIA

• Asteron Life

• Partners Life

• Fidelity Life

• Chubb Life

• NIB

 

Finance provided by:

• ANZ

• ASB

• BNZ

• Westpac

• Kiwibank

• SBS (Southland Building Society)

• Cooperative Bank

• ASB/AIA Go Loans

• Avanti Finance

• Liberty Financial

• Unity Credit Union

• Prospa

• GoldBand Finance

• Pepper Money

• Mutual Credit Finance

• Select/Bluestone

• Cressida Capital

• Funding Partners

• Southern Cross Partners

• DBR

• Basecorp

• Silver Harbour Capital

• Heartland Bank/Marac

• Fico Finance

 

GV Financial Services Limited does not generally provide financial advice on products not listed above.  However, some clients may have other financial products with other providers. Where this is the case, we may provide advice on those products as part of providing financial advice to these clients.

​

Fees and Expenses
 

We feel it's important you understand how we are paid, after all we ask the exact questions to you when applying for a home loan. Most of the time, our services come at no cost to you. That’s because instead of being paid by you, we receive revenue from our product suppliers such as banks and some non-banks.

GV Financial Services Limited may charge the following fees for financial advice:

• Commercial Property Purchase

• Speciality Residential Home Loan purchase - Either the result of credit impairment like defaults or the loan is complex by nature. We will inform of you when this is the case.

• Loan is intended to be with a lender for less than 30 months. 

• The lending circumstances are complex in nature and require a great deal of pre-application work.

We do also reserve the right to charge fees at $217.50 + GST per hour. We may do this when charging a percentage of the loan amount isn't appropriate for the circumstances.
Note, we will inform you of any fees being applicable. This may be when confirming an approval, and may not be at the very start of our engagement. 

​

Clawback of Mortgage or Insurance Revenue 

If a mortgage is repaid within 30 months of your mortgage settlement, or insurance policy is cancelled within 24 months GV Financial Services Limited will have to repay some of the 'upfront' commission received. This must be repaid to the Lender or Insurer. This is known as ‘commission clawback'.
If GV Financial Services Limited is charged with a commission clawback, due to early settlement of the mortgage or insurance arranged for you, then GV Financial Services Limited will ask you to pay $217.50 + GST per hour up to $3,000, for the services provided to you. If this is to exceed $3,000 due to the complexity of your application, we will inform you in writing.

• *This $3,000 has been calculated on an average of 12 hours of advice, negotiation and administration to complete and submit your loan/insurance application to the provider, at our hourly rate of $217.50 + GST per hour.

• These service charges are in no way associated with any fees GV Financial Services Limited may have charged at settlement. This is typical with complex applications.

​

Referral Partners

​

We may refer you to other service providers, including Generate KiwiSaver, NZ Funds, and Tower Insurance.

​

From Generate we will receive an ongoing payment of an amount equal to 0.125% of your account balance for referring you to Generate, in the event that you open an account. This fee is paid to me by Generate. The Generate adviser will provide general advice on the Generate KiwiSaver Funds. They can refer you to advisers who can provide you with in-depth advice if required.

​

GV Financial Services Limited receives on referral of client payments from New Zealand Funds Management Limited. These Referral payments include an upfront payment of up to $300 across 9 months for each client that invests in the NZ Funds KiwiSaver Scheme. EasyStreet also receives an ongoing service payment of 0.40% on amounts invested in the NZ Funds KiwiSaver Scheme. GV Financial Services Limited will share some of these payment amounts with the referring adviser. These payments are met by NZ Funds and are not an extra cost to you.

​

From Tower Insurance I may receive ongoing payment equal to 10% of the company premium paid by you. This is not to be confused with the overall premium that includes things such as Fire Levy, EQC Levy etc. If you would like an approximate estimate of what I will receive I am happy to provide this to you.

 

Duties
 

GV Financial Services Limited and anyone who gives financial advice on our behalf, have legal duties relating to the way that we give advice.
We must:

• give priority to our clients’ interests by taking all reasonable steps to make sure our advice isn’t materially influenced by our own interests;

• exercise care, diligence, and skill in providing the 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); and

• 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 treat you as we should and give you suitable 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 www.fma.govt.nz.

 

Conflicts of Interest, Commissions and Incentives
 

Our financial advisers are remunerated by way of receiving a commission from the sale of a financial product.

GV Financial Services Limited may receive commissions from the managed investment scheme managers on whose products we provide financial advice or in which our clients invest, insurance companies on whose policies we provide financial advice, and from the banks with whom we arrange mortgages. These commissions are based on the amount of the sum invested, insurance premiums paid or mortgage (as applicable).

Specific commissions that GV Financial Services Limited are listed here www.gvfinancial.co.nz/how-we-are-paid

It’s important to understand a commission payment represents a top-line revenue payment to the business. Like any business, GV Financial Services Limited has significant costs and these numbers do not reflect the actual amount an adviser may earn.

To ensure that GV Financial Services Limited financial advisers prioritise each client’s interests above their own, they follow an advice process that is designed to ensure their recommendations are made on the basis of the client’s circumstances and financial goals and are suitable for the client. GV Financial Services Limited also:

• has a quality assurance programme in place to monitor the advice our financial advisers provide;

• actively monitors compliance with our conflicts policies and procedures; and

• ensures training is provided to all GV Financial Services Limited financial advisers about how to manage conflicts of interest.
   

Complaints Handling and Dispute Resolution
 

Even with the best of intentions, complaints sometimes arise. GV Financial Services Limited is committed to ensuring that all client complaints are handled and resolved in a professional, fair and timely manner in accordance with our Client Complaints Policy and associated procedures. If you are not satisfied with our financial advice services, you can make a complaint by contacting us at:

via email at complaints@gvfinancial.co.nz

 

When we receive a complaint, we will consider it 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 can’t, we will contact you within that time to let you know we need more time to consider your complaint.

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 can’t resolve your complaint, or you aren’t satisfied with the way we propose to do so, you can contact FSCL an approved dispute resolution scheme who provide a free, independent dispute resolution service that may help investigate or resolve your complaint.

You can contact FSCL via their website fscl.org.nz

​