Primary Disclosure:

About us

We hold a financial advice provider (FAP) licence issued by the Financial Markets Authority to provide financial advice.

Business name: Essential Financial Solutions Limited

Registration: FSP635869

Email: admin@efsnz.co.nz

Phone: 07 282 0791

Address: 31 Empire Street, Cambridge

Postal address: PO Box 1132, Cambridge 3450

What we advise on

• Personal insurance (risk), including health insurance

• Business risk insurance (Key Person, Shareholder Protection, Business Overheads and Expenses)

• KiwiSaver

• ACC restructuring

Insurance products we advise on

• Life insurance

• Trauma insurance

• Total and permanent disability insurance

• Income protection insurance

• Mortgage and household expenses cover

• Health and medical insurance

• Key Person Insurance

• Shareholder Protection Insurance

• Business Overheads & Expesnes Insurance

Providers we work with

Our financial advisers only provide financial advice about products from the following providers:

Existing policies

In providing you with financial advice, we will only consider existing term life, trauma, income protection and health insurance policies (if any). We will not provide advice on existing whole of life or endowment products, so you will need to consult a specialist if you would like advice on those products.

Our duties

Essential Financial Solutions Ltd, and anyone who gives financial advice on our behalf, have duties under the Financial Markets Conduct Act 2013 relating to the way that we give advice. We are required to:

• Give priority to your 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 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 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 and incentives

How we are paid

Essential Financial Solutions Ltd receives commission from the insurers and KiwiSaver providers whose products we give advice on. If you decide to take out insurance, or to take up our KiwiSaver advice, the provider pays a commission to Essential Financial Solutions Ltd. Insurance commission is paid by the insurer and does not change the premium you pay.

The amount of commission is based on your insurance premium or, for KiwiSaver, your account balance. Specific commissions are set out in your Nature and Scope of Advice and confirmed when advice is provided.

How our advisers are paid

Our financial advisers are paid either a salary with a possible bonus, or, if they are contractors, a base rate plus a share of the commission Essential Financial Solutions Ltd receives. Your adviser’s remuneration is set out in their Nature and Scope of Advice.

KiwiSaver introductions

If one of our insurance advisers introduces you to our KiwiSaver adviser and you transfer your KiwiSaver account to us with a balance of $30,000 or more, that adviser receives a one-off payment of $50 from Essential Financial Solutions Ltd. This reflects that we only receive commission from some KiwiSaver providers on balances of $30,000 or more.

Referral partners

We have referral arrangements for services we do not provide. If you choose to use one of these partners, we receive a referral commission. These arrangements are set out in your Nature and Scope of Advice, and you are under no obligation to use them.

Hospitality and events

From time to time, product providers may offer us hospitality, training or invitations to industry events, such as conference attendance. These are not linked to the amount of business we place with them. We record them in our gifts register, and they do not influence the advice we give.

How we manage conflicts

• We follow an advice process that ensures our recommendations are made on the basis of each client’s goals and circumstances.

• All our financial advisers undergo annual training about how to manage conflicts of interest.

• We maintain registers of conflicts of interest, and of the gifts and incentives we receive. Essential Financial Solutions Ltd monitors these registers and provides additional training where necessary.

• Essential Financial Solutions Ltd performs an annual review of our compliance programme.

Fees and expenses

Important: early cancellation fee

If you cancel a health, risk or business insurance policy within two years of it starting, Essential Financial Solutions Ltd may charge a fee for the financial advice provided. Any fee is based on time spent, at $175 per hour plus GST. Whether a fee applies, and how it is calculated, will be set out when advice is provided.

Any fee is invoiced and payable within 7 days.

Other service fees

• ACC restructuring: $250 plus GST (one-off, per ACC account)

• Simple Will: $149 including GST (one-off). This is not financial advice.

KiwiSaver fees

Essential Financial Solutions Ltd generally does not charge you a fee if you decide to take up KiwiSaver advice. In some instances, an initial advice fee or an ongoing advice fee will be charged. These will be clearly disclosed when the advice is provided.

All KiwiSaver fees are deducted directly from your KiwiSaver account. We may charge clients for the financial advice provided if they close or transfer their KiwiSaver accounts within 24 months of taking up the advice.

Our internal complaints process

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

• Emailing: admin@efsnz.co.nz

• Calling: 07 282 0791

• Writing to us at: PO Box 1132, Cambridge 3450

• Using the feedback button on our website

What happens next

• We will acknowledge your complaint within 2 working days and let you know how we intend to resolve it. We may need to contact you for more information.

• We aim to resolve complaints within 10 working days of receiving them. If we can’t, we will contact you within that time to explain why and when you can expect a response.

• 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.

Our external complaints process

If we cannot agree on how to resolve your complaint, or you decide not to use our internal complaints process, you can contact our external disputes resolution scheme, the Insurance & Financial Services Ombudsman Scheme (IFSO). IFSO provides a free, independent dispute resolution service that may help investigate or resolve your complaint.