Ross Frater - Disclosure to Nature and Scope of advice
- RISK INSURANCE
Identifying information
I am a Financial Adviser for Core Advice Limited and I am giving advice on behalf of Wealthpoint Limited which holds a Financial Adviser Provider licence.
My details are as follow:
Name: Ross Frater
Financial Adviser: FSP61801
Phone: 03 578 9029
Email: ross@coreadvice.co.nz
Address: Level 1, The Forum, Market Street, Blenheim
Nature and Scope of the advice
I will provide you with financial advice in relation to products as follows:
Risk insurance
o Ongoing service and maintenance of your existing personal risk insurance cover
Limitations on the advice I provide
My advice at this time is limited to a review of your existing personal risk insurance cover. We have not completed a full Needs Analysis to determine your current situation or requirements.
I do not provide financial advice on lending, however we may have specialists within Core Advice Limited or the wider Wealthpoint Network who I can refer you to.
For the above referrals, I may receive a referral fee of a flat rate or percentage of the commission/fee received by the referred adviser, which will be detailed at the time of the recommendation.
I do not provide advice on tax or legal issues and recommend you take independent tax advice or legal advice if required.
For specialist General insurance products that cannot be provided by Core Advice I may refer you to Certus Insurance Brokers or Gallagher who will be responsible for providing advice to you regarding any insurance products they have arranged on your behalf. For these referrals, Core Advice may receive up to 50% of the commission/fee received by the referred adviser, which will be detailed at the time of the recommendation.
This means that any advice provided has been done in isolation to your other financial affairs. This may mean that your other financial affairs may not totally integrate into the advice provided.
Providers, relevant commissions and fees
Relevant fees and commissions from product or platform providers are paid to Wealthpoint Limited which has an agreement with the providers to distribute their financial products. Wealthpoint Limited then on-pays the fees and commissions received to Core Advice Limited while retaining between 3% and 6%.
For services I provide to you based on the scope agreed, commissions may be paid by the product provider which may include an upfront, ongoing/trail or renewal commission of a percentage of the value of your investment fund under management or insurance premium, depending on the specific product provider and type of financial product.
General insurance providers
The product providers I may recommend for general Insurance and travel insurance are:
- AMP General, Vero, Vero Liability, Vero Marine, AMP Travel Insurance (Allianz) and Southern Cross (travel policies only)
Upfront paid by the providers ranges from 5% - 35% of the annual premium depending on the provider and type of product. This commission is also paid at each renewal.
The provider may pay upfront commission for any changes to your policy during the period of cover.
For referred business, Core Advice may receive up to 50% of the standard brokerage commission received by Certus Insurance Brokers or Gallagher.
Life, trauma, disability, income protection and health insurance providers
The product providers I may recommend for life, trauma, disability, income protection and health insurances are:
- Accuro, AIA, Asteron Life, Fidelity Life, nib, Resolution Life and Southern Cross
Upfront commission paid by the insurers ranges from 0 - 210% of the annual premium and trail commission ranges from 3% - 30% of the annual premium depending on the provider, commission option chosen and type of product. Commission may vary depending on the services, offers and / or features of specific products.
If you decide to cancel your policy fully or partially within 24 months from the inception of the policy in place and the provider requests the applicable commission that has been dispersed to me to be repaid, I may charge you a one-off clawback fee to cover some of the time I spent with you providing advice in connection with the applicable policy, at a flat fee of $250 + GST.
KiwiSaver providers
The product providers I provide advice on for KiwiSaver are:
- AMP, ANZ, Booster, Fisher Funds, Generate, Goalsgetter and Milford
I may charge an Advice Service Fee between 0.20% to 0.50% per annum of the fund under management depending on the provider.
Trail commission paid by the providers ranges from 0.20% to 0.50% per annum of the fund under management depending on the provider.
Core Advice may receive up to $300 upfront commission depending on the provider.
You may be required to pay third-party fees which may include fund manager fees, fund administration fees, performance fees and transaction fees. These fees will be disclosed in my recommendations if applicable.
Investment providers
I provide advice on a wide range of investment products which I can provide you with further information on.
I may charge a portfolio Ongoing Service Fee between 0.20% - 1.00% per annum of the fund under management depending on the provider.
Trail commission paid by the providers ranges from 0.20% - 0.50% per annum of the fund under management depending on the provider.
You may be required to pay third-party fees which may include fund manager fees, fund administration fees, performance fees and transaction fees. These fees will be disclosed in my recommendations if applicable.
A contribution fee of up to 5% of each payment may be deducted for the purchase of units in the funds under AMP investments.
Conflicts of interest and incentives
I am paid a salary by Core Advice and may receive bonuses depending on the amount and value of financial products I distribute. I am also a Director and Shareholder of Core Advice and may receive bonuses or dividends depending on the amount and value of financial products I distribute.
Core Advice is a shareholder of Wealthpoint Limited. Wealthpoint may also pay Core Advice rebates on a periodic basis.
I may receive subsidised professional development training from financial providers.
Wealthpoint Limited and Core Advice may receive payments from product suppliers and financial platform providers for the amount of business I place with them.
Wealthpoint may receive funding from suppliers to market and contribute at periodic conferences.
To ensure Wealthpoint advisers prioritise the client's interests above their own, our Advisers follow an advice process that ensures our recommendations are made based on the client's goals and circumstances. I am regulated by the FMA and am subject to Wealthpoint quality assurance processes for compliance purposes.
Privacy Information
This statement relates to the personal information that you provide now and in the future. The personal information collected will be held by Core Advice and Wealthpoint to identify services and products that may be suitable for your needs. Wealthpoint can access this information to assist you to provide financial services to you, to administer and service any products you have, to identify other services or products available that may be suitable to your needs, to provide quality control services and to manage complaints.
I may disclose your personal information to other relevant product providers to enable them to assist me to provide financial services to you. You have the right to ask to see and request correction of any personal information my adviser business and/or Wealthpoint holds about you. Core Advice and Wealthpoint hold information about you securely. If you transfer to another adviser business or I sell my client register, I will transfer the information I hold to the new adviser business or Adviser. Your personal information may be disclosed to auditors. Your personal information may be disclosed to regulators when required under law.
Ross Frater
Financial Adviser
Ross Frater - Disclosure to Nature and Scope of Advice - Risk insurance - Version 1.4 03/2025