Advice Disclosure Statement

AI Financial Services

Licensing Information

AI Financial Services Limited is a Licensed Financial Advice Provider authorised by the FMA (Financial Markets Authority) to provide financial advice services. AI Financial Services Limited Provider Number is (FSP709091), Advisor Name Richard Piechazek (FSP111124).

Nature and Scope of Advice

AI Financial Services Limited provides advice to our clients about their Lending needs (mortgages), Personal, medical and group insurance, general insurances, and Kiwi Saver.

Products we can provide financial Advice about

Product Providers we may recommend

Commercial & Residential Mortgages (Incl. Construction Loans) 

ANZ, ASB, Sovereign Home Loans Westpac, Asap Finance Limited, Avanti Finance, Cressida, DBR, First Mortgage Trust, Heartland Bank, NZCU, Pepper Money, Resimac, SBS Bank, Select, Southern Cross, The Co-Operative Bank, Zip Business, Basecorp Finance & CFML

Consumer Finance 

Motor Vehicles, Boats, Debt consolidation, unsecured debt

Asset Finance, UDC, Harmoney 

House, Contents & Vehicle Insurance

AON, Tower

Kiwi Saver

Booster

Personal, group & medical Insurance

AIA, Fidelity Life, NIB & Partners life

We only use these providers.

Our Fees

We do not charge you any fee for the advice and transactional solutions that we provide to you. This is possible because commission from the applicable Product Providers are payable upon:

There are two exceptions to this general position which are explained below – “For NO commission received” & “Clawback”. 

A full schedule of all Product Providers and their commission rates are available on request.

Commission

For services in relation to insurance/ investments/ loan products, commissions paid by the product provider as follows:

Initial Commission 
A percentage of the value of your investment contributions, loan balance or insurance premiums. For Insurance commission is paid up to 100% of the first-year premium plus production bonus and ongoing renewal commission and for home loans between 0.5% to 0.80%. Some lenders offer trail commission with a low initial commission.

Ongoing Commission 
A percentage of the value of your investment balance, outstanding loan amount or insurance premiums, usually calculated at the end of each month in which you hold the investment or loan, or on renewal of insurance products.

For a Home loan 
We are registered to receive commissions from the product providers as per their schedule. I will be paid between 0.5% to 0.8% of the loan amount. Some Lenders do provide a trail-commission for on-going service to our clients. The trail commission is paid monthly for our service and part of the agreement.

For NO Commission Received for a home loan 
If you request that we provide Services in relation to a product or service and we do not receive a commission. Any such fee would be agreed and authorised by you in writing before we complete the Services. This may arise in the rare event that you request that we provide Services in relation to either a product that is offered by a provider that we do not hold an accreditation with, or a product that is outside our usual arrangements with our Product Providers.

Clawback 

Clawback of commission happens when the client cancels a mortgage (refinance via another broker or sells the property) or risk insurance, within 36 months of settlement of mortgage or issuance of a risk policy. The product provider will calculate a commission clawback amount, due to early settlement of the mortgage or insurance arranged for you, AI Financial Services Ltd will ask you to repay to AI Financial Services Ltd the commission that is to repay to the provider, to a maximum of $4,000 (including GST), as cost recovery for the service provided. This fee has been calculated on an average of 16 hours of advice, negotiation, and administration to complete and submit your loan/insurance application to the provider, at our hourly rate of $217.39 per hour plus GST.

Conflict of Interest and Other Incentives

If there is any conflict of interest in our advice or recommendation with our product provider, we will let you know during our first meeting. We do not have any conflict of interest with our product providers and our advice. 

We are here for our clients and to advise you as best we can. Your interests are our priority although we do have business relationships with product providers also. From time to time our product providers assist us with funding so we can bring our advisers together for conferences and professional development training.

How we manage any conflicts of interest

To ensure our advisers prioritise our clients’ interests:

Our Duties and obligations to you

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

We are required to:

More information is available by contacting us, or by visiting the Financial Markets Authority website https://www.fma.govt.nz

Complaints handling and dispute resolution

Internal Complaints
If you have a problem, concern, or complaint about any part of our advice or service, please tell us so that we can try to fix the problem. 

Our internal complaints manager is Richard who can be reached via email at info@aifinancial.co.nz. Richard will reply to you within 24 hours.

Our internal complaints handling process is as follows: 

External Complaints 
If we cannot agree on how to fix the issue, or if you decide not to use the internal complaints scheme, you can contact our external disputes resolution scheme Financial Services Complaints Ltd. This service will cost you nothing and will help us resolve any disagreements.

You can contact Financial Services Complaints Ltd – FSCL:

Address: FSCL PO Box 5967, Lambton Quay, Wellington 6145 Wellington

Phone number:0800-347-257

Email address: info@fscl.org.nz

Website: www.fscl.org.nz 

Contact Details

AI Financial Services Limited (FSP709091, trading as AI Financial Services) is the Financial Advice Provider. Our Financial Advisor is Richard Piechazek (FSP111124).

You can contact us at:

Phone:                (09) 479 8449

Mobile:               027 222 2116

Email:                 info@aifinancial.co.nz

Web:                   www.aifinancialservice.co.nz

Address:             753 Beach Road, Browns Bay, Auckland, 0630