Financial advice fees & important information about our business
McKenzie Enterprises Limited Financial Services Provider Number 708191 trading as: McKenzie Financial Planning & Move My Pension, holds a licence issued by the Financial Markets Authority to provide financial advice.
We are located at 31 Balfour Crescent, Riverlea, Hamilton
You can contact us:
Luke McKenzie | 021355247 | Luke@mckfp.co.nz | FSP 39965
Reid McKenzie | 0275888997 | Reid@mckfp.co.nz | FSP 1001338
Our Services
McKenzie Financial Planning advisers provide advice about the following products: |
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Financial advice fees
The actual financial advice fees charged to you will depend on the nature and scope of the advice or service we provide. We will discuss and agree the actual fees with you before we proceed and explain how they are payable. The fees charged for our financial advice and services may be based on a combination of a fixed flat dollar amount or a percentage-based fee. Our agreed advice and service fees may include charges for initial advice, ongoing or annual advice and services
Kiwisaver
Client fees for this service: No fixed fee for assessing clients’ existing KiwiSaver Fund/provider. Additionally, if we make a recommendation to switch to another fund/provider that we work with, and you make the switch, there is no fee for this advice – neither fixed one-off nor ongoing.
Important note: If you follow our recommendation to switch to a KiwiSaver fund/provider we work with they will pay us a servicing fee to act as your financial adviser in regards to your KiwiSaver fund. This servicing fee is typically 0.25% of the balance of your KiwiSaver fund p.a., paid monthly by the KiwiSaver Provider (not the client), directly to the adviser.
We use the following KiwiSaver providers:
ANZ OneAnswer, Booster, Generate, Fisher Funds.
Managed Funds
Client fees for this service: $250 one-off standard fixed fee for formal advice documentation (Statement of Advice) and assistance implementing the investment recommendation. Ongoing adviser fee of 0.25% of funds invested p.a. for ongoing advice, monitoring, and reporting on investment.
We use the following Managed fund providers:
ANZ OneAnswer, Generate, Superlife, Fisher Funds.
Premium Investment Service :
Client fees for this service: $1,000 one-off standard fixed fee for formal advice documentation (Statement of Advice) and assistance implementing the investment recommendation. Ongoing adviser fee of 0.75% of funds invested p.a. for ongoing advice, monitoring, and reporting on investment.
The two Premium Investment Services we offer are:
The Ignite Portfolio Service (IPS)
The Fisher Funds Individually Managed Account (IMA)
Financial & retirement analysis and planning
Client fees for this service: One-off fee of $650 - $2000; based on complexity/ how many different facets of the client's situation we need to cover in the analysis and plan. Fee payable on presentation of the plan.
If the financial plan incorporates new investments recommendation/s i.e. our Managed Fund Investments or Premium Service Investments service, then the fixed one-off fee for these solutions will be covered by the above-mentioned one-off financial & retirement planning fee ($650-$2000). However, the ongoing adviser fee of 0.25% p.a. or 0.75% p.a. (depending on investment type) will still apply.
Client services summary fee schedule
Service | One-off fixed fee | Ongoing adviser fee p.a. |
|---|---|---|
Managed Fund investments | $250 | 0.25% |
Premium Service investments | $1,000 | 0.75% |
KiwiSaver advice | $0 | 0.00* |
Financial & Retirement Planning | $650 - $2000 | 0.25% or 0.75% as applicable |
Conflicts of interest
Our advice business, McKenzie Enterprises Ltd, has a subscriber agreement for services provided by Ignite 2018 Limited (Ignite) (a service company that does not provide financial advice) for which we pay a monthly bundled service fee per financial adviser.
Ignite has a preferred investment provider agreement with Fisher Funds Management Limited (Fisher Funds) relating to investments placed with Fisher Funds by Ignite member clients. Under this agreement Ignite receives a fee equal to a small percentage of the investments placed with Fisher Funds.
Ignite also provides a Discretionary Investment Management Service (DIMS) through which McKenzie Enterprises Ltd Limited uses the Ignite Portfolio Service (IPS) for clients as a possible investment solution. Ignite receives an administration fee for the services it provides to the Ignite Portfolio Service (IPS) detailed in the IPS Client Agreement. These fees are disclosed in the IPS Investment Proposal.
No portion of the above mentioned fees are paid to McKenzie Enterprises Ltd or its advisers, and we aren’t under any obligation to place any particular level of business with Fisher Funds or with the Ignite Portfolio Service, but McKenzie Enterprises Ltd indirectly benefits from those fees through the Ignite member services they help fund.
McKenzie Enterprises Ltd is also a minority shareholder in Ignite.
We manage the resulting conflict of interest by ensuring our advisers only recommend Fisher Funds or Ignite Portfolio Service investment products where the adviser is satisfied that those products provide the best outcome for our clients, when compared with any other product we are able to recommend, having regard to the nature and scope of the service agreed with the client.
In addition to stated client advice fees McKenzie Enterprises Ltd may also receive a trail (ongoing) fee directly from KiwiSaver providers on whose products we give financial advice. If you decide to take our KiwiSaver advice, the KiwiSaver provider may pay us this ongoing trail fee which is typically equal to 0.25% p.a. of the KiwiSaver balance, paid directly to the adviser monthly. Specific fees will be advised to you when advice is provided.
To ensure that our financial advisers prioritise the client’s interests above their own and to manage the potential conflicts of interest as disclosed above, McKenzie Enterprises Ltd adviser follows an advice process that ensures personalised recommendations are made on the basis of the client’s goals and circumstances, as advised by the client. McKenzie Enterprises Ltd financial advisers completes regular training, including how to manage conflicts of interest. Adviser has a regular compliance review of their advice process and our compliance programme is reviewed annually by our compliance adviser.
How we manage any conflicts of interest
To ensure our advisers prioritise our clients’ interests:
• We follow an advice process that ensures our recommendations are made appropriately, based on clients’ goals and circumstances.
• All our advisers undergo annual training about how to manage conflicts of interest.
• We maintain registers of conflicts of interests and the gifts and incentives we receive. These registers are monitored regularly, and additional training is provided as required.
• We undertake an annual independent Compliance Assurance Review.
Disputes and complaints
If you are not satisfied with our financial advice service you can make a complaint by emailing Luke@mckfp.co.nz or by calling 07 839-1096 You can also write to us at 31 Balfour crescent Hamilton. When we receive a complaint, we will consider it using our internal complaints process:
• We will consider your complaint 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 cannot, 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 cannot resolve your complaint, or you are not satisfied with the way we propose to do so, you can contact Insurance and Financial Services Ombudsman provides a free, independent dispute resolution service that may help investigate or resolve your complaint if we have not been able to resolve your complaint to your satisfaction. You can contact Insurance and Financial Services Ombudsman by Address: Level 2 70 The Terrace Wellington 6143, Telephone number: 0800 888 202, Email address: info@iombudsman.org.nz
Our duties and obligations to you
We are bound by the duties of the Financial Markets Conduct Act (431I, 431K, 431L and 431M) to:
● Meet the standards of competence, knowledge and skill set out in the Code of Conduct
● Give priority to the clients’ interest
● Exercise care, diligence and skill
● Meet the standards of ethical behavior, conduct, and client care set out in the Code of Conduct.