Premium Funding
To make payments easier, we offer premium funding, allowing you to pay in instalments. Please note, premium funders charge interest and can cancel policies for non-payment. In these arrangements, the funding company may pay us a commission on the amount funded, with CBN NZ retaining a portion.
Limitations of Financial Advice
We do not provide financial advice service related to:
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- Business insurance (e.g., commercial property, liability, cyber, etc.); and
- Investment products (e.g., shares, bonds, managed funds, etc.) and KiwiSaver products; and
- Estate planning (such as Wills, Enduring Powers of Attorney, and trusts of any description); and
- Personal risk insurance (e.g., life insurance, mortgage protection insurance, serious illness or trauma insurance, medical insurance, disability insurance, etc.)
You will need to consult appropriate specialists if you would like advice on “a”, “b”, “c” and “d” above.
Fees, expenses, or other amounts payable
We earn through a combination of fees and commissions. Fees are based on the time and complexity involved in setting up your policy, and any adjustments or cancellations during the policy term may incur a fee as outlined on your invoice. CBN NZ retains a portion of these fees for professional support to us. Any additional charges, like credit card or premium funding fees, will be disclosed in our recommendations.
Conflicts of interest and commissions or other incentives
We have an obligation to put our clients’ interests first when making a recommendation. Should any actual or potential conflicts of interest arise during the advice process, we undertake to bring any such conflict of interest to your attention so that you may assess our advice objectively. Our advisers are dedicated to acting in your best interests, supported by a conflicts and gifts register to maintain transparency.
If you accept and act on our advice, we may receive a product provider commission. Conversely, if you do not accept and act upon our advice, we will not receive a product provider commission.
General Insurance Products
We, and CBN NZ will receive commission from the insurance companies who provide general insurance products. If you decide to take out a general insurance policy, then the insurance company will pay commission based on the premium that you pay. If your policy is cancelled, this commission may be retained.
Advisers
All our advisers are salaried advisers. In addition to their base salary, an employee may be entitled to commission, in accordance with the Performance Based Development & Incentive Plan. This plan is based on the adviser’s level of performance across a balanced scorecard of individual, customer, team, and business metrics and compliance with applicable legislation, regulation, and the Code of Professional Conduct for Financial Advice Services.
Performance Based Remuneration
Our remuneration is based on the total amount you end up borrowing (i.e., the more you borrow, the more remuneration received by us), and/or the total amount you end up insuring (i.e., the more you insure, the more remuneration received by us).
To ensure that our financial advisers prioritise the client’s interests above their own, we follow an advice process that ensures our recommendations are made based on the client’s personal goals and circumstances. All our financial advisers undergo annual professional development refresher training about how to manage conflicts of interest. We maintain registers of conflicts of interests, and the gifts and incentives received.
Other incentives
From time to time, various product providers (described previously) may also reward us and/or Astute and/or CBN NZ, for the overall business provided to them. They may give tickets to sports events, hampers, or other incentives.
Other interests
In addition to being a Financial Adviser, Rachael Alexander is also the sole director and a shareholder of Max Money Group Limited.
Max Money Group, Astute, CBN NZ and/or some of our product providers periodically undertake a compliance review of our advice process.
Product providers may also engage independent compliance consultancy firms to conduct ongoing independent compliance reviews.
Complaints handling and dispute resolution
We take all complaints seriously and work to resolve them as quickly as possible.
If you are unhappy with our financial advice service, and wish to make a complaint, please contact your financial adviser so he or she can try to put things right.
If you do not feel comfortable discussing your concerns with your adviser, you can:
- Call us on 09 913 3011, or 0800 275 629 (toll free) between the hours of 8:30 am – 5 pm weekdays
- Email us at info@maxmoneygroup.co.nz
- Write to us at Unit D1, 27-29 William Pickering Drive, Rosedale, Auckland, 0632, New Zealand (the address of our Head Office) addressing your letter to the attention of the Managing Director.
How your Complaint will be handled
We will deal with your complaint using our internal complaints handling process. Accordingly,
- We will investigate your complaint by analysing the information you provided us; and
- We may contact you to get additional information about your complaint.
We aim to resolve your complaint within 40 days of its receipt and advise you, in writing, our proposed resolution to your complaint.
If we cannot resolve your complaint within 40 days of receipt (or any additional time you have given us thereafter, at our request), you may refer your complaint to our Approved Dispute Resolution Scheme.
