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
Personal Lending Products
We may charge an advice fee for our services, based on the size and complexity of the loan, the lender and the work required at settlement for the drawdown of your loan. This fee is up to 10% of the finance amount, plus a $95 administration fee. The fee is capped at $1,095 (GST exempt) for a standard personal loan. The fee is capped at $2,500 (GST exempt) for loans that involve caveats in conjunction with large debt consolidations. The advice fee is capitalised to the loan and paid to us directly by the lender.
Residential Lending Products
We may charge an advice fee for our services, based on the size and complexity of the loan, the lender and the work required at settlement for the drawdown of your loan. The advice fee is up to 1% of the finance amount. Generally, the advice fee is capitalised to the loan and paid to us via the lender.
We may charge a fee for the financial advice provided to a client where a client repays a residential home loan within a defined time (being 27months) from the date it is drawn down, but this will be discussed and agreed with you during the advice process.
General Insurance Fee
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 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.
Personal Lending Products
We may receive initial commission from the lenders who provide personal loan products. If you decide to take out a personal loan, the lender may pay commission based on the amount of loan settled with that lender. The commission amounts will vary depending on the product provider and type of loan.
Residential Lending Products
We, and Astute may receive commission from the lenders who provide residential lending products. If you decide to take out a residential loan, then the lender may pay commission based on the amount of loan settled with that lender. The commission amounts will vary depending on the product provider and type of loan.
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.
Credit Related Insurance, extended warranties and repayment waivers
We do not provide financial advice service related to insurances such as Payment Protection Insurance (PPI), Credit Contract Insurance (CCI), Lifestyle Protection Insurance (LPI), Mechanical Breakdown, and Guaranteed Asset Protection (GAP) insurances. Where we do provide these insurance options, in conjunction with a personal loan, our services are limited to providing information to help you make an informed decision and helping you secure the insurance(s).
Where we do help you secure one or more of the above insurances, in conjunction with a personal loan, we may receive commission ranging from 20% to 30% of the premium you pay if the insurance is organised via one of our product providers. This attracts GST.
If we organise any of the above insurances directly, we will use Janssen Insurance and receive the difference between the wholesale insurance premium and the retail insurance premium. This attracts GST.
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.
Referral Commission Received
If we are unable to help secure a personal loan through one of our personal loan product providers, and we feel that one of our referral partners may be able to help, we may refer you to them. In this case, if you obtain a personal loan through the referral partner, we may receive a referral commission of 10% of the finance amount. Once referred our involvement ends and the referral partner will deal with you directly.
Referral Commission Paid
Any referral fees we pay to partners are based on business referral arrangements. If a conflict of interest arises, we will promptly disclose it and prioritise your interests.
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 one of our approved Dispute Resolution Schemes.
