Identifying Information

 

I am a financial adviser and I am giving advice on behalf of Ginkgo Financial Services Ltd (FSP719251)

 

 

Name of Financial Adviser: Anita Fu
FSP Number: FSP 72449
Address: 20 Northcroft Street, Takapuna, Auckland
Trading Name: Ginkgo Financial Services Ltd
Phone: 021 288 1985
Email Address: anitafu@ginkgo.co.nz
 

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Qualifications:

New Zealand Certificate in Financial Services – Life and Health insurance (level 5)
New Zealand Certificate in Financial Services – Residential Property Lending (level 5)
Massey University Master in Finance

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Nature and Scope of the Advice

 

Areas I can provide personal advice:

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The following are the areas of personal risk and insurance advice that I can provide:

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• Untimely Death – Life insurance

• Suffering specified serious illness or disabilities – Trauma insurance

• Suffering a permanent disability – Permanent disability insurance

• Loss of income through sickness or disability (income/mortgage protection insurance)

• Needing timely hospital or specialist treatment – health/medical insurance

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I source insurance products from the following companies:

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• AIA

• Asteron Life

• Cigna

• Fidelity Life

• Partners Life

• Accuro (Health Insurance only)

• nib (Health Insurance only)

• Southern Cross

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My advice process:

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I follow an intentionally recognised 6 step advice process which involves:

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1. Establishing the areas of advice for the current engagement –Scope of Service and Engagement;

2. Gather client facts and information – needs analysis

3. Further analysis and research by me and designing a solution to match your needs-Adviser Processes Information

4. Preparing a written report for you- Statement of Advice

5. Presenting my recommendations to you and implementing any agreed solutions-finalise solution

6. Present Policy documents and explanation policy benefits

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I reviewing these solutions and strategies on a regular basis.

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My duties and obligations to you：

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I have duties and obligations under the Financial Markets Conduct Act 2013 relating to the way I give advice. I am required to:

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• Ensure you understand the nature and scope of service you ask me to provide;

• Provide a service and advice that is relevant to this scope of service and suitable to your circumstances and needs;

• Listen to your needs, concerns, preferences and to treat you fairly and with respect;

• Act with integrity and give priority to your interests and give advice not influenced by my own interests;

• Exercise care diligence and skill in providing you with advice;

• Meet the necessary standards of competence, knowledge, and skill to provide you with the advice requested;

• Ensure you understand my advice and recommendations and any associated risks;

• Keep you informed along the way and communicate in a timely, clear, and effective manner.

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Reliability History

 

Neither Ginkgo Financial Services nor I have been subject to a reliability event. A reliability event is something that might materially influence you in deciding whether to seek advice from me or from Ginkgo Financial Services Ltd. As an example, it would include legal proceedings against me, or if I had been discharged from bankruptcy in the last four years.

There have been no professional indemnity insurance or negligence claims, disputes resolution actions, or disciplinary actions. Ever.

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Fees and Expenses

 

Ginkgo Financial Services Ltd does not charge fees, however I may charge a fee for the financial advice provided to the client where a client cancels a life or health insurance policy within two years of inception. This is a one off fee of $500.

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• Terms of payment are payment within 7 days of invoice, with direct credit to the bank account of Ginkgo;

• Ginkgo will pay the fees to me;

• Cash or barter are not accepted as means of payment.

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Conflict of Interest and Incentives

 

When implementing (or brokering) a group or personal insurance product our preference is to be paid via brokerage, or commission, as this results in no direct fee payable by the client, and Ginkgo only receives payment from an insurer if we are successful in placing business which the client is happy with.

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The gross amount of commission payable to Ginkgo Financial Services on any particular recommendation will be disclosed specifically prior to implementation of any product or plan.

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As a general indicator of the range of commissions which may be paid, Ginkgo receives standard commission terms from all insurers (there no preferential terms over and above any other adviser in the market), which are:

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• Ginkgo receive commissions from the relevant insurance company if you take out life insurance following my advice. The commissions are 140%-200% of the first year’s premiums of your policy, I would receive 30% of Ginkgo’s commission.

• Ginkgo receive commissions from the relevant insurance company if you take out health insurance following my advice. The commissions are 30%-140% of the first year’s premiums of your policy, I would receive 30% of Ginkgo’s commission;

• Ginkgo also receive a renewal commission of between 5% -15% of the premium for each year the policy remains in force, I would not receive any renewal commission; however, Ginkgo would pay me the basic salary for Ginkgo customer services including renew Ginkgo’s clients;

• In addition, Ginkgo receives override commission from the insurance dealer group, that would be a 50% shared with them, which the insurance dealer group receives this basic on a certain percentage of the first year’s premiums of your insurance policy, depending upon which insurance company and which policy you choose as well. I would receive 30% of Ginkgo’s shared override commission.

• Ginkgo receives referral fee from Pulsar Insurance Agency Ltd, which would share of their 50% commission they get from the provider that is basic on the first year’s premiums of your General insurance policy, if you are in placing business with Pulsar Insurance Agency Ltd. I would receive 50% of Ginkgo’s’ shared referral fee.

• I also receive referral fee from Ginkgo for my successfulness to recommend my client to Ginkgo and get a loan drawdown. The 30% referral fee would be depending on the commission/broker fee that Ginkgo gets from the provider. The rules of clawback is applied.

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To ensure that I prioritise your interests above my own, I follow an advice process that ensures my recommendations are made on the basis of your individual goals and circumstances. I complete annual training about how to manage conflicts of interest. We undertake a compliance audit, and a review of our compliance programme is undertaken annually by a reputable compliance adviser.

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