Advice Disclosure Statement

Licensing information

Maxim Risk Limited (FSP721332) trading as Maxim Wealth, holds a licence issued by the Financial Markets Authority to provide financial advice.

Nature and Scope of the Advice

Maxim Wealth provides financial advice to our clients about their investments, insurances and retirement.

Savings and investment products

Insurance products

Savings and investment products

N

Portfolio management through Custodial Services, which include Managed Funds, Unit Trusts, ETFs, some bonds and fixed interest investments, and some shares

Insurance products

N

Life cover, trauma, and income protection products

N

Medical Insurance

N

Portfolio management through Custodial Services, which include Managed Funds, Unit Trusts, ETFs, some bonds and fixed interest investments, and some shares

N

Life cover, trauma, and income protection products

N

Medical Insurance

We also provide comprehensive retirement planning, investment planning, and personal insurance planning services, but do not provide tax, accounting, legal advice or specialised estate planning services.

We can provide financial advice about placing investments with most product providers via a Custodial Trading Account. However, we only provide financial advice in relation to insurance offered by certain providers:

  • For insurance products we work with the following suppliers –Accuro, AIA, Asteron Life Limited, Cigna, Fidelity Life Assurance Company Limited, Partners Life, and NIB.

Fees, expenses, or other amounts payable

For investment advice, Maxim Wealth will charge a fee for any financial advice provided to a client. In the case of ongoing Portfolio management and administration, fees will be deducted from the client’s Custodial Account on a monthly basis.

From time to time, for work outside of the above scope, the fees involved maybe invoiced directly to the client. Under these circumstances, the client will always be made aware of and understand the cost before any work is undertaken.

In some cases, fee discounts will be negotiated with fund managers and Custodial Services providers. It is our policy to pass all these discounts back to the client. These discounts are paid in the form of a rebate to the clients Custodial Account.

Each client’s Statement of Advice outlines all relevant fees for the services we have agreed to provide. No portfolio will be put in place before you are fully aware of all fees and charges that will be applicable to your specific portfolio.

For clients who have a Portfolio managed through Custodial Services, the following fees will apply:

Type of fee

Maximum fee payable

Preparation of statement of advice

A maximum of up to $1,000 + GST

Establishment fee

A maximum of up to $500+ GST

Adviser annual monitoring fee

A maximum of up to 0.80% per annum of funds under management excluding GST if applicable

Hourly rate

$150 per hour + GST

In many cases, the actual fees will be materially lower than the maximums outlined above and under certain circumstances some of these fees may be waived or rebated back to the client.

Conflicts of Interest and commissions or other incentives

Maxim Wealth receives commissions paid by certain product providers. For insurance product providers, a maximum initial commission as a percentage of annual premium and a maximum ongoing percentage of annual premium will apply –differing depending on the provider.

Before any investment or insurance policy is implemented, you will be made fully aware of all potential commission payments or conflicts of interest (if any) specific to your case. This will be clearly outlined in your “Statement of Advice”.

To ensure that our financial advisers prioritise our clients’ interest above their own, we follow an advice process that ensures our recommendations are made on the basis of each client’s goals and circumstances. In particular, a combination of 3rd party research and client preferences are used for Insurance product providers.

Complaints handling and Dispute Resolution

If you are not satisfied with our financial advice service, you can make a complaint by contacting the internal complaints scheme at Maxim Wealth by email admin@maximfinancial.co.nz, or by calling 04 472 0041. You can also write to us at:

Maxim Wealth PO Box 30936, Lower Hutt 5040

If we receive a complaint, we will consider it following our internal complaints process:

N

Acknowledge the complaint in writing within 1 week

N

Meet with the client (in person or via phone / video conference) to discuss the issue and attempt to resolve it. At that meeting we will go through a process to (a) identify the exact issue, (b) identify why the client believes it is an issue and the impact on the client, (c) identify what outcome(s) the client is seeking and (d) attempt to find an outcome that is agreeable to both parties

N

If we can agree on a suitable outcome for both parties, we will aim to implement this outcome within 14 days

If we can’t resolve the complaint, or you aren’t satisfied with the way we proposed to do so, you can contact our disputes resolution provider, the Insurance and Financial Services Ombudsman Limited.

The Insurance and Financial Services Ombudsman Limited provides a free, independent dispute resolution service that may help investigate or resolve your complaint. If we haven’t been able to resolve your complaint to your satisfaction, you can contact the Insurance and Financial Services Ombudsman by emailing info@ifso.nz or by calling: 0800 888 202. You can also write to them at: PO Box 10-845, Wellington, 6143.

Duties Information

Maxim Wealth, and anyone who gives financial advice on our behalf, has a duty under the Financial Markets Conduct Act 2013 around the way that we give advice. We are required to:

  • give priority to your interests by taking all reasonable steps to make sure our advice is not materially influenced by my own interests;
  • exercise care, diligence, and skill in providing you with advice;
  • meet standards of competence, knowledge and skill set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure that we have the expertise needed to provide clients with advice); and
  • meet standards of ethical behaviour, conduct and client care set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure we treat you as we should, and give you suitable advice).

This is only a summary of the duties that we have. More information is available by contacting us or by visiting the Financial Markets Authority website at https://www.fma.govt.nz

Contact details

Maxim Risk Limited (FSP721332), trading as Maxim Wealth is the Financial Advice Provider.

You can contact us at:

Phone: 04 472 0041

Email: admin@maximfinancial.co.nz

Address: PO Box 30936, Lower Hutt 5040

Our Adviser Qualifications and Experience

John Makowem

Has the following relevant experience:

2010-present

Financial Planner

Maxim Risk Limited t/a Maxim Wealth

2007 –2010

Financial Adviser

Spicers Portfolio Management

2000–2007

Principle

Discovery Consulting Services (South Africa)

Qualifications

John has the following qualifications which are relevant to giving investment advice:

2016

Authorised Financial Adviser

Financial Markets Authority

2008

Certified Financial PlannerCM

Financial Markets Authority

2008

Graduate Diploma –Personal Financial Planning

Massey University

1990

Bachelor of Laws

Rhodes University (South Africa)

1988

Bachelor of Commerce

Rhodes University (South Africa)

Get In Touch

Happy to answer any questions, anytime.

Insurance advice

(04) 472 0041

Investment

John.makowem

Maxim Wealth more than just the investment return