Diligent Wealth
Management Public Disclosure
Licensing Information
Diligent Wealth Management Limited (Diligent Wealth) holds a license issued by the Financial Markets Authority (the government agency that monitors financial advisers) to provide financial advice. You are able to find us on the Financial Services register here: Diligent Wealth FSP Register. There are no special conditions that apply to this license.
Our registration number is: FSP762373
Nature and Scope of Our Advice
Diligent Wealth provides advice to our clients around investments and financial planning. Our financial advisers provide regulated advice in relation to UK pension transfers, UK SIPP, Superannuation, KiwiSaver and Globally Managed Funds which include a wide range of global equities, government and corporate bonds.
For investment products our main providers are as follows but not limited to:
AMP/AXA NZ Ltd
ANZ New Zealand Investments Ltd
First NZ Capital Ltd
Fisher Funds Management Ltd
NZ Funds Management Ltd
Select Wealth Management
i-Select Superannuation Scheme
Ranfurly Strategic
Consilium Wrap
Synergy Investments
IVCM
Booster
STM International Pension Plan (London & Colonial SIPP)
Nikko Asset Management Ltd
Superlife
For KiwiSaver we are able to provide advice on a wide range of providers who include but are not limited to:
Booster
Summer
Nikko Asset Management
Milford
Fisher Funds
JMI KiwiSaver
AMP
ANZ
Generate
Superlife
KiwiWrap
If a provider other than the above has a particular product that you are interested in then please let us know as we will be happy to provide advice on that basis.
In providing you with financial advice, Diligent Wealth will not provide advice on term life, trauma, income protection and health insurance policies.
If you require specialist advice on insurance, taxation or estate advice we will make recommendations of how important these areas are in relation to our advice and the relevant specialist you need to see along with any professional referrals required.
Fees or Expenses
For investment advice, Diligent Wealth can charge a fee for financial advice provided to a client. These fees can be calculated either individually or as a combination of the following points depending on the type of investment or advice, a breakdown of the fees you will be charged will be described in detail in our statement of advice to you.
We do not charge to provide you with a statement of advice.
Initial Advice Fee – Covering the development of your plan and implementation of your portfolio - fees range from $250 to $2,000 depending on the time taken.
Ongoing Advice or Servicing Fee (this can be in the form of trail income as a percentage of assets under management or contributions), up to a maximum of 1.00% per annum. In some cases where we deem it necessary to discount our annual adviser servicing fee, some providers may rebate up to half of our discount to the client from their management fees at no additional cost to the client.
One-off Advice – at an hourly rate of $250.
For most KiwiSaver advice we do not charge a fee as we are remunerated directly by the KiwiSaver providers, some KiwiSaver Scheme advice we charge an an adviser servicing fee of up to 1% per annum of the total value of the investment.
For any Defined Benefit UK FCA advice paperwork we charge an additional £250 administration charge.
Conflicts of Interest and Incentives
Diligent Wealth does not have any preferential terms (other than those readily offered to other market participants) or production performance agreements with any particular product provider and is not required to place any level of business with any supplier or financial organisation.
Diligent Wealth does not have any commercial relationships or contractual arrangements that present any particular conflict of interest to consumers generally which would be reasonably likely to materially influence it or its advisers in providing the financial adviser service relating to those products.
To ensure that our financial advisers prioritise our clients’ interests above their own, we follow an advice process that ensures our recommendations are made on the basis of each clients goals and circumstances.
This can require a series of meetings with a prospective client before our advice is finalised. It also means we maintain a close on-going relationship with clients, regularly reviewing progress and working with them over time to ensure their goals can be met.
All of our financial advisers undergo annual training about how to manage conflicts of interest. We maintain a register of conflicts of interests, and the gifts and incentives we receive. We undertake a compliance audit, and a review of our compliance programme annually which is undertaken by a reputable compliance professional.
Diligent Wealth and our financial advisers receive management fees from some providers on whose products we give financial advice.
If you decide to take our advice, some providers will pay a management fee to Diligent Wealth, the amount will depend on the size of your portfolio balance. Your financial adviser may receive part of this as a bonus depending on their overall performance, not on a specific per client or per investment basis.
From time to time, Diligent Wealth may be rewarded by our providers for the overall business that we provide to them. They may give us items like hampers, entertainment, or other incentives.
Complaints Handling and Disputes Resolution
If you are not satisfied with our financial advice service you can make a complaint by emailing mark@diligentwealth.co.nz, or by calling us on 03 442 4243. You can also write to us at: ATTN: Mark Baker, PO BOX 2008, Wakatipu 9349.
When we receive a complaint, we will first consider it following 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 can’t then we will contact you within that time and let you know we need more time to consider the complaint.
We will contact you by phone or email to let you know whether we can resolve your complaint internally and how we propose to do so.
In the event we are unable to resolve your complaint or you aren’t satisfied with the way we propose to do so, you can contact Financial Services Complaints Limited via: PO Box 5967, Wellington; 0800 347 257; info@fscl.org.nz; www.fscl.org.nz
You will need to submit the following to FSCL:
What you think that we have done wrong.
How our action or omission has affected you.
What you would like to happen to put it right.
Any attempt we have already made to resolve the complaint with you.
Reliability History
Neither Diligent Wealth nor any of its employees have been subject to any material public discipline, relevant convictions or civil proceedings, and in the case of financial advisers, any bankruptcies or insolvencies.
Duties Information
Diligent Wealth, and anyone who gives advice on our behalf, have duties under the Financial Markets Conduct Act 2013, Code of Professional Conduct for Licensed Financial Advice Providers and the Financial Services Legislation Amendment Act 2020 relating to the way we give advice.
Below is a summary of our required duties (more information is available by either contacting us or heading to https://www.fma.govt.nz):
Give priority to your interests by taking all reasonable steps to make sure our advice isn’t materially influenced by our 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 which are designed to make sure we have the expertise needed to provide you with the relevant advice.
Meet standards of ethical behaviour, conduct and client care set by the code described above which are designed to make sure that we treat you as we should and give you suitable advice.
Handling of Client Funds
Diligent Wealth does not act as an intermediary and does not receive client’s funds into its own account nor does it operate a trust account. Client funds are directly transferred from the client to the respective investment custodian.
Professional Bodies
All of our staff are members of Financial Advice New Zealand and are bound by their code of practice as trusted adviser's to the highest professional and ethical standards.
Professional Indemnity Insurance
Diligent Wealth and its advisers are covered under a Professional Indemnity (PI) Insurance policy as required by Financial Advice New Zealand. As with all insurance policies there are terms, conditions and exclusions that may apply.
Contact Details
Financial Advice Provider: Diligent Wealth Management Limited - FSP762373
Postal Address: PO BOX 2008, Wakatipu 9349
Phone: 03 442 4243 or 021 243 2141
Email: enquiries@diligentwealth.co.nz
22nd May 2024
