Protecting and helping families since 1985

  • Level 1, 355 Colombo Street

  • Sydenham, Christchurch

Disclosure Statement – Secondary

Secondary Disclosure Statement – Mike Bennett –

(Authorised Financial Adviser)

as at 18th February 2015 – Version 3

Name and registration number of Authorised Financial Adviser: Mike Bennett FSP 66846
Address: Level 1, 355 Colombo St, Sydenham, Christchurch
Postal address:  PO Box 7473, Christchurch 8240
Trading name:   Acorn Insurance & Investment Ltd
Telephone number: 0800 226 765
Fax number: 03 962 1001
Email address: mike@acorninsurance.co.nz

This disclosure statement was prepared on: 18th February 2015

Services and products I provide: I provide the following types of financial adviser services:

  • Financial advice
  • Investment planning services

I provide financial adviser services in the following subject matters:

  • Retirement planning
  • Investment planning
  • Risk management – insurance
  • General advice on asset protection and estate planning
  • General advice on taxation relating to investments and insurance
  • Lending on private property mortgages 

Products: I provide ‘financial adviser services’ in relation to the following types of financial products:

Risk products Savings and investment products 
– Life Cover
– Disability Income Protection
– Trauma – Medical Insurance
– Mortgage Protection Insurance
– Buy/Sell Insurance
– Business Overheads cover
– Key Person Protection insurance
– Managed Funds including;
Unit Trusts, KiwiSaver and Superannuation
– Group Investment Funds
– Tax  paid investment bonds
Lending Products   
–  Mortgages; on residential property

Product providers used   I only provide financial adviser services in respect of financial products provided by: 
–          AIA New Zealand (American International Assurance Company (Bermuda) Ltd)
–          ANZ (ex OnePath (NZ) Ltd)
–          Asteron Life Ltd
–          Comprehensive Travel
–          Fidelity Life Assurance Company Ltd
–          OnePath Life (NZ) Ltd
–          Partners Life Ltd
–          Sovereign Assurance Ltd
–          Southern Cross Health Insurance
–          nib Health   

 

Fees payable by the client: I do not charge any fees to clients directly 

Other interests, potential conflicts and relationships: I have a shareholding in Fidelity Life which in no way affects my recommendations as Fidelity generally pays a lower commission than most other companies. My recommendations are always based on the clients’ needs PLUS the best product based on price and quality.

Remuneration I am remunerated as shareholder and director of Acorn Insurance & Investment Ltd primarily by drawings and shareholder salary. My company receives all commissions and client fees that are generated by me. Types of remunerations I receive are as follows:

 Product provider Rate (Initial):
(Max. initial commission as a % of each investment made)
Rate (On-going): Max. On-going p.a. trail commission    as a % of total investment Arrangements to manage any conflict of    interest
 Investment  products
Fidelity Power Saver
ANZ (ex OnePath)SovereignAsteron
 up to 5%Nil

up to 50% of 1st yr

 

 0.3%pa0.25% pa 2.5% Product suitability   is always based on the client need and never my commissions
KiwiSaver products
ANZ (ex OnePath)
Generate
Grosvenor
NIL
up to $240 once
$50 once
0.25%pa
0.25%pa
0.5%pa
Product   suitability is always based on the client need and never my commissions
Risk products Max. initial commission as  % of annual premium Max. On-going % of annual premium Arrangements to manage any conflict of   interest
Life  Insurance
Total & Perm Disablty
Trauma
Income Protection
Monthly Mortgage Protection
Health   Insurance
– nib
– all others
100%
100%
100%
85%
85%
70%
30%
 10%
10%
10%
10%
10%
5%
30%
Product   suitability is always based on the client need and never my commissions
 Mortgage products (Lender)  Max. initial commission as % of a loan   granted  Max. on-going commission as % of a loan   granted  Arrangements to manage any conflict of   interest
Sovereign Home   Loans 0.5% NIL None

I may also be entitled to receive a production and persistency bonus from the following product providers:

Product provider <Production bonus> <Persistency bonus>
AIA NZ Ltd
Asteron Life Ltd
Fidelity Life Assurance
OnePath Life (NZ) Ltd
Partners Life Ltd
Sovereign Assurance Ltd
NIB Health
Southern Cross
80%
80%
40%
80%
80%
70%
70%
NIL
NIL
NIL
10%
NIL
NIL
NIL
NIL
NIL

Non-monetary benefits (soft dollar disclosure) From time to time I and/or Acorn Insurance & Investment Ltd may receive certain non-monetary benefits from product providers. This could include gratuities such as a bottle of wine at Christmas time, a free calendar, pen or book, the occasional luncheon, drinks after a briefing session, invitations to sporting events, subsidised professional development, discounted training courses or office supplies, and attendance at NZ and Overseas Conferences etc.

Declaration

I, Michael Bennett, declare that, to the best of my knowledge and belief, the information contained in this disclosure statement is true and complete and complies with the disclosure requirements in the Financial Advisers Act 2008 and the Financial Advisers (Disclosure) Regulations 2010.

Signed:    Mike Bennett