Become Wealth Limited (“our”, “we”, "us"), FSP249805 is a Financial Advice Provider (FAP) licensed and regulated by the Financial Markets Authority to provide financial advice and a Discretionary Investment Management Service (DIMS).
Nature and scope of the advice
We provide financial advice about products and services from a broad range of providers.
- Personal risk products such as life insurance, income protection, health insurance
- Managed Funds
- Overseas pension transfers/QROPS
- Direct shares and bonds
Become Wealth Limited may provide you with advice on a wide range of products from various product providers.
Become Wealth Limited is a licensed provider of Discretionary Investment Management Service (DIMS).
Become Wealth Limited services exclude certain areas of personal finance. These include budgeting analysis, taxation and accounting services, legal and estate planning. We may refer you to your relevant specialist professional services provider for advice on those matters. Become Wealth Limited may receive a referral fee should you choose to use some of these services. We will provide you with more information about this fee once we have made the referral.
Fees or expenses
Become Wealth Limited is committed to delivering cost-effective services. Become Wealth Limited is remunerated by way of the fees it charges you, and the fees and commissions it receives from product providers.
Fees charged by Become Wealth Limited
We may charge a fee for the financial advice provided to you. If a fee is charged, it will depend on the nature of the financial advice and service that we provide. Most commonly, such fees may be:
- Financial and retirement planning: based on an hourly rate or an upfront planning fee.
- Mortgage broking (mortgage advice): usually no fee.
- Insurance broking (insurance advice): usually no fee.
In all instances, the exact fees we may charge, if any, will be confirmed at the time the advice is provided and agreed upon by you beforehand. All our fees are payable within seven days of the date you receive the invoice.
Fees charged by investment product providers
You will be charged a fee by the provider you place your investments in. The amount of this fee depends on several factors, such as the provider and the amount you are investing. More information about these fees will be described in the Product Disclosure Statement that will be provided to you.
Fees charged by insurers
You will need to pay a premium (regular fee) to the insurer to establish and maintain insurance coverage. This amount will be based on several factors, including the extent of the coverage, the length of time it covers, and your excess. We will provide you with more specific details about these fees once we know more about your personal needs.
Fees charged by lenders
You will need to pay interest (a regular charge) to the lender to obtain and maintain the lending. This amount will be based on several factors, including the sum of the lending, conditions, and term or terms. We will provide you with more specific details about these fees once we have spoken to you and learned more about your personal needs.
You will need to pay an ongoing fee for DIMS. This fee is based on a percentage of the total value of your investment portfolio and is charged annually. The fee is automatically deducted from your investment portfolio and will reduce the amount of the returns you receive. The exact fees we will charge will be confirmed at the time the advice is provided and agreed upon by you in writing beforehand.
The wrap platform provider and the custodian charge a fee for providing the portfolio administration and custodial service. This fee is calculated daily, paid monthly in arrears and described in the Service Disclosure Statement and Investment proposal. The underlying fund managers will also charge you fees.
Defence Community Members
Become Wealth Limited has a formal agreement in place with the New Zealand Defence Force (NZDF) to provide financial advice services to members of the Defence Community. NZDF pays a monthly fee to Become Wealth Limited to provide financial education services, newsletters, handle calls or emails where NZDF community members want information, or have an initial 30-minute conversation with a financial adviser. Mortgage advisory services are typically supplied to members at no cost as the business receives commissions from the lenders. If the Defence Community member decides to proceed with more detailed financial advice then the fees which would be applicable are:
- Simple advice: $850 plus GST. This is where up to two meetings are held and written advice is provided. It excludes areas such as financial planning, comparisons between choices or products, property investment and analysis of existing products.
- Comprehensive financial planning: Up to $1,400 plus GST. This fee is determined by the complexity of the situation and will usually focus on investment and retirement planning and could include comparisons between choices or products, property investment, and analysis of existing products.
Conflicts of interest and incentives
Become Wealth Limited advisers receive a salary as employees of Become Wealth Limited. Staff remuneration is not solely linked to sales targets. Staff may receive a bonus based on overall company profitability and/or a blend of measures. Promotion and pay increases are based on merit, efficiency, and effectiveness. Each staff member has key performance indicators, and these include being compliant, providing the required level of client service, client satisfaction levels, being a team player, meeting continued professional development requirements and achieving productivity targets.
Become Wealth Limited may be paid in the form of commission from the product providers through which we place business. The amount of the commission we receive depends on several factors, such as the product providers used. We will provide more specific details of the commission we receive at the time our advice is given.
Become Wealth Limited holds distributor agreements with all recommended product and service providers, and may occasionally receive from those respective providers certain benefits, such as access to complimentary or subsidised services that support our business.
To ensure we prioritise our clients’ interests:
- Advisers are not incentivised to promote one product over another.
- We have policies and procedures in place to identify and manage conflicts of interest. This includes annual staff training about how to manage conflicts of interest.
- Although Become Wealth Limited may receive commissions, no adviser employed by Become Wealth Limited will receive commissions.
- We follow an advice process that ensures our recommendations are made appropriately based on clients’ goals and circumstances.
- We maintain registers of conflicts of interest and any gifts and incentives we may receive. These registers are monitored regularly, and additional training is provided as required.
- We undertake an annual independent Compliance Assurance Review by Strategi Limited.
DIMS-specific conflicts of interest
In many instances, Become Wealth Limited or our research partners have negotiated a fee rebate on managed funds held in DIMS portfolios. To help your investment grow, all DIMS rebates or commissions are paid into your account. This is transparently reported to you in your annual reports and visible in your online portal.
To ensure our advisers prioritise our clients’ interests:
- Rest assured that investment decisions regarding portfolios are based on independent third-party investment research.
- As advisers are employees of Become Wealth Limited, there could be a potential conflict of interest if DIMS is recommended. To manage this potential conflict, the fees charged are kept competitive with the industry standards, and platform fees are not higher than what clients would pay if they subscribed to the OneAnswer Portfolio Service directly. In addition, the provider of custodial services (FNZ Limited) is independent and not a related entity of Become Wealth Limited. FNZ Custodians Ltd is one of the largest providers of custodial services in NZ, recognised for its platform capability and service quality, and is the underlying provider of custodial services for OneAnswer assets.
Non-monetary benefits (soft dollar disclosure)
From time to time, Become Wealth Limited and advisers 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, and invitations to events.
Defence Community Members
In providing the NZDF service to Defence Community members, Become Wealth Limited will primarily recommend a product or service listed on the Force Financial Hub. However, Become Wealth Limited may need to recommend alternative third-party products and services where:
- A specific client-initiated request is made for an alternative financial product or service.
- When the client intends on leaving a Defence-Force related product or service prior to advice being provided.
- If an individual or couple already has a substantial sum invested with the manager of the Defence Force Schemes, and where diversification between managers may be prudent.
Complaints handling and dispute resolution
If you are not satisfied with our service or financial advice, please tell us as soon as possible.
Phone: 0508 BECOME (232 663)
Write to: Become Wealth Limited, Private Bag 92504, Takapuna, Auckland 0740
When we receive a complaint:
- We will consider your complaint and let you know how we intend to resolve it. Where possible, we try to resolve your complaint immediately.
- If we are unable to resolve your complaint immediately, we will acknowledge your complaint within 2 business days. We may contact you to get further information about your complaint.
- We aim to resolve complaints within 10 working days of receiving them. If we need more time to investigate your complaint, we will let you know when you can expect to receive a response to your complaint.
- We will contact you by phone, email, or letter to let you know whether we can resolve your complaint and how we propose to do so.
If we cannot agree on how to fix the issue, or if you decide not to use our internal complaints process, you can contact our external dispute resolution scheme, the Insurance & Financial Services Ombudsman Scheme (IFSO). IFSO provides a free and independent dispute resolution service that may help resolve your complaint if we have not been able to do so to your satisfaction. You can contact the Insurance & Financial Services Ombudsman Scheme at:
Phone: 0800 888 202
Write to: IFSO, PO Box 10-845, Wellington 6143
Become Wealth Limited and our advisers have duties under the Financial Markets Conduct Act 2013 relating to the way that we give advice. We are required to:
- give priority to your interests;
- exercise care, diligence, and skill;
- meet standards of competence, knowledge and skill set by the Code of Professional Conduct for Financial Advice Services; and
- meet standards of ethical behaviour, conduct and client care set by the Code of Professional Conduct for Financial Advice Services.
Become Wealth Limited FSP249805, trading as Become Wealth Ltd is the Financial Advice Provider.
Phone: 0508 BECOME (232 663)
Write to: Become Wealth Limited, Private Bag 93504, Takapuna, Auckland 0740