SINCLAIR SOLUTIONS LTD Financial Advice Provider.
Transitional License number 708231
Trading as Sinclair Solutions and Insurance Solutions
Bob Sinclair our Financial Adviser provides financial advice in relation to KiwiSaver, Life Insurance, Trauma Insurance, Income Protection Insurance, Total Disability Insurance and Health Insurance, Home, Contents and Vehicle Insurance. Bob only provides financial advice, for new insurances, about products from certain providers:
• For life insurance, we have agreements with five providers – Asteron, AIA, Cigna, Fidelity Life and Partners Life
• For health insurance, we have agreements with three providers – AIA, NIB and Accuro
• For KiwiSaver we have an agreement with one provider - Generate
In providing you with financial advice, we will only consider existing Term Life, Trauma, Income Protection, Total and Permanent Disability, and Health Insurance Policies.
For existing Whole Life, Endowment, and Investment Linked Policies we will only provide the current premium, life cover and surrender value. For advice on these products you will need to consult a specialist.
For new Home Insurance, Contents Insurance and Vehicle Insurance, we will usually refer you to a General Insurer such as : AA, AMI, State or Tower. We do not hold agreements with any provider for this type of insurance.
Business Public Liability Insurance and insurance on business plant and equipment, is a specialist area. We will usually refer you to Rothbury Brokers for advice and the placement of cover. We hold an agreement with Rothbury Brokers.
KiwiSaver : I will provide general financial advice on KiwiSaver and the Generate KiwiSaver Scheme. I can help you understand the risks and rewards of KiwiSaver and the Generate KiwiSaver Scheme. I can also show you how to use a risk profile tool, become a member or how to transfer between KiwiSaver schemes. I will not provide recommendations or opinions on financial products issued by other providers
Additional support: Ann-Marie Sinclair provides support for clients. Ann-Marie operates in a liaison role between our Financial Adviser, Bob Sinclair, and our clients. Ann-Mare will not give you Financial Advice but may meet with you to give you written Financial Advice that has been prepared by Bob Sinclair.
Administration: Every efficient office runs on excellent administration processes. Melisa James provides this administration support. Typing of reports prepared by our Financial Adviser. Day to day client service, such as client policy changes etc.
FEES OR EXPENSES
For money management advice, including a Statement of Advice concerning insurance, Sinclair Solutions will charge a fee. This fee will be calculated on the following basis: a base fee of $500 (including GST), plus $80 (including GST) per hour after the first 8 hours. This fee will be payable by the client by the 20th of the month following when the Statement of Advice is provided to the client. Sinclair Solutions may charge a fee for implementing the money management advice provided to a client where the hours worked exceed the estimate included in the scope of service. Whether a fee will be charged will be advised before the work is performed. If such a fee is charged it will be calculated at $80 per hour. This fee will be payable by the client by the 20th of the month after an invoice is issued.
Sinclair Solutions may charge a fee for the financial advice provided to a client where a client cancels a life or health insurance policy within two years of inception. Whether a fee will be charged and the way it will be charged will be advised when the advice is provided to the client. This fee will be payable by the client by the 20th of the month after the policy is cancelled.
CONFLICTS OF INTEREST AND INCENTIVES
Bob receives commissions from the relevant insurance company if you take out insurance following advice. The initial commission is between 180% and 200% of the first year’s premium., to establish your insurances. The amount depends on which insurance company and which insurance policy you choose. Bob also receives a commission of between 5% and 20% of the premium for each year the policy remains in force, to service your insurance. It is important that an insurance program is reviewed regularly to ensure it is still relevant to your circumstances
The amount of commission Bob receives from Rothbury brokers is 25% of the annual company premium. (each year the policy remains in force) Not including Government levies.
From Generate KiwiSaver Bob receives a maximum initial commission of $300 to establish your KiwiSaver account and .025% of the account balance each year to service your KiwiSaver account.
From time to time, product providers may also reward Bob for the overall business we provide to them. They may give him tickets to sports events, hampers, or other incentives
To ensure that Bob prioritises your interests above his own, He follows an advice process that ensures his recommendations are made on the basis of your individual goals and circumstances. He will usually use an industry recognised independent research house (Quality Product Research) when giving advice around suitable insurance products for you. He will complete a register of conflicts of interests, and the gifts and incentives he receives.
Sinclair Solutions, and anyone who gives financial advice on our behalf, 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 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 (these are designed to make sure that we have the expertise needed to provide you with advice)
• 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 www.fma.govt.nz
Sinclair Solutions Ltd (FSP708231) Trading as Sinclair Solutions and Insurance Solutions is the Financial Advice Provider
You can contact us at:
Phone: (07) 870 5385
Address: 515A Puniu Road, Te Awamutu, 3800
PROMISE TO OUR CLIENTS
“We will provide you recommendations and advice with a clear rationale for that advice based on your personal circumstances, goals, aspirations needs and provide to you the client the benefits and risks of that advice”.
“We will work with you – our client – to identify any need, vulnerability or support you require to ensure you feel safe, valued and respected”.
“We always give priority to your interests”.
“We will only ever recommend a change of product or provider if it is clearly in your interest”.