Disclosure Statement
Here is some key information you need to know to help you understand what type of advice I am able to give you, so that you can make an informed and confident choice when engaging me.
Details about me and my Financial Advice Provider
I am a Financial Adviser. I give advice on behalf of a Financial Advice Provider. My details are set out below.
Full Name: Huiling Cao
Address: GB Pensions Building, 2B William Pickering Drive, Rosedale Auckland 0632, New Zealand
Phone: 027 273 6358
Email: tracy@flowealth.co.nz
FSPR Number: 669771
Name of Financial Advice Provider: Flowealth Limited
Trading as: Flowealth Limited
FSPR Number: 775332
Address: 2B William Pickering Drive, Rosedale, Auckland 0632, New Zealand
Phone: 0272736358
Email: tracy@flowealth.co.nz
My Financial Advice Provider is a member of NZ Financial Services Group Limited
Licensing Information
My Financial Advice Provider is authorised to provide a financial advice service under a current financial advice provider licence issued by the Financial Markets Authority in the name of: FLOWEALTH LIMITED
FSPR Number: 775332
Nature and scope of advice
The information below will help you understand what type of advice I can provide to you. Flowealth Limited provides financial advice in the following areas: Mortgage advice, Personal Insurance advice and KiwiSaver Advice.
Bank and Lenders I use
I source loans from a panel of lenders. The current lenders I can use are:
- ANZ
- Westpac
- BNZ
- ASB
- ASAP Finance Limited
- Kiwi Bank
- Avanti Finance
- Cressida Capital
- DBR
- First Mortgage Trust
- Heartland Bank
- Unity
- Pepper Money
- RESIMAC
- SBS Bank
- Select Home Loan
- Southern Cross
- The Co-operative Bank
- Basecorp Finance
- Zip Business
- CFML
- General Finance
- Pallas Capital
- PROSPA
Products I can advise on
The types of financial products I can give advice on are:
- Home Loans
- Investment Loans
- Commercial Loans
- Construction Loans
Insurers I use
I source insurance from a panel of insurers. The current insurers I can use are:
- AIA
- NIB
- Fidelity
- Chubb
Products I can advise on
The types of financial products I can give advice on are:
- Life Insurance
- Trauma Cover
- Income, Mortgage Protection
- Health insurance
KiwiSaver
Advice may include joining a KiwiSaver scheme, transferring providers, choosing funds and reviewing your arrangements.
Providers I use
- Milford KiwiSaver
- Generate KiwiSaver
- Booster KiwiSaver
- Koura KiwiSaver
What else I can help you with
I can help you with other services through my referral partners to make is easier for you. However I am not able to give advice on the products they offer and I have not checked to see if they can meet your specific needs. You are free to use other providers of your choice or undertake your own research.
- Tower – F&G
- Initio F&G
- Asset Finance
- Ray White
- UK Pension Transfers
- XE Money
Limitation of Advice
The financial advice I provide is limited to the products and providers described in this disclosure. I do not provide advice on legal matters; taxation matters or financial products outside my approval panel, I recommend you consult your solicitor or accountant or relevant professional for this type of advice.
Fees and expenses
Generally you won’t be charged any fees for the financial advice I provide to you. This is possible because product provider usually pays commission to me. If any fees apply they will be disclosed and agreed with you before services are provided. There are two exceptions to this general position which are explained below.
One-off fees
I may charge you a one-off fee if the following occurs:
(a) There’s no commission: If you request that I provide financial advice in relations to a product or service that we do not receive a commission, I may charge you a one-off fee. Any such fee would be agreed and authorised by you in writing before I complete the services and would be based on an estimate of the time spent providing the advice. This may arise in the rare event that you request that I provide financial advice in relation to either a product that is offered by a provider that is not on our panel of approved providers, or a provider that is outside my usual arrangements with my approved product providers.
(b) Commission has to be repaid: If a product or servie provider requires that we repay commission in the situations below –
- Within 27 months of settlement of your mortgage or
- Your insurance policy is cancelled or the terms materially changed occur within 24 month period following issuance of your policy
Amount & calculation of one-off fee
- Generally no more than $3,000 (plus GST, if any). Calculated based on a rate of $250 (plus GST, if any) per hour of my time spent providing advice to you in connection with the applicable mortgage or insurance. The fee would not exceed the amount of commission that needs to be repaid to the provider. Should we need to charge you a fee, you will be invoiced and will be given 30 days to make payment.
- For KiwiSaver advice, a one-off initial fee of $150 is applied if you choose to invest with Milford, for Generate, Booster and Koura, there are no initial one-off fee.
Commissions & incentives
Commissions & incentives that apply to me.
Typical commission structures are summarized below:
Product Type
Mortgage lending upfront commission range 0.55% -0.9% of the loan amount, ongoing trail commission up to around 0.15% per year if applicable
Insurance upfront commission range 30% -230% of first year premium plus ongoing trail commission around 5%-10% subsequent year’s premium
KiwiSaver upfront fee $40-$150 ongoing adviser commission typically 0.20%-0.5% per year of the KiwiSaver funds balance
I may also receive a referral fee or commission payment if I refer you to our referral partners.
Commission payments or referral fees can be paid in different ways:
- Paid in full to a financial adviser.
- Shared between two or more financial advisers.
- Paid to an employer who then pays a financial adviser a salary.
- Paid in full to a financial adviser’s company, from which the financial adviser takes
drawings or profit share. - Shared with a licence holder to cover the costs of the services they provide.
I can provide you with more information to explain which option applies to me.
Occasionally I may receive incentives or rewards from providers. For example, providers may provide us with gifts, tickets to events or other incentives.
I manage the conflicts of interest arising from these commission payments, referral fees or incentives by:
Following an advice process that ensures I understand your needs and goals so that I always recommend the best product for you regardless of the type and amount of commission or other payments I may receive.
Ensuring the financial advice provided to you is in accordance with your identified needs.
Undertaking regular training on how to manage conflicts of interest. An annual review of our compliance program by a reputable compliance adviser.