Megan Ward Consultancy Limited Client Agreement
Version 1.0 Effective from 15th March 2021

This Client Agreement (‘Agreement’) sets out the services that we will provide to you, including any important information you should know before deciding to obtain financial advice from us.

Confidentiality of your information is very important to us. We comply with the Privacy Act 2020 with the information we collect and how we use and store it. Further information is set out below under ‘Use of Information’. If your details are entered into our electronic record system, we will keep those details on file for a period of seven years from when our engagement terminates.

About your Financial Advice Provider
Megan Ward Consultancy Limited (FSP778693) holds a Financial Advice Provider (FAP) licence issued by the Financial Markets Authority to provide financial advice.

About your Financial Adviser
I am a Financial Adviser (FSP273845) and am giving advice on behalf of Megan Ward Consultancy Limited.

My details are as follows:
Name: Megan Marie Ward (FSP 273845)
Telephone: 0277270007
Email: megan@meganwardconsultancy.co.nz
Business Address: 917 North Eyre Road, Rd 5, West Eyreton, 7475

Neither Megan Ward Consultancy Limited nor I have been subject to a reliability event. A reliability event is something that might materially influence you in deciding whether to seek advice from me or from Megan Ward Consultancy Limited. As an example, it would include legal proceedings against me, or if I had been discharged from bankruptcy in the last four (4) years.

Nature and Scope of My Advice
I am able to provide you with financial advice relating to your home loan. I am accredited with a wide range of banks and non-bank lenders to offer you a range of lending products, structures and interest rates. My role is to recommend a lender to you who is best suited to your needs.

We are able to provide financial advice from the following product providers:

Personal and Home Loans  ASB, Co-operative, SBS Bank, Avanti Finance, Liberty, Prospa, Resimac Home Loans, Heartland Bank

                                                       and Unity Credit Union, NZCU Baywide, First Mortgage Trust
 

Out of scope
No Advice on Your KiwiSaver
As a Financial Adviser who specialises in residential property lending, I am unable to give you advice on the use of your KiwiSaver retirement fund(s) to partially fund your home purchase. If you plan to make use of your KiwiSaver fund(s) as part of the home loan process, I recommend that you seek advice from a Financial Adviser who specialises in investment planning and/or another suitably qualified professional.

No Advice on Your Asset Protection and Estate Planning needs
I am unable to give you advice on family trusts (or other types of trusts), wills and enduring powers of attorney. I am also unable to give you advice relating to taxation matters. I believe these areas are important to you and recommend that you seek advice from another suitably qualified professional.

Referral for Fire and General Insurance
I will not provide advice on your personal insurances or fire and general insurances. However, I can refer you to a financial adviser who specialises in those areas if you would like advice on those products.

My commitment to you
As your Financial Adviser, I have a number of obligations that I must comply with. These include adhering to a Code of Professional Conduct for Financial Advice Services, legal duties prescribed by law and a requirement to meet certain standards of competence, knowledge and skill.

In addition to the above, I will:

• Act in your best interests when providing financial advice.

• Ensure that the financial advice is suitable for you.

• Help you understand the advice process and any complex terminology.

• Exercise care, diligence and skill in providing you with a financial adviser service.

• Provide my financial advice in writing.

• Maintain accurate records and keep them safe and secure.

• Provide my services in a timely manner.

• Keep your personal information confidential and restricted to only the parties who require it as part of the application process.

In addition, I have duties under the Financial Markets Conduct Act 2013. You can find out more about these on our website (https://meganwardconsultancy.nz/) and I will provide you with further detail when I provide advice to you.

Your obligations
As the borrower, it is important that you provide accurate and timely information. You have a duty of disclosure to advise me of any significant matters or changes that the lender should be made aware of before making their lending decision. Some examples of significant matters or changes include changes to your job or income situation, you take on any debt not already disclosed to us at the time of making the lending application, etc

Timeframes
From our experience, the property market can move at a fast pace. It is therefore important that your Financial Adviser, lender, legal and other advisers are able to access all the information they need, when they need it, in order to secure your loan.

You will need to allocate approximately one (1) to two (2) hours for our first financial advice meeting. Several meetings may be required for the entire loan application and advice process to be completed.

I will provide you with a record of our advice and a secondary record of advice an explanation of the final structure and interest rate(s).

I will contact you from time to time to see if your circumstances have changed or if I can be of any further assistance to you. I also encourage you to contact me if your situation changes and you require any changes to your loan.

How I am paid for my advice
My service to you includes understanding your requirements and personal situation, analysing the options available, researching the suitability of the products and/or Product Providers, and providing you with my written recommendations.

Both myself and Megan Ward Consultancy Limited are paid in the form of a commission (‘Home Loan Commission’) by the Product Providers if you take out a home loan following my advice.

Personally, I am remunerated by commission.

Home Loan Commissions

The commissions are between 0.55% and 0.85% upfront of the value of the home loan. The amount will depend upon the bank and the type of home loan that you choose. We may also receive a commission of between 0.10% and 0.20% of the remaining balance each year.

Fees payable by you
I will not charge a fee for the financial advice that I provide to you. Any fees relating to the loan application will be paid directly to the lender or service provider.

In certain circumstances I may need to charge a fee for our time, but this will be discussed and agreed with you beforehand. More specific detail on this will be included with my written recommendations.

How I manage any conflicts of interest
I have an obligation to prioritise your interests when making a recommendation. Should any actual or potential conflicts of interest arise during the advice process, I undertake to bring any such conflict of interest to your attention so that you may assess my advice objectively. At present, I have identified the following conflicts of interest:

Product Provider Commission:

• If you accept and act on my advice, I will receive a commission. Conversely, if you do not accept and act upon my advice, I will not receive a commission.

Performance Based Remuneration:

• My remuneration is based on the total amount you end up borrowing (i.e., the more you borrow, the more remuneration received by me).

To ensure that I prioritise your interests above my own, I follow an advice process that ensures my recommendations are made on the basis of your individual goals and circumstances.

I complete annual training about how to appropriately manage conflicts of interest. Megan Ward Consultancy Limited and/or the lender periodically undertake a compliance review of my advice process.

Megan Ward Consultancy Limited also engage an independent compliance consultancy firm to conduct ongoing independent compliance reviews and audits.

Other interests
In addition to being a financial adviser of my company, I am also a director and shareholder of Megan Ward Consultancy Limited.

Other incentives
From time to time, various product providers (described previously) may also reward us and/or Megan Ward Consultancy Limited for the overall business provided to them. They may give tickets to sports events, hampers, or other incentives.

In the event of a complaint or a dispute
Megan Ward Consultancy Limited website (www.meganwardconsultancy.nz) outlines the procedure to be followed if you have a dispute and/or wish to make a complaint about the financial advice or services provided.

Termination
This Agreement will remain in place until it is terminated by either party giving the other at least thirty (30) days’ written notice.

How we collect, use and share your information
Megan Ward Consultancy Limited complies with the Privacy Act 2020.

In order to prepare your loan application and determine your eligibility for a loan, I will require certain personal and financial information from you. It is understood that any information gathered for this service and used in any associated advice reports is personal and will be kept confidential and secure.

The Privacy Act 2020 gives you the right to request access to, and correction of, your personal information.
Information provided by you or any authorised representative, will be used by me and any members of my staff for the purpose of providing advice to you and may also be used by:

• Professionals such as solicitors, accountants, insurance advisers and/or valuers when a referral is made at your request.

• If I intend to sell my Financial Adviser business, to any prospective purchaser of my business.

• The Financial Markets Authority, disputes resolution scheme and/or independent compliance reviewer as required for monitoring or compliance purposes.

• My Professional Indemnity insurer in the event of a complaint

• Lawyers and other professionals, and our insurers (and their advisers), in connection with defending, protecting and/or enforcing our legal rights and interests

This information will be held by us at our business address provided earlier in this document.

From time to time, this information may be updated and/or changed. I undertake to advise you of material changes to any of the items or products/services noted above via email and/or via post.

Confirm your GST position.
Please select the applicable statement:
• I/We am/are not registered for GST and will not be with respect to the security property.
• I/We am/are or will be registered for GST but the security property will not be used for the purpose of a taxable activity.
• I/We am/are or will be registered for GST and the security property will be used for the purpose of a taxable activity.

11. Client confirmation
I/We confirm and declare to the Financial Adviser, the lender and any other information recipients that:
• The information contained in the application is true and correct.
• That where the Financial Adviser has assisted me/us to complete this application form, that I/we have authorised this and that the information contained in this application is true and correct.
• I/We are at least 18 years of age.
• I/We hold New Zealand permanent residency or citizenship.
• I/We have not withheld any information that would be of concern or interest to a lender.
• I/We am/are able to meet legal and valuation costs.
• I/We have not been declared bankrupt, are not currently an undischarged bankrupt, and have not been admitted to the no asset procedure, nor are liable under any proceedings under the Insolvency Act 1967 and its amendments.
• I/We have not had any judgments entered against me/us.
• I/We acknowledge that the Financial Adviser needs to rely upon the information provided by me/us in order to arrange the finance requested and agree to indemnify and keep indemnified the Financial Adviser in relation to any liability, claims, damages, costs (legal or otherwise) and losses whatsoever resulting from, or in relation to, any information provided or implied by me/us in relation to this application and the home loan services. This clause is to survive the expiration or termination of this document.
• I/We understand that should my circumstances change before I/we have repaid the full amount owing on any home loan that is entered into as a result of this application, I/we am/are responsible for continuing to make home loan repayments despite those changed circumstances. In the event of my death, I understand that it will be my estate’s responsibility to make my home loan repayments and/or to pay off any loan balance.
• That should my/our circumstances change after an application for seeking finance is made to the lender or lenders it is my/our responsibility to contact the adviser, Megan Ward and inform them about my/our changed circumstances.
• My/Our contact details can be added to the client database of Megan Ward Consultancy Limited so I/we can receive regular information updates on additional services provided by you.
• I/We acknowledge that if this application has been made jointly with another person, our liability under this application will be joint and several.
• I/We consent to the lender completing a credit check on us/me for the purposes of assessing the loan application
• I/We consent to the collection, use and disclosure of my personal information for the following purposes:

• Verifying any information that I give to you (or information that you may collect from other sources) with third parties and third-party databases, including government agencies such as the NZ Transport Authority, Department of Internal Affairs, Motor Vehicle Register and PPSR (for a purpose related to your application for credit or administering your account with us, including for fraud prevention and complying with the Anti-Money Laundering and Countering Financing Terrorism Act 2009).

 

Special requirements or limitations that we have agreed.


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