Disclosures

Important information about Twine Financial Advisers
Our Licensing Information

Twine Financial Advisers Limited (FSP711354) is licensed by the FMA as a Financial Advice Provider (FAP).

You can contact us at:
Email: info@twineadvisers.co.nz
Phone: 021391914
Address: 14/33 Apollo Drive, Rosedale, Auckland 0632

We encourage you to read the important information below. It may help you decide whether your financial needs may be met by engaging with us.

Nature & Scope of our advice
Our Services

Twine Financial Advisers and our financial advisers provide financial advice in relation to the following types of products:

  • Mortgages
  • KiwiSaver
  • Providers We Advise On

    We are accredited adviser with the following approved mortgage providers. Your Twine adviser will recommend products provided by these providers based on your financial situation and goals.

    ANZ, ASB, BNZ, Westpac, Avanti Finance, Bluestone, Cressida Capital, DBR, Liberty Finance, Heartland Bank, The Co-Operating Bank, SBS Bank, Sovereign, NZCU, TSB Bank, Resimac, SELECT, ASAP Finance.

    Eugene is an accredited adviser with the following approved KiwiSaver provider. He will recommend products provided by these providers based on your financial situation and goals; Generate KiwiSaver and JUNO KiwiSaver

    Fees, Expenses & Other Amounts Payable
    Commission

    We do not charge you a fee if you decide to take a loan with us. The lender may pay us a commission if you decide to take up our advice and when your loan settles.

    We may receive commissions from the lender in two ways:

    1. UPFRONT COMMISSION – For the settlement of your loan, we may receive an upfront commission between 0.55% and 0.85% of the initial mortgage balance or amount funded from the lender.

    2. TRAIL/REFIX COMMISSION – For the maintenance of your loan including loan refixes, we may/will also receive between 0.15% to 0.20% of your mortgage balance on each anniversary or $150 for any refixes completed at ANZ or ASB Bank.

    The commission that your Twine adviser receives is shared with Twine Financial Advisers Limited for providing with compliance support, training, and back-office support.

    A full schedule of all providers and their commission rates and clawback policies is available on request.

    Fees for Service

    We may charge you a fee for the following services we provide:

    1. Financial Advice provided (Lending Proposal) – A $500 fee is payable for the financial advice provided (Lending Proposal) if you decide to cancel and not settle a loan with Twine Financial Advisers.

    2. An upfront commission is not provided by the lender your loan is placed through – A minimum service fee of 1% of the total value of the loan will apply. For example, some non-bank lenders.

    3. Construction loans (excluding fixed-priced contracts and off-the-plan purchases) – A minimum service fee of 1% of the total value of the loan will apply.

    4. Property Trading – If you plan to buy a property and then subsequently sell the property within 2 years of the settlement of the loan, a minimum service fee of 1% of the total value of the loan will apply;

    5. Development Finance and Commercial Loans – a minimum service fee of 1% of the total value of the loan will apply. A $3,000 deposit is payable upfront to Twine Financial Advisers Ltd prior to commencement of advice. The deposit is refundable upon drawdown of the development finance.

    6. Loan settlements less than $250,000 – a minimum service fee of $2,000 will apply. This service fee may be offset against the commission received from the lender, if any.
    For example:
    Your loan settlement is $200,000. Twine receives a commission of 0.85% of the value of the loan from the lender which is $1,700 ($200,000 * 0.85%). Twine will offset the commission received from the lender of $1,700 against the $2,000. Therefore, Twine will charge you a Service Fee of $300 ($2,000 – $1,700).

    7. One-off Mortgage & Property Strategy Coaching sessions this will be based on an hourly fee of $350 p/hour.

    8. Commission Clawback – If you repay or refinance your mortgage within the first 28 months after it settles and Twine Financial Advisers is not given the opportunity to arrange the finance. See below section under “Commission Clawback”

    We will invoice you for this fee and it will be payable within 7 days from the invoice date. Details of how to make payment will be included on the invoice.

    Commission Clawback

    If you repay your loan within 28 months from the time of settlement of your loan, then Twine Financial Advisers may be required to pay back all or part of the upfront commission back to the lender. To make sure that Twine Financial Advisers are fairly compensated for the services originally provided to you, we may on-charge the commission clawback to you. This commission clawback can be up to 0.85% of the value of the loan or the value of the commission claw back.

    We may charge you a commission clawback:

  • If the loan is refinanced to a new lender or repaid in full within the clawback period (less than 28 months) and Twine Financial Advisers is not given the opportunity to arrange the finance. (E.g. it was refinanced through another mortgage adviser or you
    refinanced directly with the lender); or,
  • If the property is sold and/or the loan is repaid within the clawback period (less than 28 months).
  • We may not charge you a clawback recovery fee if you give Twine Financial Advisers the opportunity to secure new lending or refinancing for you, or if we charged you an upfront Service Fee for arranging the original loan. Twine Financial Advisers will send you an invoice. You agree to pay the invoice within 7 days from invoice date.

    So please communicate to us any future changes such as intentions to refinance or to sell a property.

    Other Fees

    In some circumstances we may recommend another service provider to assist us in providing appropriate financial advice. These providers can include property valuers, property surveyors or other professionals. These providers will charge a fee for the work they do. We will advise you of any related fees and charges prior to having them commence any work on your behalf.

    KiwiSaver Commission

    There is no cost to you for this advice however, if you choose to join the Generate KiwiSaver Scheme I will be paid a commission. All commission are paid by the Manager (Generate) and not by you. You will pay the same fees regardless of whether you receive this advice service or not. The commission is up to $240 upfront on joining the scheme (depending on the size of your contributions to the Scheme within the first 12 months) and although there is no cost to you, I will receive an amount equal to 0.25% per year of your account balance ongoing.

    If you become a member of Generate KiwiSaver Scheme you will pay fees in connection with your membership. These fees are set out in the Scheme’s Product Disclosure Statement, available at www.generatewealth.co.nz.

    We also hold an accreditation for JUNO KiwiSaver. The upfront commission is $150 on joining the scheme.

    Conflicts of Interest & Incentives

    Twine is paid a commission from the providers in return for arranging mortgage services or KiwiSaver Scheme on your behalf. The amount of the commission received varies depending on the type and amount of the loan or the KiwiSaver balance.

    Twine Financial Advisers pays your financial adviser a salary plus potential commissions. Twine and your financial adviser may receive indirect benefits from lenders such as business lunches, hampers, tickets to events or corporate promotional merchandise.

    Twine may also receive a referral fee of up indirectly for the placement of insurance products for you (Personal Risk Insurance) if a referral is made to a specialist insurance adviser.

    We recognize that the above commissions and incentives may create conflicts of interest for Twine and your financial adviser. To manage these conflicts, we follow an advice process that ensures our recommendations are made on the basis of each client’s goals and circumstances. Twine undertakes compliance audits of your financial adviser, who undergoes specialized training in this area. Twine also annually audits our conflicts of interest compliance framework.

    Complaints Handling & Disputes Resolution
    Our Internal Complaints Process

    If you have a problem, concern, or complaint about any part of our service, please let us know in writing so that we can try to fix the problem or concerns in a fair, timely and transparent manner.

    You can make the complaint through either the following methods:

  • By sending an email to Eugene at eugene@twineadvisers.co.nz
  • By logging into your Trail client portal and pressing on the “Make a Complaint” button on the bottom right of the page.
  • When we receive a complaint, we follow an internal complaints procedure to ensure we address the issue:

    1. Acknowledge your complaint within 2 working days.
    2. Inform you how we will address the complaint.
    3. Gather any information that will help us resolve the complaint.
    4. Aim to resolve the complaint within 10 working days.

    If we cannot resolve the complaint within this timeframe, we will contact you within that time to let
    you know we need more time to consider your complaint.

    Our External Complaints Process

    If you are not satisfied with how we addressed or resolved your complaint, you can contact Financial Service Complaints Limited.

    They are an independent dispute resolution service, it is a free service and will help us resolve any disagreements or finalise outstanding complaints. Their contact details are:
    Email: complaints@fscl.org.nz
    Phone: 0800 347 257
    Postal: PO Box 5967, Wellington 6140

    Our Duties

    Twine Financial Advisers Ltd and our financial advisers have duties under the Financial Markets Conduct Act 2013 relating to the way we give advice.

    We are required to:

    1. Give priority to the clients’ interests by taking all reasonable steps to make sure our advice isn’t materially influenced by our own interests

    2. Exercise care, diligence, and skill in providing you with advice;

    3. Meet the standards of competence, knowledge and skill set out in 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)

    4. Meet the 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)