Disclosure

Echo Financial Advisors LTD, (FSP 1001566) is a Financial Advice Provider (FAP) licensed and regulated by the Financial Markets Authority (FMA) to provide financial advice.

Nature and Scope of Advice

We are licensed to provide financial advice in the following capacity:

  • Retirement planning
  • Investment planning services
  • Financial planning services
  • Financial advice on financial products
  • Switching funds within a managed investment scheme
  • Debt management
  • Resource management and budgeting

In relation to the types of financial advice provided, the products that the financial advice will cover are as follows:

  • KiwiSaver schemes
  • Other managed investment schemes
  • Discretionary investment management schemes (DIMS)
  • Debt securities
  • Equity securities

We are an independent financial advice provider and have no arrangements or obligations to invest with any other providers. We provide advice on a wide range of financial products that best suits our clients.

Fee Structure

We have a fee-only structure-based pricing system, we receive no commission for recommending particular funds or investments (any commission or other forms of payments available to us from making investment recommendations are fully rebated to the client). Our fee structure may incorporate one or more of the following dependent on your requirements:

  • Flat fee: for a one-time financial plan.
  • Hourly fees: for ad hoc services requested by clients.
  • Recurring fees for ongoing services.

Determining the Cost of Your Advice

To determine the cost of your services, we will first need to understand your current circumstances, including your financial needs and short and long-term goals.  The initial stages of this are done in your cost and obligation-free appointments. We will then, given your consent to proceed, develop a personalised solution that incorporates all the fundamentals of your financial goals and needs. It is at this time that we will be able to provide you with an understanding of the costs of our services.

Conflicts of Interest

Driving good client outcomes is central to Echo Financial Advisors LTD.

All employees are required to perform the duties and activities of their position with the highest level of integrity and professionalism. They must also ensure that they avoid or eliminate any conflict of interest or situation that could reasonably be perceived as a conflict.

Echo Financial Advisors LTD manages and structures our business to ensure we are obligated to no one provider, we do not receive commission or remuneration from any service/product providers, therefore avoiding potential conflicts of interest. This ensures we are not influenced by any outside sources and can focus solely on you.  We use extensive product research to ensure we find solutions that are suitable for each client.

As a business, we have no contractual relationships with any Service/product providers that require Echo Financial Advisors LTD to provide client business with them. There may be occasional times when we receive business support in the way of training and educational assistance.

Complaints Handling and Disputes Resolution

Echo Financial Advisors LTD is required to have an internal complaints process for handling complaints relating to their financial advice services – Pursuant to the Financial Service Providers (Registration and Dispute Resolution) Act 2008. This policy is to be made public.

Receiving Complaints

All complaints will be directed to a senior complaints manager who will:

  • Acknowledge in writing the receipt of the complaint and outline the steps that will be taken to resolve the complaint.
  • Ensure all relevant information is acquired in relation to the complaint, (e.g., the date the complaint was received, details of the complainant including name and contact details, details of the complaint including when it occurred, etc.,).
  • Each complaint will be allocated a unique identification number for quick reference.
  • Ensure all information gathered is kept private and confidential and only shared with parties necessary for resolving the complaint, with exception to parties with whom the complainant has consented.

Investigating Complaints

The senior complaints manager will:

  • Investigate the complaint and ascertain what response should be made to the complainant.
  • Ensure the complaint is resolved in a timely manner, including any requests for further information if required.
  • Ensure the complainant is kept up to date with the progress of the complaint, including information on reasonable timeframes for the process to be completed.

Resolving Complaints

The senior complaints manager will Issue an Outcome Notice in writing to the Complainant that includes:

  • A summary of the complaint, with the outcome of the investigation and the issues
  • An acknowledgment of any fault on the part of Echo Financial Advisors LTD,
  • Details of any offer being made to settle the complaint (including any timeframes for acceptance).

Unresolved Complaints

Where the Outcome Notice is not accepted by the complainant, a Cessation Notice will be sent to the complainant in writing, indicating that a decision has been reached and that the complaint is unlikely to be resolved internally; informing the complainant of the process for taking the matter further, free of charge to the Financial Disputes Resolution (within three months of the date of complaint being received).

Duties

Echo Financial Advisors LTD has duties and obligations under the Financial Markets Conduct Act 2013 relating to how we give advice to our clients. We are required to:

  • Take reasonable steps to ensure our clients understand the nature and scope of the advice being provided, including any limitations about that advice. For example, we must explain if we’re only able to give advice about certain products.
  • Where there’s a conflict of interest, we must give priority to our client’s interests.
  • At all times exercise care, diligence, and skill.
  • Comply with the new Code of Professional Conduct for financial advice services requirements for ethical behaviour, conduct, and client care and meet the competence, knowledge, and skill requirements.
  • Only recommend financial products to clients that are offered in compliance with the FMC Act and its regulations.
  • Ensure we follow the new disclosure regulations and that any information we make available to clients is not false, misleading, or incomplete.
  • Tell the FMA if we materially contravene our obligations and must also let them know if we change the legal structure of our business or make certain other changes, such as changes in directors or senior people.
  • Comply with any license conditions they may include when granting our license, including the standard conditions, and the license conditions imposed by law.

Contact Details

Echo Financial Advisors LTD (FSP 1001566) is the Financial Advice Provider

Tel: 0064 21 667 511

Email: info@echo-financial-advisors.co.nz