Summit Financial Group Ltd, is a Financial Advice Provider (FAP) licensed and regulated by the Financial Markets Authority to provide financial advice. Our Financial Services Provider (FSP) number is 19442
You can contact us at:
Address: 1 Umbers Street, Wanaka, 9305
Phones: 09 302 7141 or 03 398 3804 (office)
Email: insurance@summitfinancial.co.nz
Website: www.summitfinancial.co.nz
Areas we can provide you with financial advice:
- Personal life, sickness and disability insurance needs and products
- Business life risk insurance needs and products
- Employer Group Plan needs and products
- Health insurance needs and products
- Business life and disability insurance needs and products
- KiwiSaver needs and products
We source products from the following companies:
For Life Risk Insurances:
- Asteron Life
- AIA
- Fidelity Life
- Chubb Life
- Partners Life
- AMP
- Resolution Life
- nib
- Southern Cross (Health insurance only)
- UniMed (Health insurance only)
- Accuro (Health insurance only)
- Pinnacle Life (Group Plans only)
For KiwiSaver:
- NZ Funds Limited
- Generate
- Booster
- Milford
Our Advisers
All our advisers can advise on personal & business risk insurances but may not hold agencies with every company, this will be disclosed at the time our advice is provided to you. Please refer to the link ‘Meet Our Team’ to see Summit’s advisers.
Our Duties and Obligations to you
We have duties and obligations under the Financial Markets Conduct Act 2013 relating to the way our advisers give advice. We are required to:
- Ensure you understand the nature and scope of advice you ask me to provide.
- Provide a service that is relevant to that agreed scope of advice and suitable to your circumstances and needs.
- Listen to your needs, concerns, preferences and to treat you fairly and with respect.
- Act with integrity and give priority to your interests and not my own.
- Exercise care diligence and skill.
- Meet the necessary standards of competence, knowledge, and skill set by the Code of Professional Conduct for Financial Advice Services.
- Ensure you understand my recommendations and any associated risks.
- Keep you informed along the way and communicate in a timely, clear, and effective manner.
This is only a summary of the duties that we have. More information is available by visiting the Financial Markets Authority website at: www.fma.govt.nz
Fees & Commission
We get paid in the form of commission by the insurance company or KiwiSaver fund that you place our recommended products with. The amount of the commission is based on the amount of the premium for insurance or KiwiSaver balance. These commissions vary depending on the product provider used and will be detailed at the time any advice is provided to you.
For Life/Personal Risk Insurance, initial commission can range between 0-230% of the insurer’s first year’s premium when new insurance is arranged. Some or all of the initial commission is repaid to the insurer if the insurance is cancelled within 24 months of its inception. We receive Trail commission between 0-35% at each anniversary of the insurance.
We do not charge fees, expenses or any other amount for financial advice provided to its clients, with one exception relating to Employment Group Insurance Services (see below).
Other fees or charges may apply in certain circumstances and as follows:
Employment Group insurance services – fees and charges
If you set up an Employee Group Insurance plan through us, we may charge a one off set up fee. How we calculate the setup fee will be advised at the time our advice is provided to you.
Conflicts of Interest
To ensure that we prioritise your interests above our own, we follow an advice process that ensures our recommendations are based on your objectives, needs and circumstances. We further manage possible conflicts of interest by:
- Choosing product providers based on your needs and not on the commission we may receive
- Avoiding any production requirements for one product provider
- Having access to a range of product providers
- Using third party product research as part of our analysis
- Having our processes audited annually by a reputable compliance adviser
- Our advisers are salaried advisers, which means they are not driven by selling based on the premium amount. The client’s interests are first and foremost.
From time to time, product providers my also reward us for the overall business we provide to them. They may give us tickets to sports events, hampers, or other incentives. To ensure that our financial advisers prioritise our client’s interest above their own, we follow an advice process that ensures our recommendations are made on the basis of each client’s goals and circumstances. All our financial advisers undergo annual training about how to manage conflicts of interest. We maintain registers of conflicts of interests, and the gifts and incentives we receive. Summit Financial monitors these registers and provides additional training where necessary. Summit Financial performs an annual review of our compliance programme.
We maintain professional relationships with Fire & General Insurance Brokers and Investment Planners. Upon a client’s request for a referral, Summit may receive a referral commission. This commission ranges from 1% to 25% for the initial commission and from 1% to 10% for renewal commissions. Further details regarding commissions will be provided upon the client’s request.
Our Reliability
We nor our advisers have not been subject to reliability events that would influence you, the client, in deciding whether to seek or obtain advice from us.
A reliability event is something that might materially influence you in deciding whether to seek advice from Summit Financial Group Ltd. or advisers. As an example, it would include legal proceedings against your adviser, or if they had been discharged from bankruptcy in the last five years.
Complaints and Disputes
If you are not satisfied with our service or financial advice, please tell us as soon as possible so that we can try and resolve this for you to the best of our ability. It is our intention to provide the best possible service we can for our clients and will do our best to try and resolve any complaint received as quickly and effectively as possible. You can make a complaint by calling 09 302 7141 or 03 398 3804 or emailing insurance@summitfinancial.co.nz . You can also write to us at C/- General Manager Summit Financial Group Ltd P.O Box 523, Cromwell, 9310.
We will follow our internal complaint process:
- We will acknowledge receipt of your complaint within 5 business days, and respond as follows:
- Phone: We will record the complaint and email you acknowledgement of the phone conversation.
- Email: Acknowledgement by return email.
- Post: You can expect a written acknowledgement posted back to you within 5-10 working days upon our receipt of your letter.
- We will investigate your concerns. Where possible we will resolve your complaint at first contact. If we are unable to resolve your concerns in the first instance and depending on the complexity of the investigation, your complaint may be escalated internally for further review, and we will respond within 10 business days. We will keep you updated with progress and should we need more time or additional information, we’ll agree a timeframe with you, until your complaint is resolved.
- We will do everything we can to resolve your complaint internally but, in some circumstances, this may not be possible. If you are dissatisfied with the final outcome or a resolution cannot be agreed, you can escalate your complaint to our external dispute resolution provider, Financial Services Complaints Ltd (FSCL) – A Financial Ombudsman Service. FSCL is an independent party and there is no charge for you to use their service – please refer to their website for more details:
Call: 0800 347 257
Email: complaints@fscl.org.nz
Write to: FSCL, PO Box 5967, Wellington 6145