How we get paid, fees and conflicts of interest:

How our Advisers are paid

All of our Advisers, both Fire and General and Life Advisers are paid salaries.  We think this is a great way to show that Financial Independence and our Advisers are working in the best interest of our clients, as they are not incentivised by commission.

Fees and expenses

We only apply fees to insurance placed in regardto Fire and General Insurances. This is for such things as Car, House and Contents, Professional Indemnity, Public Liability etc.

The fees for placing your Fire and General insurance with Financial Independence is variable per client based on the products chosen and advice given. These fees will be made clear to you when advice is given.

No fee is charged regarding the placement of Life products, such as Life, Disability and Health.

How we manage any conflicts of interest

Our FAP’s, or Financial Advice Providers, trading as Financial Independence, receive commissions if you choose to follow the advice given by one of our salaried Advisers and take out insurance.  The amount of commission is based on the amount of the premium.

More detail on the commission that our FAP's will receive will be provided at the time of our advice.

On occasion, an Insurer may do such things as, bring morning tea, send a hamper at Christmas, or take us out for a meal, we see these less as a conflict of interest and more as relationship-building so that we can liaise better between our clients and the Insurers that we work with.

Steps we take to manage the above described potential conflicts: 

  1. We have access to a range of product providers.

  2. We use third-party product research as part of our analysis.

  3. undertake extensive in house research on product wording.

  4. We have our processes audited.

  5. We pay our advisers salaries.

The Life Insurers that we work with are:

Partners Life

Asteron Life

Fidelity Life

Cigna

Pinnacle Life

AIA

Southern Cross

nib

accuro

AMP

 

The Fire and General Insurers that we work with are:

NZI

QBE

Chubb

IUA

Delta

Dual

Vero

Vero Liability

ALLIANZ

Classic Cover

Lumley

Protecsure

ANDO

LLOYDS

AIG

ZURICH

BERKSHIRE HATHAWAY

ROSSER (Underwriting Agency)

Star (Underwriting Agency)

TLC (Underwriting Agency)