I receive commissions from most of the providers on whose products I give financial advice on (ie insurers and KiwiSaver providers- however neither ACC nor anyone else pays me for the financial advice I provide in regards to ACC covers). If you decide to take out insurance, or to take my KiwiSaver advice, the provider will pay a commission to me and in some cases also my company (Spence Assets Ltd, trading as Planning Pros). The amount of commission is based on the amount of the premium, or the KiwiSaver balance. Some providers may pay more than others, and from time to time, product providers may also reward me for the overall business I provide to them. They may give me tickets to industry events and trainings, social events, gifts, or other incentives.
(For clarity: I do not receive any reward (financial or otherwise) for referring you to another expert outside my fields of expertise (Insurance, Kiwisaver, ACC reviews) to assist you where I can’t- I do it because I trust the person or company I am referring you on to, and I believe they will look after you as carefully as I would. For this reason, if you are disappointed by anyone I refer you on to please let me know so that I can address the issue and ensure the high standards expected of referral partners are maintained.)
When I work with ACC covers, even though I do not get paid for this directly, it may mean that because of the reduced spend on ACC levies, clients may be prepared to spend more on the insurance I recommend.
To ensure that I prioritise my clients’ interests above my own, I follow an advice process that ensures my recommendations are made on the basis of each client’s goals and circumstances. I also provide a comprehensive written summary of how I came to the conclusions I did, so that you can assess my decision making process, as well as the advice itself.
I undergo annual training about how to manage conflicts of interest. I undertake a compliance audit on a regular basis, and a review of my compliance programme is undertaken at least annually by a reputable compliance adviser.