Publicly available information – Financial Advice Provider
Adastra 2020 Limited, FSP number 763432, holds a licence issued by the Financial Markets Authority to provide financial advice.
Adastra 2020 Limited trading as Adastra Financial Services is the Financial Advice Provider.
You can contact us at:
Phone: 06 758 6937
Address: 177a Courtenay Street, New Plymouth 4310
Nature and scope of advice
Adastra 2020 Limited advisers provide advice about:
- Personal insurance (risk), including health insurance
- Retirement Planning
We provide advice in relation to the following products:
- Life Insurance, including Trauma and Total Permanent Disability Cover
- Income Protection
- Health Insurance
- Managed Fund Investments
- Direct investments into unitised funds (both public & private)
We provide advice in relation to products provided by the following companies:
- Nib NZ Limited
- Fidelity Life
- Foundation Life
- Asteron Life
- Southern Cross
- Partners Life
- Fisher Funds
- My Fiduciary
- NZ Funds
- ANZ Investments
- Any other listed unit or security via FNZ platform
Fees and expenses
We charge a fee based on the time and labour required to execute a task (by both adviser and/or support staff), the skills/ knowledge, any technology requirements and urgency of a task. Planning fees are specific to client requirements but typically range from $300 – $1,800 + GST.
Planning fees are payable within 7 days of your adviser providing you with your statement of advice, or other document as agreed in your scope of service. An invoice will be provided at this time with payment details.
Adastra 2020 Limited may waive planning fees for some work where there is a commission payable to the company should you proceed with the solution recommended. However, Adastra reserves the right to raise an invoice for an equivalent fee if the client cancels or reduces the scope of the suggested solution within two years of inception.
Whether a fee will be charged, and the amount of the fee will be advised when the advice is provided, typically based on the hourly rate of advising on and implementing the particular solution. This fee will be payable by the client by the 20th of the month after the policy is cancelled.
Conflicts of interest
Adastra 2020 Limited has an agreement for services with Ignite (a service company that does not provide financial advice). IGNITE has a preferred investment provider agreement with Fisher Funds Management Limited (Fisher Funds) relating to investments placed with Fisher Funds by IGNITE member clients, and a dealership agreement with nib NZ Limited (nib) relating to insurance cover provided by nib for IGNITE member clients.
Under those agreements, IGNITE receives a fee equal to a small percentage of the investments placed with Fisher Funds and premiums paid to nib. No portion of any such fee is paid to Adastra 2020 Limited or its advisers, and we aren’t under any obligation to place any particular level of business with either Fisher Funds or nib, but Adastra 2020 Limited indirectly benefits from those fees through the IGNITE member services they help fund.
We manage the resulting conflict of interest by ensuring our advisers only recommend Fisher Funds investment products or nib insurance products where the adviser is satisfied that those products provide the best outcome for our clients, when compared with any other product we are able to recommend, having regard to the nature and scope of the service agreed with the client.
For life insurance and health insurance, Adastra 2020 Limited and the financial adviser receive commissions from the insurance companies whose policies we can recommend. If you decide to take out insurance that we recommend, the insurer will pay a commission to Adastra 2020 Limited and/or the adviser who provides your advice. The amount of the commission is based on the amount of premium associated with your cover; specific commissions will be advised to you when advice is provided.
From time to time, product providers may 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 the client’s interests above their own and to manage the potential conflicts of interest as disclosed above, all Adastra 2020 Limited advisers follow an advice process that ensures personalised recommendations are made on the basis of the client’s goals and circumstances, as advised by the client. Adastra 2020 Limited financial advisers complete regular training, including how to manage conflicts of interest. Each adviser has a regular compliance review of their advice process and our compliance programme is reviewed annually by our external compliance adviser.
Disputes and complaints
If you are not satisfied with our financial advice service you can make a complaint by emailing firstname.lastname@example.org, or by calling 06 758 6937. You can also write to us at: PO Box 8042, New Plymouth, 4342. When we receive a complaint, we will consider it using our internal complaints process:
- We will consider your complaint and let you know how we intend to resolve it. We may need to contact you to get further information about your complaint.
- We aim to resolve complaints within 10 working days of receiving them. If we can’t, we will contact you within that time to let you know we need more time to consider your complaint.
- We will contact you by phone or email to let you know whether we can resolve your complaint and how we propose to do so.
If we can’t resolve your complaint, or you aren’t satisfied with the way we propose to do so, you can contact the Insurance and Financial Services Ombudsman Scheme Inc. The Insurance and Financial Services Ombudsman Scheme Inc provides a free, independent dispute resolution service that may help investigate or resolve your complaint, if we haven’t been able to resolve your complaint to your satisfaction. You can contact the Insurance and Financial Services Ombudsman Scheme Inc by:
Phone: 0800 888 202
Post: PO Box 10-845, Wellington 6143
Adastra 2020 Limited, and anyone who gives financial advice on our behalf, has duties under the Financial Markets Conduct Act 2013 relating to the way that we give advice. We are required to:
- Give priority to your interests by taking all reasonable steps to make sure our advice isn’t materially influenced by our own interests (431K)
- Exercise care, diligence, and skill in providing you with advice (431L)
- Meet standards of competence, knowledge and skill set by 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) (431I
Meet 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).
This is only a summary of the duties that we have. More information is available by contacting us, or by visiting the Financial Markets Authority website at https://www.fma.govt.nz.