Enva Financial Advisers Limited Disclosure

About Enva Financial Advisers Ltd (Enva)

Enva Financial Limited, (FSP1006848) is a Financial Advice Provider that holds a licence issued by the Financial Markets Authority (FMA) to provide financial advice services.

You can find us and our advisers listed on the Financial Service Providers Register at fsp-register.companiesoffice.govt.nz.

The conditions of our licence allow us to provide the following financial advice services:

  • Personal Life Risk & Medical Insurance
  • KiwiSaver
Personal Life Risk & Medical Insurance

Enva Financial Limited provides personalised advice that takes into account your individual circumstances to determine the personal risk products that best meet your personal goals and needs.

We follow a documented advice process that looks at your personal situation to determine what’s important to you, what products you need and how much cover you should have in place. We then recommend the provider that offers the cover most suited to your stated preferences.

Providers we work with

Enva Financial Limited have chosen to work with the following personal risk insurers:

  • AIA
  • Chubb LIfe
  • Fidelity Life
  • NIB
  • Partners Life

This means that Enva Financial Limited will only consider the providers listed above when recommending a product to meet your personal risk insurance needs.

How we are paid

Enva Financial Limited does not charge any upfront fees for our risk advice services.

To ensure advice remains accessible, Enva and/or directly related companies are paid a commission by the provider of any product you put in place on the back of our recommendation.

Our financial advisers are paid via commission or by way of a fixed salary.  Our salaried advisers may also receive a discretionary bonus based on their contribution to the business.  This is based on their overall performance, including achieving client service levels, compliance obligations, new business and meeting business objectives.

KiwiSaver

Due to their focus on long-term sustainability and environmentally friendly investment, we have chosen to work exclusively with Aurora Capital when helping our clients with KiwiSaver.

We offer generalised KiwiSaver advice and do not offer investment planning or retirement planning services. This means that when we make a recommendation, it is limited to the best Fund choice for you, within the Aurora KiwiSaver Scheme list of investment portfolios.

We will discuss the level of financial risk you are comfortable with and recommend a fund type that best matches your attitude toward risk and the length of time until you plan on accessing your funds (from conservative through to aggressive).

If you would like personalised advice about your KiwiSaver, we can refer you to an investment specialist who can help.

How we are paid

Enva Financial will receive fees or commissions from Aurora KiwiSaver, based on the sum invested.

More details on the commission or fees that Enva Financial Limited will receive will be provided at the time of our advice.

General Insurance (Home, contents & car)

To ensure that our clients receive the highest level of advice and service, we have a team of Fire and General Insurance Specialists, Blanket Advice Limited that we refer all our clients to.

If you take out a policy with Blanket on the back of my referral, our advisers may receive a small referral commission depending on which insurance products you take out cover with, after taxes

Home Lending

Enva Financial Limited refers our clients to Enva Mortgages Limited for home lending advice. For further details please refer to the Enva Mortgages Limited Disclosure.

Other Interests

I am a shareholder in Enva Financial Limited. This means that I is paid dividends from any Enva Financial shareholding and isnefit from any increase in value of those shares.

Enva Financial Limited and its shareholders are minor shareholders in Aurora Capital Limited. As a result of this relationship, Enva Financial Limited and its shareholders may receive dividends from time to time based on the performance of the Aurora KiwiSaver Scheme.

As a result of this relationship, Enva Financial Limited and its shareholders may receive dividends from time to time based on the performance of the Aurora KiwiSaver Scheme.

Some advisers have a financial interest in the business of Enva Financial Limited as a shareholder through a holding company. Any payment of dividends or other distributions to shareholders by Enva Financial Limited has no effect on the service provided.

How we manage conflicts of interest and put your interest first

All of the services Enva Financial Limited offers are provided free of charge to our clients.  This is because we are paid by the providers when one of their products is taken up on the back of our recommendation.

Although we are paid by the providers, we always put your interests first:

  • We follow a proven 6-step advice process that puts our clients needs at the heart of the advice process
  • We identify and disclose the maximum level of commission we may get on the back of our recommendation
  • If our recommendation involves replacing cover, we will provide a comparison of covers and explain what the recommended provider offers that your existing cover does not.  We will also let you know if there is anything your existing provider covers that the recommended provider will not.
  • All our recommendations are provided in writing with an explanation as to how they are based on your individual needs
  • Enva Financial Limited completes internal and external reviews of our advice process to ensure we follow a thorough review process that puts client interest first.
Our Duties

Under the Financial Markets Conduct Act 2013, it is the duty of Enva Financial Limited and our advisers to:

  • meet the standards of competence, knowledge, and skill set out in the Code of Professional Conduct for Financial Advice Services (Code of Conduct), which form part of the wider regulatory regime for financial advice and ensure we have the expertise necessary to provide you with advice; and
  • give priority to your interests by taking all reasonable steps to ensure that the advice given to you is not materially influenced by our own interests or the interests of any other person connected with the giving of advice; and
  • exercise care, diligence, and skill that a prudent person engaged in the occupation of giving related financial advice would in the same circumstances; and
  • meet the standards of ethical behaviour, conduct, and client care set out in the Code of Conduct, to treat you as we should and to provide you with suitable advice.
What if something goes wrong

We value the ability of our clients to provide feedback about the service they have received as well as the opportunity to put it right when they are unhappy with any aspect of our service.

If you would like to raise concerns about the service you have received, we have an internal complaint process that we will follow when we receive your formal complaint.

Our internal process involves:

  1. Requesting your complaint in writing
  2. Acknowledging the receipt of your complaint within 2 working days of receiving it.
  3. Investigating your concerns by speaking with all the involved parties and reviewing all the documentation we hold on file.
  4. Providing a formal written response within 28 days of acknowledging your concerns.

If you would like to make a complaint, please email: feedback@enva.co.nz

If you are unsatisfied with the outcome of our internal complaints process, you can escalate it to our dispute resolution scheme:

Scheme: Financial Dispute Resolution Service

Address: Freepost 231075

PO Box 2272

Wellington 6140

Telephone number: 0508 337 337

Email address: enquiries@fdrs.org.nz

They are an independent dispute resolution service provider that helps resolve complaints about financial service providers, free of charge.