Disclosure Statement

 

Disclosure Statement

David Smart Co. Ltd is a Licensed Financial Advice Provider issued by the Financial Markets Authority to provide financial advice services. Its Financial Services Provider Number is FSP760671.

 Your financial adviser will be David Smart FSP651869 who provides advice on behalf of the license holder.

Contact Details

Address:                                              16 St Leonards Road, Devonport, Auckland 0624

Telephone Number:                        + 64 27 5434455

Email address:                                   david@davidsmart.co

Website:                                              www.davidsmart.co

 This Disclosure Statement was prepared on: 11 March 2021

The Nature and Scope of Financial Advice Services Provided

Advice is provided in the following subject areas:

  • Budgeting

  • Cash/Debt Management

  • Direct Investment

  • Managed Funds

  • Home Equity

  • Investment Planning

  • Financial Planning

  • KiwiSaver/Retirement Planning

Other subject areas which we may discuss in the course of the advice provided may require external advice, for example estate planning, risk management or taxation. We do not give specialised advice in these areas but will refer you to your own expert advisers in these subject areas or to an expert known to us.

The financial adviser services provided are in relation to the following financial products: 

  • Bank, finance company, and credit union loan facilities

  • Managed Investment products

  • DIMS facilities

  • NZ and foreign direct bonds

  • NZ and foreign direct equities

  • Bank term deposits

  • Cash or term investments

  • Call debt securities including savings accounts

  • Kiwisaver

  • Superannuation

Product Providers we might recommend:

We provide financial adviser services in respect of financial products provided by a broad range of organisations and do not restrict our recommendations to any one or any group of providers. 

Instead we take pride in developing solutions that are tailored to clients’ situations and recommend products and  product providers that are the best fit for our clients.

 We do not have any contractual obligations with product providers to:

  • Recommend a particular product or products

  • Limit recommendations to a particular product or products

  • Attain or maintain a target in relation to a particular product or products

Fees

We provide one free of charge initial consultation. 

Following this consultation, the basis of the charge will be provided to clients before entering into an agreement and written agreement will be required before any fees are incurred.

The actual fee charged will depend on the nature and scope of the advice or service provided. 

Our fees are typically a fixed fee for service, alternatively they may also be based on an agreed hourly rate which may be capped depending on the nature of the engagement. 

If there are other costs incurred in the process of providing our advice and services, they will be charged to clients. However we will agree all additional costs with clients before incurring them.

Fees are payable by 20th of the month following billing. Alternatively we may agree a rate to be charged monthly or quarterly in arrears based on funds under management or funds under advisement.

Commission

David Smart Co. Ltd and David Smart are completely independent of product providers and any commission we receive is paid to our clients.

Conflicts of Interest or other incentives

We do not have any preferential terms or production agreements with any particular product provider. We do not have any commercial relationships or contractual arrangements that present conflicts of interest to clients generally which would be reasonably likely to materially influence us in providing financial adviser services.

We place business with a range of product providers but we do not have any contractual relationships with these providers and we are not required to place any level of business with any supplier or financial organisation.

We do not have relationships or associations with any persons where the nature and extent of the relationship will cause a conflict of interest.

We do not have any financial or other relationship with any other person that would be reasonably likely to influence us in giving advice.

We follow a six step advice process that ensures our recommendations are made appropriately, based on clients’ goals and circumstances.

 Our duties and obligations to you

We are bound by the duties of the Financial Markets Conduct Act (431I, 431K, 431L, and 431M) to:

  • Meet the standards of competence, knowledge and skill set out in the Code of Conduct.

  • Give priority to the clients’ interest.

  • Exercise care, diligence and skill; and

  • Meet the standards of ethical behaviour, conduct and client care set out in the Code of Conduct.

 Relevant Qualifications and Experience

David Smart has the following qualifications relevant to providing financial adviser services:

  • New Zealand Certificate in Financial Services (Level 5) – Open Polytechnic.

  • Bachelor of Commerce – Auckland University.

  • Chartered Accountant (CA) – Member of Chartered Accountants of Australia and New Zealand.

  • Financial adviser (FSP 651869)

  • Senior Lecturer in Finance, Accounting and Banking including to post graduate level – Auckland University of Technology

  • Over 40 years experience in the financial services sector including services as a Board member, Acting CEO, CFO and Executive Team Member within Banks, Finance Companies Credit Unions and insurers.

  • Member of Financial Advice New Zealand and Chartered Accountants of Australia and New Zealand and bound by their codes of ethics and complaints procedures.

How Competency is Maintained

David Smart ensures his competency is maintained and tested on an on-going basis though a continuing professional development plan. The plan is:

  • In respect of his Financial Adviser status, to undertake a minimum of 30 hours of structured professional development every two CPD years.

  • Complete and maintain a personal record of areas for improvement in his competence, knowledge and skills, and proposals for making these improvements.

  • In respect of his CA status, to undertake a minimum of 20 hours of verifiable and 20 hours of non-verifiable professional development every year.

  • As a member of Financial Advice New Zealand and Chartered Accountants of Australia and New Zealand to update himself on regulatory change and developing trends within the financial advice field.

 How we operate

 We follow the six step advice process set out in the International Code of Practice for personal financial planners. This process is promoted by the International Financial Planning Standards Board and has been adopted by Financial Advice New Zealand.

The six step process is:

  • We disclose sufficient information to enable clients to make an informed decision about whether to use our services. If the client decides to proceed we agree the areas of advice and establish a written Scope of Engagement.

  • We gather information about the client’s current financial and personal situation, establish the client’s goals and understanding of their risk profile or risk tolerance.

  • We then analyse the client’s current situation, identify any gaps with their goals and draft a potential strategy for closing the gaps.

  • We prepare a Statement of Advice with our recommendations based on the analysis and any modelling, comparisons, calculations and quotes. The recommendations will include the costs, benefits and risks of implementation and why the recommendations meet the client’s goals.

  • We help facilitate the recommendations including supplying relevant paperwork, third party applications and disclosures.

  • We agree a review period and process and schedule to make contact at agreed dates.

 Our internal complaints process

If a client has a problem, concern or complaint about any part of our advice or service, please tell us so we can try and fix it.

David Smart can be reached by email at david@davidsmart.co or 0275 434455. He will reply within 24 business hours.

 Our internal complaints process is:

  • We will review the complaint and discuss with you how we will resolve if and obtain any additional information if required.

  • We aim to resolve complaints in a timely manner and we will indicate to you the time the complaint will take to resolve.

  •  We will communicate to you in the method you prefer – phone, email or written.

  • If we can’t resolve the complaint in a manner which is acceptable then you can contact our free independent dispute resolution service.

 Our external complaints process

If we cannot agree on how to fix the issue, or if you decide not to use the internal complaints scheme, you can contact our external disputes resolution scheme Financial Disputes Resolution Services (FDRS). This service will cost you nothing, and will help us resolve any disagreements.  

You can contact FDRS at:

Address:     Level 4, 142 Lambton Quay, Wgtn Central, Wgtn 6011

Telephone Number:  0508 337337

Email address:     enquiries@fdrs.org.nz                                                                                              

Signed: 

………………………………

David Smart - Financial Adviser – FSP651869

Client Acknowledgement

I /We acknowledge that the Disclosure Statement for David Smart Co. Ltd FSP760671

has been provided to me/us.

Yours Sincerely

……………………………………                             Date: ……………….

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