Client Agreement Form / Scope of Engagement
Agreed Work to Complete: FUTURE READY SESSIONS
If we have arranged a 2-meeting FUTURE READY SESSION package, we have agreed on the following:
We will conduct two sessions designed to strategically plan for upcoming financial milestones or manage potential future events. These sessions will provide tailored advice to help you optimize your financial outcomes. Whether you're preparing for significant life changes or responding to new opportunities, these sessions will equip you with a clear strategy and personalized guidance.
Specific Advice Requests:
If you require specific advice including cashflow forecasting, scenario planning, or portfolio construction, these will be integrated into the two sessions, with one or two specialty areas only recommended as the primary focus for this coaching package.
Acknowledgment:
Please acknowledge via email or at the commencement of our first meeting that you’ve read and understood this form. Remember to let me know at the conclusion of our sessions if further advice is required.
About Your Financial Advice Provider
Meta Financial Solutions Limited (FSP 1000335 holds a Financial Advice Provider (FAP) licence issued by the Financial Markets Authority to provide financial advice.
About Your Financial Adviser
I am a Financial Adviser (FSP202965) and I am authorised by the FMA to provide services like financial planning, mortgage advice, KiwiSaver advice, and insurance advice on behalf of Ungaro and Co Limited. This will not be considered a comprehensive financial planning service, nor will it be considered ‘financial advice’ within the definitions contained in The Financial Markets Conduct Act 2013.
My details are as follows:
- Name: Darcy Ungaro (FSP202965)
- Telephone: 09 360 2179 / 021 800 107
- Email: [email protected]
- Business Address: 201/28 College Hill, Freemans Bay, Auckland.
Neither Ungaro and Co Limited nor I have been subject to a reliability event, which would include any legal proceedings against me or if I had been discharged from bankruptcy in the last four (4) years.
Confidentiality and Social Media Clause
- Client Confidentiality and Non-Disclosure
We acknowledge the sensitive nature of the financial and personal information you disclose during our engagement. We will not disclose or share any information or use it for any purpose other than providing financial advice, unless you confirm in writing that this is acceptable.
This obligation of confidentiality extends to our presence on social media platforms, including but not limited to podcasts, YouTube videos, Facebook, and Reddit. We will not share any specific information that could identify you, whether directly or indirectly, on any social media platform or public forum.
- Responsible Use of Social Media by You
You acknowledge that the financial advice provided is tailored specifically to your individual needs, circumstances, and goals. You agree not to share, reproduce, or distribute any portion of the financial advice received on any social media platform or public forum without prior written consent from us.
- Indemnification
You will indemnify, defend, and hold harmless the business of Ungaro & Co, its advisers, agents, and representatives from and against any and all claims, damages, liabilities, costs, and expenses (including reasonable legal fees) arising from or in connection with unauthorized sharing or distribution of our financial advice on social media platforms or other public forums.
This Confidentiality and Social Media Clause shall survive the termination of the engagement between you and us.
Out of Scope
We have agreed that the written financial advice provided during the Future Ready Sessions may be insufficient in some cases to make an informed decision to acquire or dispose of certain financial products. No specific recommendations of funds, stocks, or crypto assets will be made unless it’s impractical to do otherwise.
If during the engagement, a need arises for the use of another professional, I can refer you to an appropriate professional. That person will enter into any agreement for services with you directly.
My Commitment to You
As your Financial Adviser, I have obligations that include adhering to a Code of Professional Conduct for Financial Advice Services, legal duties prescribed by law, and a requirement to meet certain standards of competence, knowledge, and skill.
In addition to the above, I will:
- Act in your best interests when providing financial advice.
- Ensure that the financial advice is suitable for you.
- Help you understand the advice process and any complex terminology.
- Exercise care, diligence, and skill in providing you with financial advice.
- Provide my financial advice in writing.
- Maintain accurate records and keep them safe and secure.
- Provide my services in a timely manner.
- Keep your personal information confidential and restricted to only the parties who require it as part of the application process.
Fee-Based Financial Advice
All Future Ready Sessions are fee-incurring services based on the time required to prepare, conduct, and summarise the meetings.
Fees Charged:
The fees charged for our advice and service may be based on a combination of:
- A set dollar amount or
- An hourly rate.
In most cases, fees are paid in advance for the types of advice you require. If we go over the allocated time for our sessions, you will be billed based on our normal hourly rate (as of 01/09/23 this is $380/hr +GST but can vary from time to time).
Your Obligations
When participating in a fee-based Future Ready Session, you have an obligation to ensure you understand our professional limitations and time restrictions. Advice is provided based on the information you supply, which should be accurate, and your expectations should be clearly articulated. If a fee-payable advice session does not meet your expectations, please indicate this at the conclusion of our meeting or within 7 days following the meeting. Further advice sessions may be offered in lieu of refunds, where any misunderstanding has occurred.
Nature and Scope of My Advice
Note: THIS SECTION ONLY APPLIES IF, SUBSEQUENT TO OUR MEETING, Meta Financial Solutions IMPLEMENT A FINANCIAL PRODUCT FOR YOU
I am able to provide you with financial advice relating to:
- Life & Trauma Insurance
- Key Person & Protection
- Medical Insurance
- Income Protection
- Mortgage Protection
- KiwiSaver
Accredited Products:
We are accredited to provide financial advice about products offered by the following product providers:
- Life and disability insurances: AIA, Asteron, Fidelity, Chubb, Partners Life
- Health Insurances: AIA, nib, Partners Life
- KiwiSaver: Generate, kōura KiwiSaver.
- Fire and General Insurance: We may refer you to other providers.
- Home Loans: ASB, ANZ, BNZ, Westpac, Go Home Loans.
Your Obligations
When Applying for Personal Insurance:
For the insurer to assess the risk and the appropriate premium, the law requires you to disclose all the information you know, or should know, that would influence the judgment of a prudent insurer in deciding whether to insure you, and if so, on what terms and at what cost. This is your duty of disclosure. For example, you should disclose your current income, medical history, and all information about insured and uninsured losses and claims.
For Lending Applications:
For the bank to assess your borrowing eligibility, the law and lending criteria require you to disclose everything that a bank would need in order to make an accurate decision. All information that you disclose to an adviser in relation to your expenses, income, assets, and liabilities, both known and anticipated, must be disclosed to the bank.
Accurate Information:
It is your responsibility to provide accurate and relevant information when I need to gather your personal information. If you provide incomplete or inaccurate information, I may not be able to provide you with the advice, products, or services you are seeking.
Timeframes
You will need to allocate approximately 2 hours for the first meeting and 1 hour for the second meeting of our Future Ready Sessions. These sessions will be conducted over a 1-week period and will be recorded via Microsoft Teams or similar. Additionally, a 15-minute debriefing call will be scheduled in between the meetings. Subsequent meetings will be required if you decide to engage me separately for another purpose, if further information is required.
I will contact you from time to time to see if your circumstances have changed or if I can be of any further assistance to you. I also encourage you to contact me if your situation changes.
Conflicts of Interest and Incentives
Home Loans:
Meta Financial Solutions Limited will receive a commission from the relevant bank or lender to implement a mortgage following my advice. The commissions range between 0.55% and 0.90% of the value of the mortgage. The amount will depend upon the bank and the type of mortgage that you choose. Meta Financial Solutions Limited may also receive a ‘servicing’ commission of between 0% and 0.2% of the remaining balance each year. The servicing commission is paid to us under the expectation that we provide you with ongoing advice in relation to the mortgage which was implemented through Meta Financial Solutions Limited.
Insurance Commissions:
The commission is between 5% and 200% of the first year’s premiums of your policy. The amount depends on which insurance company and which insurance policy you choose. I also receive a ‘servicing’ commission of between 3% and 30% of the premium for each year the policy remains in force. The servicing commission is paid to us under the expectation that we provide you with ongoing advice in relation to the insurance plan which was implemented through Meta Financial Solutions Limited.
KiwiSaver Commissions:
For KiwiSaver, we will collect a fee through the provider of between 0.25% and 0.30% per annum on the KiwiSaver balance for ongoing client servicing
How I Manage Any Conflicts of Interest
I have an obligation to act in the best interests of clients when making a recommendation. Should any actual or potential conflicts of interest arise during the advice process, I undertake to bring any such conflict of interest to your attention so that you may assess my advice objectively.
Product Provider Commission:
If you accept and act on my advice in relation to acquiring a mortgage or insurance plan through us, we will receive a commission. Conversely, if you do not accept and act upon my advice in relation to acquiring a mortgage or insurance plan through us, we will not receive a commission.
There are two things I do to ensure that I prioritize your interests above my own:
- I follow an advice process that ensures my recommendations are made on the basis of your individual goals and circumstances, and
- I charge upfront fees for the advice you require, which is independent of the products or services I can implement.
I complete annual training on how to appropriately manage conflicts of interest. Meta Financial Solutions Limited undertake a compliance review of my advice process. Meta Financial Solutions Limited also engage an independent compliance consultancy firm to conduct ongoing independent compliance reviews and audits.
In the Event of a Complaint or a Dispute
The Meta Financial Solutions Limited website outlines the procedure to be followed if you have a dispute and/or wish to make a complaint about the financial advice or services provided.
Termination
This Agreement will remain in place until it is terminated by either party giving the other at least thirty (30) days’ written notice.
How We Collect, Use, and Share Your Information
Meta Financial Solutions Limited complies with the Privacy Act 2020. To prepare your Home Loan, Insurance, KiwiSaver, or provide you with a financial planning service, I will require certain personal and financial information from you. It is understood that any information gathered for this service and used in any associated advice reports is personal and will be kept confidential and secure.
The Privacy Act 2020 gives you the right to request access to, and correction of, your personal information. Information provided by you or any authorized representative will be used by me and any members of my staff for the purpose of providing advice to you and may also be used by:
- The Financial Markets Authority;
- Product providers when implementing any of my/our recommendations or variations thereof;
- Compliance advisers, assessors, or by any claims investigators who may need access to such information; and
- Other professional advisers such as solicitors, accountants, mortgage advisers, financial planners when such services are required to complement this advice and as requested by you.
This information will be held by us at our business address: 201/28 College Hill, Freemans Bay, Auckland. From time to time, this information may be updated and/or changed. I undertake to advise you of material changes to any of the items or products/services noted above via email and/or via post.
Client Acknowledgments
Compliance or regulatory bodies may require evidence that I have explained specific requirements or obligations and provided certain information to you. Please acknowledge that these requirements have taken place or email back to confirm you’ve read and understood this document.
Provision of Information
I/We acknowledge the advantages of undertaking a full suitability (needs) analysis and the need to provide relevant personal and financial information and by not doing so I/We risk receiving advice or product recommendations that may not be appropriate to my/our needs.
Limitations of Advice
I/We acknowledge Darcy Ungaro is not a Certified Financial Planner (CFP) and is therefore only able to provide general and broad financial planning services. I/We acknowledge that in situations where a high detail of cashflow forecasting is required, it may be wise to seek the services of a tax adviser.
Privacy Act
I/We acknowledge I/We have read and understood the information relating to the Privacy Act 2020 and how this information may be used.
Adviser Remuneration
I/We acknowledge I/We have had the basis of adviser remuneration explained.
Client Confirmation
I/We confirm and declare to the Financial Adviser, the product provider, and any other information recipients that:
- The information contained in the documents provided to our adviser is true and correct.
- I/We understand that our Financial Advice Provider is required to keep our information for a minimum of seven (7) years after our engagement has completed.
Please respond via email to confirm this has been read and understood as an alternative to signing this document.