Getting Advice at Milford
When it comes to investing, research shows that people who have taken advice on board, often end up balancing risk and reward better than those who haven’t. Milford offers financial advice and it is important you understand the limitations of any advice you receive. The below table indicates which services offer advice and fees that are applicable.
|Is this a Financial Advice Service?
|Are Advice Fees Applicable?
|Are Fund Fees Applicable?
|Private Wealth Advice
|Private Wealth Self-Select
Please note, Investor Services, Private Wealth Self-Select and Wholesale do not provide any financial advice, these are information-only services.
What is the nature and scope of the advice? We provide financial advice about Milford products. Our Financial Advisers provide financial advice in relation to the Milford KiwiSaver Plan, Milford Investment Funds and our discretionary investment management service. We also have two digital advice tools which provide advice about the Milford KiwiSaver Plan or a selection of Milford Investment Funds. Our financial advice has some limitations, these include:
- We only provide financial advice in relation to Milford Products.
- We do not provide financial advice in relation to any other investment product.
- We do not give specific advice on some of the wider issues you may need to consider such as budgeting, estate planning, taxation and insurance planning. You will need to consult a specialist if you would like advice on these matters.
- Our digital advice tool for Milford Investment Funds does not consider our full range of funds available. The tool will only provide recommendations relating to our Cash, Conservative, Diversified Income, Balanced, Active Growth and Aggressive funds.
Depending on the type of financial advice provided, there may be further limitations. These will be clearly explained to you before any financial advice is given.
What are the Advice Fees or Expenses?
- Digital Advice: There are no separate fees for receiving one-off digital financial advice, however fund fees will apply.
- KiwiSaver Financial Advice: There are no separate fees for receiving one-off financial advice, whether digital or through one of our KiwiSaver Financial Advisers, however fund fees will apply.
- Wealth Management & Advice: There are separate fees for our personalised, ongoing Private Wealth service which incorporates financial advice. The amount of any fees applicable will be clearly explained to you before (or at any time) you receive financial advice.
Are there any commissions and other incentives given in relation to Milford’s financial advice services? Milford and its Financial Advisers do not receive any commissions or incentives in relation to financial advice given or acted on and only provide advice on Milford investments.
Does Milford have any Conflicts of Interest? We only advise on Milford funds. Consequently, a conflict of interest exists because those funds are managed by Milford and Milford receives fees from such funds (and in some cases the service) you invest in. Any additional conflicts of interest will be clearly explained to you before (or at any time) you receive financial advice.
How do we manage these conflicts? We clearly explain that we only advise on Milford funds, and our advice is based on your goal(s). We also provide clear disclosure of all applicable fees. Further information is available upon request, free of charge.
Complaints handling and dispute resolution – You can find information about how to make a complaint and an overview of Milford’s internal complaints process here. Our website also provides information about, and the contact details for, the free independent dispute resolution service to which we belong.
Duties information – Milford Private Wealth Limited, and anyone who gives financial advice on our behalf, has duties relating to the way that we give advice. These include:
- Giving priority to your interests by taking all reasonable steps to make sure our advice isn’t materially influenced by our own interests.
- Exercising care, diligence and skill in providing you with advice.
- Meeting 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).
- Meeting 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).
The above is only a summary. More information about the duties that Milford Private Wealth and its financial advisers have is available by contacting us.
Licensing information – Milford Private Wealth Limited (Milford Private Wealth) (FSP391786) holds a licence (issued by the Financial Markets Authority) to provide financial advice.
Want to contact us? You can contact us here.
The above information is available in writing, on request and free of charge.
31 January 2023