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 provides 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 compare other providers’ products.
- We do not give specific advice on some of the wider issues you may need to consider such as 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 received.
What are the Advice Fees or Expenses? There are no separate fees for receiving digital financial advice, however fund fees will apply. There are separate fees for our Private Wealth service which incorporates advice. The amount of any fees applicable will be clearly explained to you before (or at the time) you receive financial advice.
Does Milford have any Conflicts of Interest? Because we only advise on Milford products a conflict of interest exists because those funds are managed by Milford which receives fees from the products (and in some cases the service) you invest in. We manage this by clearly explaining that we only advise on Milford products, ensuring our advice to you is not materially influenced by our own interests and providing clear disclosure of all fees as applicable. We also have a Conflicts of Interest Policy, further information is available upon request, free of charge. Any additional conflicts of interest will be clearly explained to you before (or at the time) you receive financial advice.
Complaints handling and dispute resolution – You can find information about how to make a complaint and an overview of our internal complaints process here. Our website also provides information about and the contact details of, 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, have 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). This is only a summary of the duties that we have. More information is available on request, free of charge.
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.
Version 2.0 (25 August 2021)