The following are details, which are deemed to be relevant about Keith Benfell’srole as an investment and insurance adviser and about KiwiSaver & Workplace Benefits Ltd.

In July 2007 Keith Benfell founded KiwiSaver & Workplace Benefits Ltd. Keith has worked advising Employer’s on their superannuation, Insurance and Health Insurance programs as a Business Development Manager and client servicing specialist for over 25 years prior to setting up this business and going out on his own. Being an independent adviser and having agencies with several key providers now gives Keith the ability to give a wider range of services.

Keith is the founder of the company, Managing Director and majority shareholder with the balance of the shares held by his wife Sandie.

 

 

Although Keith has no formal qualifications he has been advising employers and individuals throughout his career on superannuation and other related insurance and financial matters.

Keith keeps his investment and financial planning knowledge up to date by:

a.     attending product providers product and financial training courses

b.     attending other relevant industry conferences

c     receiving and reading investment research from a number of sources.

In accordance with industry standards, and for your protection, KiwiSaver & Workplace Benefits Ltd and Keith Benfell are covered under a professional indemnity insurance policy to the level required by the providers. This policy provides insurance cover against breach of professional duty by KiwiSaver & Workplace Benefits or by Keith Benfell.

Any potential complaints are best directed to KiwiSaver & Workplace Benefits in the first instance. If a satisfactory resolution cannot be found, product providers that I represent have a complaints resolution procedure for your protection.

KiwiSaver & Workplace Benefits Ltd mainly focuses on providing Employer based investment and insurance programs but can also give advice in relation to the following types of individual products:

-           Life cover

-           Accidental death cover

-           Disability income protection

-           Trauma cover

-           Living insurance

-           Business overheads cover

-           Mortgage protection insurance

-           Major medical insurance

-           Key person protection insurance

-           Medical insurance

-           Superannuation and KiwiSaver

-           Combined risk and savings

-           Cash management funds

-           Unit trusts

-           Group investment funds

-           Mortgages

KiwiSaver & Workplace Benefits Ltd may place investments with almost any investment provider. When it comes to risk management products, superannuation funds unit trusts/managed funds and insurance bonds; KiwiSaver & Workplace Benefits Ltd needs to have a detailed agency agreement with each provider in order to place business with them.

 

KiwiSaver & Workplace Benefits Ltd currently has agency agreements for the sale of the above products with the following suppliers. Additional suppliers may be included at a later date,

-           AXA New Zealand

-           ING Life Limited

-           Sovereign Assurance Limited

-           Tower Health & Life Limited

-           Southern Cross Medical Care Society

A schedule of maximum commissions relating to Investment and Insurance products promoted and sold by KiwiSaver & Workplace Benefits Ltd is set out for these product suppliers in Appendix A and B respectively.

The following system and procedure is used for receiving client funds:

1.      Keith Benfell or KiwiSaver & Workplace Benefits Ltd will not accept any cheques, money or Investment money directly. All such amounts for investment will be payable to the Product Provider.

2.     Wrap clients:

·       If an investment management service (wrap service) is provided via an independent custodian, which holds investments collectively on behalf of the client.

·       All money that is to be invested (payable via cheque or direct bank transfers) is payable directly to the custodian of the wrap service as applicable.

3.     For clients whose investments are held outside a Product Provider or a wrap service:

·       KiwiSaver & Workplace Benefits Ltd does not operate any form of trust account.

·       Neither KiwiSaver & Workplace Benefits Ltd nor Keith Benfell in any circumstances uses clients’ money or property for the benefit of any other person or ourselves. This applies to monies that are to be invested.

·       KiwiSaver & Workplace Benefits Ltd receives income from the Product providers or the Wrap service chosen. Any other money payable to KiwiSaver & Workplace Benefits Ltd will be by prior agreement and will be fees/consultancy fees or expenses and these will be invoiced and used to pay overheads and expenses and personal remuneration.

The records KiwiSaver & Workplace Benefits Ltd keeps that relate to the investment of money are:

a.     A photocopy of the completed cheque and application form which is kept in the client’s personal file.

b.     The details of the investment are entered on to our reporting system immediately after an investment is made.

c.     We manually update the client’s personal file with details of the investment.

d.     During normal working hours, all clients have access to their personal file should they wish to check the accuracy of the information contained therein.

 

The professional fees charged by KiwiSaver & Workplace Benefits Ltd will vary according to the nature of the services provided, as outlined below.

KiwiSaver & Workplace Benefits Ltd income is mainly derived in commission payments from the listed product providers for promoting and selling their products. The maximum levels of commissionare set out in Appendix A and B.

KiwiSaver & Workplace Benefits Ltd is also eligible to receive commissions, bonuses, rebates and non monetary payments from product providers in relation to the sale of products and services. Details on these payments are provided in Appendix A and B.

Please note that KiwiSaver & Workplace Benefits Ltd will often reduce the commission it receives, particularly for employees of Employer or Workplace groups, or if the sum being invested is substantial. The discount reflects the fact that this brings economies of scale in KiwiSaver & Workplace Benefits Ltd time, effort and procedures.

 

KiwiSaver & Workplace Benefits Ltd  does not generally charge a separate fee to clients and all remuneration is generally paid by the product providers by way of commission (refer to previous section).

Should KiwiSaver & Workplace Benefits Ltd decide to charge a fee to a client for a specific project or assignment we will give prior advice to our client and agree in writing a fee structure suitable for the project/assignment.

3.     Fees for wrap service clients (Not available at present)

At this stage KiwiSaver & Workplace Benefits Ltd does not have a wrap service provider arrangement for higher net worth individual customers. If a wrap service is set up in the future I will advise clients accordingly.

 

KiwiSaver & Workplace Benefits Ltd is owned by: Keith and Sandie Benfell

KiwiSaver & Workplace Benefits Ltd initially has entered into a Licence/Agency Agreements with 5 Product providers (refer page 2) and these enable it to promote their respective Investment and Insurance products. KiwiSaver & Workplace Benefits Ltd is not owned or controlled by these products providers and is an independently owned and operated business

There is no requirement for KiwiSaver & Workplace Benefits Ltd to place a percentage of each individual client’s fund in specific managed or administered funds.  KiwiSaver & Workplace Benefits Ltd has the freedom to create a portfolio and select funds/investments for each individual client.

My business address, telephone and fax numbers are as set out on page 1.

1.       In accordance with the Securities Markets Act 1988, I hereby certify that in the preceding five years neither I nor any principal officers of KiwiSaver & Workplace Benefits Ltd have been:

a.  Convicted of an offence under the Securities Act 1978, the Securities Markets Act 1988 or the Investment Advisers (Disclosure) Act 1996, or of a crime involving dishonesty (as defined in Section 2(1) of the Crimes Act 1961)

b.  A director or principal officer of a company that committed an offence under any of the Acts listed above or an offence involving dishonesty as defined above

c.  Adjudicated bankrupt

d.  Prohibited by law from taking part in the management of a company or a business

e.  The subject of an adverse finding by a court in any proceeding taken against me in my capacity as an investment adviser, or

f.  Expelled from or have been prohibited from being a member of a professional body

2.      I also certify that KiwiSaver & Workplace Benefits Ltd has not been placed in statutory management or receivership in the preceding five years.

The Securities Markets Act 1988 requires advisers to disclose any direct or indirect pecuniary or other interest that they may have in the giving of investment advice.

This confirmation is contained in Appendix C.

We declare that this document when completed and signed complies with all the requirements of the Securities Markets Act 1988 and incorporates the minimum standards of disclosure required.

Yours sincerely

 

 

 

 

 

 

 

 

2. Commission on Group Superannuation Plans

 

 

KiwiSaver & Workplace Benefits Ltd