Important information about our business
McKenzie Enterprises Limited Financial Services Provider Number 708191 trading as: McKenzie Financial Planning & Move My Pension, holds a licence issued by the Financial Markets Authority to provide financial advice.
We are located at 31 Balfour Crescent, Riverlea, Hamilton
You can contact us:
Luke McKenzie | 021355247 | Luke@mckfp.co.nz | FSP 39965
Reid McKenzie | 0275888997 | Reid@mckfp.co.nz | FSP 1001338
Our Services
McKenzie Financial Planning advisers are investment specialists. We offer two services, depending on the scope of advice you need: Investment Strategy Our core service. We bring together your risk profile, investment horizon, and short, medium and long-term goals into a personalised investment strategy designed to help you reach those goals. We know your financial position doesn't exist in isolation, so we can also provide general in nature advice on areas like cashflow or insurance, for example where spending or being over-insured is limiting your ability to grow your wealth through investing. Comprehensive Financial Plan A full financial planning service, going beyond investment strategy to cover all key areas of your financial situation. We offer this on request, for clients who want a complete plan rather than an investment-led one. A comprehensive plan covers:
Where a matter needs specific, personalised advice outside investments (for example, arranging an insurance policy or drafting a will), we will refer you to an appropriately qualified specialist. |
One-off fees
Every client relationship starts with a free, no-obligation consultation.
The fee that applies depends on which of our two services you engage us for:
Investment Strategy fee
A standard fee of $650 applies to an Investment Strategy. This may increase to up to $1,500 depending on the complexity of your situation and the scope required for your strategy. This covers preparation of your investment strategy and help implementing the recommendations, for example setting up a new investment or changing an existing one.
Comprehensive Financial Plan fee
A flat one-off fee of $2,000, covering a full financial plan across all required areas of financial planning.
We will precisely outline the costs that may be payable by you before any work starts. The actual fee charged will depend on the nature and scope of the advice and service we provide, and will be confirmed with you upfront.
One-off fees are payable within 7 days of your adviser presenting your Investment Strategy or Financial Plan. An invoice with payment details will be provided at that time.
Ongoing fees
Where we implement investments, we charge ongoing adviser fees for ongoing monitoring and reporting. Ongoing fees are charged as a percentage of funds under management, and are normally deducted from your investment account by the fund manager and paid directly to the adviser, monthly:
Managed investment schemes (such as KiwiSaver and multi-asset class funds) - our ongoing adviser fee is 0.50% p.a. of funds under management.
Discretionary Investment Management Services (DIMS) - our ongoing adviser fee is 0.75% p.a. of funds under management.
We only provide advice on products from the following entities:
Fisher Funds, Ignite 2018 Limited, Booster Management Limited, ANZ Investments Limited, Generate Management Limited, Superlife.
Only investments in these providers' products, implemented through a strategy or plan we prepare for you, will have our ongoing adviser fee applied.
Kiwisaver - ongoing adviser fees
KiwiSaver Provider | Adviser servicing fee paid by Provider (paid from their standard fees) | Adviser servicing fee paid by Client (deducted from investment) | Total ongoing fee received by Adviser |
|---|---|---|---|
Booster | 0.50% p.a. | 0% p.a. | 0.50% p.a. |
Generate | 0.25% p.a. | 0.25% p.a. | 0.50% p.a. |
Superlife | 0% p.a. | 0.50% p.a. | 0.50% p.a. |
Adviser receives 0.50% of investment balance p.a. paid monthly. As per above table depending on the KiwiSaver Provider used this adviser fee is either paid by the KiwiSaver provider from their fees, by the client on top of the standard fund fees, or a combination of the two methods.
Managed funds - ongoing adviser fees
Fund Manager | Adviser servicing fee paid by Fund Manager (paid from their standard fees) | Adviser servicing fee paid by Client (deducted from investment) | Total ongoing fee received by Adviser |
|---|---|---|---|
ANZ | 0.25% p.a. | 0.25% p.a. | 0.50% p.a. |
Superlife | 0% p.a. | 0.50% p.a. | 0.50% p.a. |
Adviser receives 0.50% of investment balance p.a. paid monthly as ongoing adviser fee. As per above table depending on the Fund Manager used this adviser fee is either paid full by the client, on top of the standard fund fees, or a combination part paid by client & part paid by the Fund manager. The above managed funds options are used in the Getting started & Ongoing investment management investment service levels.
Discretionary Investment Management Services (DIMS) ongoing adviser fees
Investment | Adviser servicing fee paid by Client (deducted from investment) |
|---|---|
Ignite Portfolio Service (IPS) | 0.75% p.a. |
Fisher Funds Individually Managed Account (IMA) | 0.75% p.a. |
Adviser receives 0.75% of investment balance p.a. paid monthly as ongoing adviser fee, deducted from investment account.
Conflicts of interest
Our advice business, McKenzie Enterprises Ltd, has a subscriber agreement for services provided by Ignite 2018 Limited (Ignite) (a service company that does not provide financial advice) for which we pay a monthly bundled service fee per financial adviser.
Ignite has a preferred investment provider agreement with Fisher Funds Management Limited (Fisher Funds) relating to investments placed with Fisher Funds by Ignite member clients. Under this agreement Ignite receives a fee equal to a small percentage of the investments placed with Fisher Funds.
Ignite also provides a Discretionary Investment Management Service (DIMS) through which McKenzie Enterprises Ltd Limited uses the Ignite Portfolio Service (IPS) for clients as a possible investment solution. Ignite receives an administration fee for the services it provides to the Ignite Portfolio Service (IPS) detailed in the IPS Client Agreement. These fees are disclosed in the IPS Investment Proposal.
No portion of the above mentioned fees are paid to McKenzie Enterprises Ltd or its advisers, and we aren’t under any obligation to place any particular level of business with Fisher Funds or with the Ignite Portfolio Service, but McKenzie Enterprises Ltd indirectly benefits from those fees through the Ignite member services they help fund.
McKenzie Enterprises Ltd is also a minority shareholder in Ignite.
We manage the resulting conflict of interest by ensuring our advisers only recommend Fisher Funds or Ignite Portfolio Service investment products where the adviser is satisfied that those products provide the best outcome for our clients, when compared with any other product we are able to recommend, having regard to the nature and scope of the service agreed with the client.
In addition to stated client advice fees McKenzie Enterprises Ltd may also receive a trail (ongoing) fee directly from KiwiSaver providers on whose products we give financial advice. If you decide to take our KiwiSaver advice, the KiwiSaver provider may pay us this ongoing trail fee equal to a percentage of the KiwiSaver balance p.a., paid directly to the adviser monthly. Specific fees, including any Provider/Fund Manager fee paid directly to adviser, will be advised to you when advice is provided.
To ensure that our financial advisers prioritise the client’s interests above their own and to manage the potential conflicts of interest as disclosed above, McKenzie Enterprises Ltd adviser follows an advice process that ensures personalised recommendations are made on the basis of the client’s goals and circumstances, as advised by the client. McKenzie Enterprises Ltd financial advisers completes regular training, including how to manage conflicts of interest. Adviser has a regular compliance review of their advice process and our compliance programme is reviewed annually by our compliance adviser.
How we manage any conflicts of interest
To ensure our advisers prioritise our clients’ interests:
• We follow an advice process that ensures our recommendations are made appropriately, based on clients’ goals and circumstances.
• All our advisers undergo annual training about how to manage conflicts of interest.
• We maintain registers of conflicts of interests and the gifts and incentives we receive. These registers are monitored regularly, and additional training is provided as required.
• We undertake an annual independent Compliance Assurance Review.
Disputes and complaints
If you are not satisfied with our financial advice service you can make a complaint by emailing Luke@mckfp.co.nz or by calling 07 839-1096 You can also write to us at 31 Balfour crescent Hamilton. When we receive a complaint, we will consider it using our internal complaints process:
• We will consider your complaint and let you know how we intend to resolve it. We may need to contact you to get further information about your complaint.
• We aim to resolve complaints within 10 working days of receiving them. If we cannot, we will contact you within that time to let you know we need more time to consider your complaint.
• We will contact you by phone or email to let you know whether we can resolve your complaint and how we propose to do so.
If we cannot resolve your complaint, or you are not satisfied with our proposed resolution, you can contact the Insurance and Financial Services Ombudsman, who provide a free, independent dispute resolution service.
Insurance & Financial Services Ombudsman · Level 2, 70 The Terrace, Wellington 6143 · 0800 888 202 · info@ifso.nz
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
● Meet the standards of ethical behavior, conduct, and client care set out in the Code of Conduct.