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“When my husband died suddenly AIS arranged an immediate cash grant of $10K and helped smooth the whole claim process.” Dorothy, Auckland |
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DISCLOSURE STATEMENT Peter Bowden of All Insurance Services Limited Updated this 14 th day of April 2010 Address: 11 Anzac Street, Takapuna, North Shore 0622 Postal P O Box 331 222 Takapuna, North Shore 0740 Phone: 09 4891 702 Fax: 09 4891 703 Email: pjbowden@clear.net.nz Website www.aisgroup.co.nz Introduction. In accordance with the Securities Markets Act 1988 and the Securities Markets (Investment Advisers and Brokers) Regulations 2007 I am required to disclose certain information about me, to you, before I may provide you with investment advice or receive money for securities from you. This disclosure statement provides information concerning: • The services I can provide; • What investment products I am able to sell you; • Which financial organisations I am able to place business with; • How I operate my business and my business experience; • My qualifications and their relevance to the service I provide; • How I am remunerated; and • My money handling procedures. About me and my Qualifications. I am the director of my company, All Insurance Services Ltd, and have worked my entire career in the insurance industry of New Zealand, dating back to January 1968. I qualified as a Life Associate with the Insurance Institute of NZ in 1983 and continually update my insurance knowledge by attending ongoing training and upskilling seminars, as also required through my membership of the Professional Advisors Association and insurance companies, who have accredited me the right to promote their products. Professional Associations. In addition to the above qualifications I am a member of the Professional Advisors Association Incorporated. This organisation sets professional standards of conduct for its members and also offers a complaints resolution service.
Securities and Products I am qualified to advise on. I am qualified to provide investment and insurance advice on the following products: • Insurance - Personal life, trauma, income and mortgage protection, total and permanent disability, medical and fire & general. Insurance companies used are Sovereign, AON, AIA NZ, Tower Fidelity, NZI, Asteron, Marsh & CFS Brokers. • Investment - Unit trusts, Superannuation, Kiwisaver and Wrap Accounts through Sovereign, ASB Bank and Liontamer. • Mortgages - Sovereign Go Home Loan Facility Before I provide you with any investment advice I will have followed a due diligence process to research the products I advise on and this process forms the basis of any specified product recommendations. Basis of my advice and Product Recommendations. When I give advice I follow the recognised six step process below: • Establishing the client-advisor relationship; • Gathering client data and determining client goals and expectations; • Analysing and evaluating the client's position; • Developing and presenting written advice; • Overseeing the implementation of written advice; and • Monitoring and reviewing on an ongoing basis. The services I provide will depend on your needs and may include any or all of the services detailed in this Disclosure Statement. All investment advice I provide to you will be in writing. The advice will be clear and concise with enough detail to allow you to make an informed decision about whether you wish to proceed with a proposed investment. Professional Indemnity Insurance. I have professional indemnity insurance cover with Lumley General Insurance, who have a Standard & Poor's credit rating of A as at April 2008. My staff are also covered under this policy, which provides $2,000,000 indemnity, for any one claim, and $9,000,000 limit in the aggregate. My company All Insurance Services Ltd also holds Public Liability cover of $1,000,000. Dispute Resolution. If you have any concerns about the service or advice you receive, please do not hesitate to discuss these with me. Alternatively, you can contact the Professional Advisors Association Incorporated of which I am a member. They operate a resolution service and can be contacted on www.paa.co.nz or P O Box 38105 Wellington.
Disclosure of Criminal Convictions. I have not been: • convicted of an offence under the Securities Markets Act 1988, the Investment Advisors (Disclosure) Act 1996 or the Securities Act 1978, or of a crime involving dishonesty (as defined in section 2(1) of the Crimes Act 1961); or • a director or principal officer of a body corporate that has committed an offence against the Securities Markets Act 1988, the Investment Advisors (Disclosure) Act 1996 or the Securities Act 1978, or of a crime involving dishonesty (as defined in section 2(1) of the Crimes Act 1961); or • adjudged bankrupt; or • prohibited by an Act or by a court from taking part in the management of a company or business; or • the subject of an adverse finding by a court in any proceeding that has been taken against me in my professional capacity; or • expelled from, or been prohibited from, being a member of a professional body. Fees, Remuneration & Incentives. It is not my practice to charge a direct fee to my clients. My business earns income, for services, by receiving remuneration in the form of initial and servicing commissions and bonuses from product suppliers. Commissions can comprise an initial payment on placement of the business and ongoing service payments (our preferred option) for as long as the product or service is retained. The rate of commission can vary according to each product and the product supplier. Indicative rates of commission available on product of investment are up to 5% on lump sum and regular contributions. In practice, we rarely place any part of such fee on our client's contributions. Kiwisaver through the Sovereign or ASB supplier has a one-off $50 commission on new applications with a 0.20% trail on ASB active funds.
Rates of commission on risk products are available at 87.5% of first years premium with a 5% renewal, or alternatively a maximum 20% first and successive years of the policy. This method is our preferred option. Insurance companies also provide a bonus of up to 70% of the first year's maximum commission rate. My contractual relationship with Sovereign Assurance requires me to place 85% of my business with them. Money Handling Procedures. It is not my policy to accept transaction payments in the name of our advisors or in the name of All Insurance Services Ltd. All payments must be made by cheque, or by signing a direct debit authority, in favour of the insurance company involved. All monies received by All Insurance Services Ltd are passed directly to the payee and at no time does All Insurance Services Ltd hold money in trust accounts on behalf of my clients for these products. All Insurance Services Ltd does not have any arrangements, which gives it an interest in investment products offered. Associates. As at 14 th April 2010, my company All Insurance Services Ltd employs the following persons in addition to my role - Brent McConachy - Office Manager Brian Gianotti - Client Service & Sales Susan Bowden - Accounts & Administration I have also registered a company AIS Group of which the current members are myself, Raju Patel, Michael & Gwyn Gray, Leon Gundesen, Praveen Chand and Srinivasa Krishnan. The purpose of this group is to meet together for professional development, and to maximize group purchasing power and bonus rates obtained from product suppliers.
Information and Records. A personal file on all clients is held in my office at 11 Anzac Street, Takapuna. Such files record information on all products purchased and the service activities and contacts during the course of our relationship. Clients can access such records at any time on reasonable notice to me. I will provide you with the following information, before you make a decision, about whether to invest in a particular security or take out any insurance policy:
Peter John Bowden Director All Insurance Services Ltd
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