Financial
Adviser
Provider (FAP)
Disclosure
Our Licence
Perpetual Trust Limited (FSP40361, trading as Perpetual Guardian) is a Financial Advice Provider (FAP) licensed and regulated by the Financial Markets Authority.
Our Advice
We provide our clients with financial advice on their investments and provide an investment planning service.
We only provide financial advice in relation to the following financial products provided by Perpetual Guardian (PG):
- Discretionary Investment Management Service (DIMS)
- Managed Funds – Diversified PG Funds and PG Single Asset Class Funds.
- Direct Investment Portfolios – Investment planning service in an individually managed account with a PG recommended portfolio of approved products consisting of listed Australasian and global equities (including exchange traded funds), listed property and fixed interest securities (bonds).
Perpetual Guardian maintains an Approved Product List that is regularly monitored and subject to Perpetual Guardian Investment Committee oversight and governance.
Some financial advice Perpetual Guardian provides is excluded from regulated financial advice, where Perpetual Guardian is carrying out its ordinary business as trustee, executor or attorney in relation to trusts, deceased estates, and under an enduring power of attorney. In these situations other statutory and common law obligations apply.
Our People
Our Advisers are Financial Advisers who provide advice on behalf of Perpetual Trust Limited, trading as Perpetual Guardian. They are regulated by the Financial Markets Authority.
Our Client Managers are our team members that manage and administer our fiduciary obligations (as trustee, attorney and agent) in respect of Perpetual Trust Limited the professional trustee company. Client Managers are employed by Perpetual Trust Limited.
FEES AND COSTS
Perpetual Guardian will charge a fee for the investment advice it provides and for investing using Perpetual Guardian services.
Perpetual Guardian will charge you the following fees in relation to the advice. These are ongoing fees and are payable on a monthly basis.
- Investment Management Charges (IMC) – IMC covers the costs of managing your funds for you. The total IMC is a tiered fee that will depend on the exact amount you have invested with us.
- PG Fund Costs – If you have funds invested in PG Funds, we charge a cost to cover management fees and expenses, which may include but are not limited to investment platforms, portfolio construction, independent audits, asset allocation and modelling fees. The costs we charge you will depend on the exact amount invested and the PG Fund selected.
- Compliance and Platform Charges (CPC) – CPC covers the costs of managing your direct investments with us. This fee covers external administration and custodial provider expenses, and the costs of constructing the portfolio models. The CPC we charge you will depend on the exact amount invested in direct investments (equities including exchange traded funds, listed property and fixed interest securities).
The exact fees that we will charge will be confirmed at the time the advice is provided.
Brokerage and Settlement Fees
If you buy or sell directly held assets there will be a brokerage fee payable to the broker that we nominate to implement the transaction. This fee will be determined based on the value of the investments in the transaction.
A settlement fee will be payable for every transaction as part of the implementation process.
PG processes these fees on a cost claim basis and receives no commission from trade fees. The exact fees that will be charged will be confirmed at the time the advice is provided.
Margin on Cash Interest
The interest paid to you on cash held on your behalf reflects a margin deducted from the rate of interest that is paid to Perpetual Guardian as the holder of the bank accounts and consolidated cash fund. This margin is used to meet the costs of administration and management of the consolidated cash account.
One-off Adviser Fee
If we agree with you to provide an adviser service that is outside the scope of our engagement with you, we may agree to charge a time based fee in relation to the matter. Depending on the nature of the advice, the IMC, fund expenses, brokerage, settlement, fund administration and Additional Costs may also be charged. The exact fee would be confirmed at the time the advice is provided.
Our duties to you
Perpetual Guardian and our Advisers have duties under the Financial Markets Conduct Act 2013 relating to the way we give you advice. We are required to:
- Give priority to your interests;
- Exercise care, diligence, and skill;
- Meet standards of competence, knowledge and skill set by the Code of Professional Conduct for Financial Advice Services;
- Meet standards of ethical behaviour, conduct and client care set by the Code of Professional Conduct for Financial Advice Services.
Our Client Managers are bound by a fiduciary duty that requires them to prioritise your interests, exercise care, diligence and skill, and meet high ethical and competency standards in relation to their advice.
Conflicts of Interest
Perpetual Guardian Investments (PGI) – PGI provides portfolio research, portfolio modelling and construction of PG Fund portfolios (PG Funds and PG Asset Funds). Perpetual Guardian provides clients with financial advice regarding the PG Fund portfolios. PGI and Perpetual Trust Limited (trading as Perpetual Guardian) are both owned by Perpetual Guardian Holdings Limited. The two entities are separate trading entities and have separate boards of governance.
Client Managers – When acting in their capacity as a fiduciary on behalf of Perpetual Trust Limited as trustee, executor or under an enduring power of attorney, Client Managers may provide limited financial advice that is considered exempt from regulated financial advice under the Financial Markets Conduct Act 2013. Client Managers are employed by Perpetual Trust Limited.
Remuneration and incentives – Our Advisers and Client Managers receive a salary as employees of Perpetual Guardian. They may also receive a discretionary annual bonus, if a certain level of overall performance is achieved. This amount is not significant in relation to salary and is based on many factors such as good conduct and behavioural competencies, as well as the value of funds under management.
Neither Perpetual Guardian nor our Advisers or Client Managers receive any commissions based on your investments or the advice provided to you.
To ensure that our Advisers and Client Managers prioritise your interests above their own, we follow an advice process that ensures their recommendations are made on the basis of your goals and circumstances. All our Advisers and Client Managers undergo annual training about how to manage conflicts of interest. We maintain registers of conflicts of interests, and the gifts and incentives we receive. We undertake a compliance audit, and a review of our compliance programme is undertaken annually by a reputable compliance adviser.
PRIVACY POLICY
Information that you provide to us may be used for the purposes set out in our Privacy Policy. Perpetual Guardian’s Privacy Policy can be viewed in full here.
Complaints
If you are not satisfied with our financial advice service you may contact us to make a complaint:
Call: 0800 87 87 82
Email: [email protected]
Write to: Perpetual Guardian, Complaints Co-ordinator, PO Box 1934, Shortland Street, Auckland 1140
When we receive a complaint, we will consider it by following our internal complaints process. We will try to resolve the complaint with you as quickly and fairly as possible. If we are unable to do so, the complaint will be escalated through the levels of management so that we can work with you to resolve the issue. We aim to resolve all complaints in 30 days.
If we cannot resolve your complaint through our internal processes, we will issue you with a notice of deadlock and you can refer the matter to Financial Services Complaints Limited (FSCL). FSCL provides a free, independent dispute resolution service that may help resolve your complaint. To contact FSCL:
Call: 0800 34 72 57
Email: [email protected]
Write to: FSCL, PO Box 5967, Wellington 6145
Website: www.fscl.org.nz
Contact
You can contact Perpetual Guardian, the financial advice provider, at one of our branches or:
Phone: 0800 737 738
Email: [email protected]
