Disclosure and Fees

Multiply Limited

Multiply Limited (Multiply) holds a Financial Advice Provider license (FSP697871) issued by the Financial Markets Authority to provide financial advice. You can contact us at:

Phone: 0800 116 012
Email: hello@multiplywealth.co.nz

Level 8
139 Quay Street
Auckland City
Auckland 1010

The Nature and Scope of our Advice

We provide financial planning to our clients that covers advice about their financial goals, investments, mortgages, and insurances. Our advisers provide financial advice in relation to KiwiSaver, managed and exchange-traded funds, directly held equities and bonds, mortgages, life and health insurance. We only provide financial advice about products from certain providers:

Investment Products

An extensive range of New Zealand, Australian, and global managed investment products; NZX, ASX, US, and global markets exchange traded funds; and global markets equities and bonds. We use client portal and wrapper services provided by NZX Wealth Technologies. Client asset custodial services are provided by NZX Nominees Limited.

KiwiSaver Products

We hold advisor distribution agreements with Superlife and Booster KiwiSaver schemes.

Debt (Mortgage) Products

We hold advisor distribution agreements with the following lenders:

ASB
ANZ
BNZ
Co-Operative Bank
SBS Bank
Avanti Finance
Liberty Finance
Southern Cross Partners
Remac

Risk (Insurance) Products

We hold advisor distribution agreements with the following insurers:

AIA
Partners Life
Asteron Life

We don’t provide advice on asset or fire and general insurance, but can provide referrals to brokers who do. We don’t accept referral fees from brokers who we refer clients to.

What we Charge

We earn revenue for our advice in several ways:

In many cases we charge no fee directly, but are paid by provider providers we recommend. This is limited to insurance and mortgage products only. If, as part of the service we provide, you take financial products or services where we’re remunerated in this way, we’ll disclose the specific details of our remuneration as part of the advice process.
When we are managing investment funds for you, including KiwiSaver funds, we charge a fee based on a percentage of the value of the funds we manage, per annum. This depends on the amount of funds we manage for you, but typically ranges from 0.5% to 1% plus GST per annum. This fee is charged via the product provider to your investment account balance, and not charged to you directly.
Where we are providing advice on an hourly basis only, we charge a standard rate of $250+GST per hour. We will give you an estimate of the total cost of developing a financial plan on this basis for you when we provide you with our terms of engagement. We will issue an invoice for the fee once an initial Terms of Engagement has been signed, and the invoice will be due on the 20th of the month following the date of invoice.

Conflicts of Interest

We have processes in place to ensure that potential conflicts of interest are identified and declared. Current potential conflicts of interest include:

When a client of ours takes up a life or health insurance policy that we’ve recommended, Multiply receives commissions from the insurer. In most cases, the amount of the commission is based on the amount of the premium.
When a client of ours takes up a mortgage from a bank with whom we arrange mortgages, Multiply receives a commission. In most cases the amount of the commission is based on the amount of the mortgage.
Some of our providers offer non-monetary support to advisers, including Multiply, to support their businesses. This may include training, professional development opportunities, events, and other professional and business support tools.

To ensure that our financial advisers prioritise their client’s interests above their own, we follow an advice process that ensures our recommendations are made based on the client’s goals and circumstances. We’ll also disclose the specific details of the commission to you when we provide you with personal advice.

Complaints and Disputes

If you are not satisfied with our financial advice service, you can make a complaint by emailing complaints@multiplywealth.co.nz or by calling 0800 116 012. You can also write to us at:

Multiply Limited
Level 8
139 Quay Street
Auckland Central
Auckland 1010

When we receive a complaint, we will consider it following 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 can’t, we’ll 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 can’t resolve your complaint, or you aren’t satisfied with the way we propose to do so, you can contact Financial Services Complaints Limited (FSCL). FSCL provides a free, independent dispute resolution service that may help investigate or resolve your complaint, if we haven’t been able to resolve your complaint to your satisfaction.

You can contact FSCL by emailing complaints@fscl.org.nz or by calling 0800 347 257. You can also write to them at

Financial Services Complaints Limited
PO Box 5967
Wellington 6140

Their website is available at http://www.fscl.org.nz.