Public Disclosure
Advice Disclosure Statement
Licensing information
Makowem & Isaacs Financial Planning (FSP1004628), referred to as we or our or us), holds a licence issued by the Financial Markets Authority to provide financial advice.
Nature and Scope of the Advice
Makowem & Isaacs Financial Planning provides financial advice to our clients about their investments, insurances and retirement.
Our financial advisers provide financial advice in relation to:
| Savings and investment products | Insurance products |
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We also provide comprehensive retirement planning, investment planning, and personal insurance planning services, but do not provide tax, accounting, or legal advice or estate planning services.
We can provide financial advice about placing investments with most product providers via a Custodial Trading Account. However, we only provide financial advice in relation to insurance and KiwiSaver offered by certain providers:
- For insurance products we work with the following suppliers – Accuro, AIA, Asteron Life Limited, Chubb Life, Fidelity Life Assurance Company Limited, Partners Life, and NIB.
- For KiwiSaver we have preferred supplier arrangements with – AMP, ANZ Investments, Booster, Fisher Funds, Generate, Milford and Pathfinder.
Fees, expenses, or other amounts payable
For investment advice, Makowem & Isaacs Financial Planning will charge a fee for any financial advice provided to a client. In the case of ongoing Portfolio Management and Administration, most fees will be deducted from the client’s Custodial Account on a monthly basis. From time to time, the fees involved may be invoiced directly to the client. Under these circumstances, the client will always be made aware of and understand the cost before any work is undertaken.
In some cases, fee discounts will be negotiated with fund managers and Custodial Services providers. It is our policy to pass all these discounts back to the client. These discounts are paid in the form of a rebate to the clients Custodial Account.
Each client’s Statement of Advice outlines all relevant fees for the services we have agreed to provide. No portfolio will be put in place before you are fully aware of all fees and charges that will be applicable to your specific portfolio.
For clients who have a Portfolio managed through Custodial Services, the following fees will apply:
| Type of fee | Maximum fee payable |
| Preparation of statement of advice | A maximum of up to $2,500 + GST |
| Establishment fee | A maximum of up to $500 + GST |
| Adviser annual monitoring fee | A maximum of up to 0.80% per annum of funds under management excluding GST if applicable |
| Hourly rate | $200 per hour + GST |
In many cases, the actual fees will be materially lower than the maximums outlined above.
Conflicts of Interest and commissions or other incentives
Makowem & Isaacs Financial Planning and the financial advisers receive commissions paid by certain product providers. For KiwiSaver product providers, a maximum upfront payment is payable (depending on the product provider) and a maximum ongoing per annum trail commission (which is a percentage of the account balance). For insurance product providers, a maximum initial commission as a percentage of annual premium and a maximum ongoing percentage of annual premium will apply – differing depending on the provider.
Before any investment, KiwiSaver or insurance policy is implemented, you will be made fully aware of all potential commission payments or conflicts of interest (if any) specific to your case. This will be clearly outlined in your “Statement of Advice”.
To ensure that our financial advisers prioritise our clients’ interest above their own, we follow an advice process that ensures our recommendations are made on the basis of each client’s goals and circumstances. In particular, a combination of 3rd party research and client preferences are used for KiwiSaver product providers and Insurance product providers.
Complaints handling and Dispute Resolution
If you are not satisfied with our financial advice service, you can make a complaint by contacting the internal complaints scheme at Makowem & Isaacs Financial Planning by email askus@mifinancialplanning.co.nz, or by calling 04 282 0525. You can also write to us at:
- Makowem & Isaacs Financial Planning
PO Box 30936, Lower Hutt 5040
When we receive a complaint, we will consider it following our internal complaints process:
- Acknowledge the complaint in writing within 1 week
- Meet with the client (in person or via phone / video conference) to discuss the issue and attempt to resolve it. At that meeting we will go through a process to (a) identify the exact issue, (b) identify why the client believes it is an issue and the impact on the client, (c) identify what outcome(s) the client is seeking and (d) attempt to find an outcome that is agreeable to both parties
- If we can agree on a suitable outcome for both parties, we will aim to implement this outcome within 14 days
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Insurance and Financial Services Ombudsman info@ifso.nz 0800 888 202 PO Box 10-845 Wellington 6143 |
Duties Information
Makowem & Isaacs Financial Planning, and anyone who gives financial advice on our behalf, have duties under the Financial Markets Conduct Act 2013 relating to the way that we give advice. We are required to:
- give priority to your interests by taking all reasonable steps to make sure our advice is not materially influenced by our own interests;
- exercise care, diligence, and skill in providing you with advice;
- meet standards of competence, knowledge and skill set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure that we have the expertise needed to provide clients with advice); and
- meet standards of ethical behaviour, conduct and client care set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure we treat you as we should, and give you suitable advice).
This is only a summary of the duties that we have. More information is available by contacting us or by visiting the Financial Markets Authority website at https://www.fma.govt.nz
Contact details
Makowem & Isaacs Financial Planning (FSP1004628) is the Financial Advice Provider.
You can contact us at:
Phone: 04 282 0525
Email: admin@mifinancialplanning.co.nz
Address: PO Box 30936, Lower Hutt 5040
Our Advisers Qualifications and Experience
John Makowem
Has the following relevant experience:
| 2021 - present | Financial Planner | Makowem & Isaacs Financial Planning |
| 2010 - 2021 | Financial Planner | Maxim Risk Limited t/a Maxim Wealth Limited |
| 2007 – 2010 | Financial Planner | Spicers Portfolio Management |
| 2000 – 2007 | Principle | Discovery Consulting Services (South Africa) |
Qualifications
John has the following qualifications which are relevant to giving investment advice:
| 2016 | Authorised Financial Adviser | Financial Markets Authority |
| 2008 | Certified Financial PlannerCM | Financial Advice New Zealand |
| 2008 | Graduate Diploma – Personal Financial Planning | Massey University |
| 1990 | Bachelor of LawsCM | Rhodes University (South Africa) |
| 1988 | Bachelor of Commerce | Rhodes University (South Africa) |
Dave Isaacs
Has the following relevant experience:
| 2021 - present | Financial Planner | Makowem & Isaacs Financial Planning |
| 2014 - 2021 | Financial Planner | Allfinanz Investment Ltd t/a Makowem & Isaacs Financial Planning |
| 2007 – 2014 | Financial Planner | Crest Financial Brokers |
| 2001 – 2007 | Insurance & Investment Adviser | Commix Group |
Qualifications
Dave has the following qualifications which are relevant to giving investment advice:
| 2016 | Authorised Financial Adviser | Financial Markets Authority |
| 2011 | Certified Financial PlannerCM | Financial Advice New Zealand |
| 2005 | Graduate Diploma – Personal Financial Planning | Massey University |