BOREALIS ADVICE
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License Status and Conditions
Borealis Futures Limited (FSP725892), trading as Borealis Advice holds a License issued by the FMA (Financial Markets Authority) to provide financial advice.

Nature & scope of the Financial Advice given
Borealis Futures Limited (here forward referred to by our trading name Borealis Advice) provides advice to our clients about Personal Risk Insurances plans (such as Private Health/Medical Insurance, Life Cover, Trauma Cover & Disability Insurance benefits).
Where needs are identified Borealis Advice can also assist you, our client/s, with other services, such as General and/or Commercial Insurance Advice, Mortgage or Lending Advice, KiwiSaver Advice or Estate Planning by referring you to our network of professionals and key business partners who are qualified to provide advice in those areas. ___________________________________________
Our Principal Financial Adviser, Stuart A McKenzie (FSP496367), is qualified to provide Financial Advice in relation to Personal Risk Insurances products from the following providers: • For Life Insurance (which includes Life Cover, Trauma Cover & Disability Ins. benefits) we work with: AIA, Asteron Life, Fidelity Life, Partners Life & Chubb.
• For Health Insurance we work with: AIA, nib and Partners Life. ___________________________________________
In providing you with financial advice on Personal Risk Insurance, we will only consider existing term life, trauma, income protection and health insurance policies (if any). We will not provide advice on any existing whole-of-life or endowment products, so you will need to consult a specialist of those products if you have any existing whole-of-life or endowment products which you would like advice on.
While we do not provide advice in the following areas, listed below, we may be able to assist you by referring you to one our business partners or network of professionals who are able to do so.· Legal, accounting or taxation advice. · General or Commercial insurances (e.g., home, contents, car, business assets, PI, public liability)· Investment planning (including KiwiSaver)· Mortgages or Lending Advice ___________________________________________ Our duties
Borealis Advice, and anyone who gives Financial Advice on our behalf, have duties under the Financial Markets Conduct Act 2013 relating to the way we give advice. We are required to: • Give priority to your interests by taking all reasonable steps to make sure our advice isn't 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 you with advice).• Meet standards of ethical behavior, 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).
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 www.fma.govt.nz
The Code of Conduct standards can be read here: https://www.fma.govt.nz/assets/assets/code-of-professional-conduct-for-financial-advice-services.pdf ___________________________________________ Our Fees, expenses, and other amounts payable by you for our services- How the financial advice services we provide you are paid for -
We - Borealis Advice primarily receive remuneration for the financial advice and services we provide our clients with, from commissions paid to us by the insurance providers we work with, when you, our client/s take an insurance policy with an insurance provider through the advice and services we carry out for you.
This way we do not need to charge you directly for those services we provide to you. In order to avoid and manage any conflicts or perceived conflicts of interest we have systems in place to assure that we put you, our client/s first (details of that are outlined below).
Do note that we may, however, charge a fee for the financial advice and services provided to you, our client/s where we are not likely to receive a commission payment for our services or where commission payments have been returned to an insurer due to early termination (within the first 24 months) of an insurance policy which you set up using our advice services.
A fee may be charged when we are completing research and developing a risk recommendation only (e.g., if asked to complete research only on existing Insurance policies put in place by another Financial Adviser or for ACC Restructuring services). For “fee based” services, the rate of $225+GST per hour may be charged. Whether a fee will be charged will be agreed prior to the work commencing, and will be specified in our Scope of Service agreement. Any fee will be payable within 10 business days from the invoice being issued.
In the event that you use our advice services to secure your Insurance but decide to then cancel that insurance policy or let it laps due to non-payment within the first 24th months from having it issued, the commission remuneration which we had received from that insurer would need to be paid back to them, and as a result we may charge you a fee for our financial advice and general consulting services that were provided to you (based on $225+ GST per hour x the time we spent working on your case).
Whether a fee will be charged and how much will be charged will be advised to you before you accept to have any insurance policy issued (in the event of verified financial hardship no fee will be charged). ___________________________________________ Conflicts of interest and incentives As noted on the previous page, we, the Financial Advice Provider, Borealis Advice will receive remuneration in the form of commission payments from the insurance providers whose products our Principal Adviser, Stuart A McKenzie provides you with financial advice on, should you accept our advice and/or have your insurance policy/s issued as a result of using our advice services. This form of remuneration is standard practice for Insurance Companies to remunerate Financial Advisers for their services, however, it can be seen as a potential conflict of interest, therefore, for transparency we share the following information with you here. For any Life Insurance policy’s (which include Life Cover, Trauma Cover & Disability Cover products) that you have issued as a result of using our advice services, we are usually remunerated in the form of upfront commissions paid form the insurance providers we work with at a rate of between 130% - 230% of your annual insurance premium. For any Health Insurance policy’s (for Private Medical/Health Insurance products) are usually remunerated to us at between 30% - 140% of your annual insurance premium. Additionally, for both Life Insurance and Health Insurance policies, we usually receive an ongoing renewal or service commission of between 5% - 30% which is used to cover our ongoing services. ______________ From time to time, financial service product providers may reward us for the overall business we provide to them. They may give us tickets to events, hampers, or other incentives. Such rewards however do not have any material influence on which insurer we recommend to you, our client/s.
To ensure that we prioritize our client's interests above our own, our Principal Financial Adviser follows an advice process that ensures recommendations are made on the basis of each client's individual circumstances, needs and objectives. We also maintain registers of any material conflicts of interests, and gifts and incentives we receive.
For referrals made to you for other professional service providers such as for General and/or Commercial Insurance, Mortgage or Lending advice, or KiwiSaver advice we, Borealis Advice may receive compensation in the form of a ‘referral fee’ or a commission as either an upfront and/or ongoing payment.
For General Insurance referrals to Tower Insurance, we usually receive 10% commission of your annual insurance premium, for General & Commercial Insurance referrals to Blanket Insurance Brokers we usually receive 20% of the commission received by Blanket for the services they provide to you (which they receive from the insurance provide based on your annual insurance premium). Commercial Insurance referrals to Rothbury Insurance Brokers we usually receive 20% of the commission received by Rothbury for the services they provide to you (which they receive from the insurance provide based on your annual insurance premium).
For KiwiSaver Advice we may refer you to Generate KiwiSaver, and will receive either, a one off, upfront payment of between $40-$240 (depending on your KiwiSaver balance) or an ongoing payment of an amount equal to 0.125% of your account balance, in the event that you set up or transfer your KiwiSaver to Generate. This fee is paid to us by Generate. A Generate adviser will provide general advice on the Generate KiwiSaver Funds. They can also refer you to advisers who can provide you with in-depth advice if required.______________
Note - Our decision on which professional service provider we refer to you will be made by considering who we believe will best serve your needs from our key business partners and network of Financial Service professionals. It will be your decision whether or not to use those services. ___________________________________________ Complaints handling and dispute resolutions If you are not satisfied with our financial advice service in any way, you can make a complaint by emailing support@borealis.nz, or by calling us on 0800-800-872. You can also write to us via post to PO Box 60454, Titirangi, Auckland 0642. 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 will contact you within that time to let you know we need more time to consider your complaint, and will aim to provide you with a realistic timeframe. • 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 our external dispute resolutions scheme the FSCL (Financial Services Complaints Limited). The Financial Services Complaints Limited (FSCL) provides a free, independent dispute resolutions 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 the FSCL Disputes Resolution Scheme by emailing: info@fscl.org.nz, or by calling: 0800 347 257. You can also write to them at: P.O. Box 5967 Lambton Quay Wellington 6145. Website: www.fscl.org.nz.
Contact details
Borealis Futures Limited (trading as Borealis Advice) is the Financial Advice Provider. You can contact us:
In writing, Attention to: Borealis Client Service SupportPostal Address: PO Box 60454, Titirangi, Auckland 0604Email: support@borealis.nzPhone: 0800 800 872Website: www.borealis.co.nz
Alternatively, you can contact our Principal Financial Adviser directly:
Stuart A McKenzieMobile: 021-0842-0889Email: advice@borealis.nz
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BOREALIS ADVICEPO Box 60454 Titirangi,Auckland, New Zealand
0800-800-872 / advice@borealis.nz
Opening Hours
Monday - Friday 9.30am - 6.30pmSaturday 10am - 3pmSundays & Bank Holidays - CLOSED
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Copyright © 2023 Borealis Advice Freeparking.

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