Under the Securities Markets Act 1988 (“Act”) and the Securities Markets (Investment Advisers and Brokers) Regulations 2007 (“Regulations”) you have the right to be provided with certain information about your investment adviser prior to the provision of any financial or investment advice.
This Disclosure Statement sets out the information required by the Act and Regulations.
Professional Advisory Network
The Professional Advisory Network (pan) was developed to assist accountancy firms to grow a personal advisory business, complementary to their existing core practice.
Searells Financial Services Limited has been a member of the pan network since July 2007
Peter Curnow has completed an introductory training program run by pan Systems Ltd to represent Searells Financial Services Limited as a financial adviser.
Being a member of the pan Network has enabled Searell and Co Limited to assist its clients with personal financial planning solutions.
A.Details, Qualifications and Experience
Details
My name is Peter Maurice Curnow and I am the Financial Advisor at Searells Financial Services Limited and have been practicing with Searells Financial Services Limited since December 2007.
My main role is to provide clients with financial planning advice for either new or existing investments.
I can be contacted as follows:
Level 1, 148 Victoria Street, Christchurch 8013, P O Box 504, Christchurch Mail Centre 8140
03-366-7502 03-366-7502 or 0276-732-732 0276-732-732
I hold a Bachelor of Laws Degree from Canterbury University in Christchurch, which was conferred on May 1995
I am currently enrolled at Massey University in the Graduate Diploma in Business Studies with an endorsement in Personal Financial Planning and have completed five of the eight prescribed papers.
Institute of Financial Advisors - Membership
I am a member of the IFA having been admitted with a Practitioner Membership of the College of Financial Planners.
Experience
Until 2003, I gave advice to clients on lending and investments at Westpac Bank. I had been doing this since 1995 after completing a Law Degree at Canterbury University. I was then employed by Lion Nathan and after that at Gough Finance where my advice was to businesses and individuals on their borrowings and investments in their own businesses.
B.Professional Indemnity insurance
Searells Financial Services Limited maintains a Professional Indemnity policy to a maximum value of $5,000,000 for employees providing financial advice. The services I provide as a financial adviser are currently covered by this policy.
C.Previous Convictions
During the five years preceding the date of this Disclosure Statement, neither Peter Curnowor his employer, Searells Financial Services Limited, or any of its directors or principal officers have:
(i)been convicted of an offence against the Act, or the Securities Act 1978 or of a crime involving dishonesty (as defined in section 2(1) of the Crimes Act 1961); or
(ii)been a principal officer of a body corporate which has committed an offence of the nature described in (i) above; or
(iii)been adjudged bankrupt; or placed in statutory management or receivership; or
(iv)been prohibited by an Act or by a court from taking part in the management of a company or a business.
(v)been the subject of an adverse finding by a court in any proceedings in respect of any actions taken in a professional capacity; or
(vi)been expelled or prohibited from being a member of a professional body.
D.Other interests and Relationships
Searells Financial Services Limited is a member of the pan network. pan Systems Limited provides members of the pan network with various business systems to enable them to provide personal financial planning solutions.
pan Systems Limited is a wholly owned subsidiary of New Zealand Funds Management Limited (“NZ Funds”). NZ Funds is an investment manager for each of the funds offered as part of the Global Investment Service and may also act as promoter or issuer of some of those funds.
E.Dispute Resolution
There is a complaints procedure within Searells Financial Services Limited. Details are available by contacting Sharon Wedlock, Managing Partner on 03-366-7502 03-366-7502 or in writing to P O Box 504, Chrstchurch 8140
F.Products
Peter Curnow gives investment advice which relates to, but is not limited to, the securities offered by those trusts that are part of the Global Investment Service (GIS) brand. The GIS comprises a range of investment products engineered to suit different investment profiles. The securities offered as part of the GIS are securities in New Zealand Unit Trusts or Australian Unit Trusts. NZ Funds acts as manager and investment manager respectively. The issuers offering the trusts under the GIS brand are NZ Funds and Global Investment Services Limited. More information is set out in the relevant Investment Statements.
Peter Curnow also gives advice on;
·Debt Securities, including but not limited to debentures, fixed interest deposits (bonds/bank term deposits), cash investment accounts;
·Unit Trust investments based both in New Zealand and overseas;
·Derivative products;
·Equity securities such as shares
·Superannuation products, such as Kiwisaver.
G. Fees and Remuneration
My remuneration is salary based. I am not personally remunerated for any placements made on your behalf.
Plan Fee
A plan fee is charged for the preparation of a financial plan. This fee is based on the time required to prepare a plan and the detail and complexity involved. Where a plan fee is charged, you will be given an invoice which will require payment to Searells Financial Services Limited within 30 days.
For all investors the details of fees and remuneration that may be applicable to you are disclosed in the ANNEX attached hereto. Details of all fees payable by you are set out in a pan Investor Agreement between you and Searells Financial Services Limited, which must be executed prior to any investments being initiated.
Commission
When we introduce investment funds into any of the funds in the Income Asset Strategies, (funds forming part of the Global Investment Service) Searells Financial Services Limited will be paid a commission. Details of these commissions are disclosed in the ANNEX attached hereto.
No other commissions are paid on any of the other products offered within GIS.
Other Commission
From time to time we also receive other commission and other benefits. Details of these commission and benefits are also disclosed in the ANNEX attached hereto.
Other than that listed in the ANNEX attached hereto neither Peter Curnow nor any person associated with Searells Financial Services Limited has a direct or indirect interest, financial or otherwise, in the investment they recommend to you in their capacity as investment advisers that is reasonably likely to influence them in giving advice to you.
Other fees will be payable according to the relevant Investment Statement applicable to the product invested in. Details can be advised when specific investments are placed on your behalf.
H Extent of Use
Neither Peter Curnow nor any of the staff, officers or agents of Searells Financial Services Limited may access or use your investment moneys except in accordance with the pan Investor Agreement executed by you and Searells Financial Services Limited. As noted below any moneys you give to us are passed on directly to the issuer of the relevant investment product (or its duly appointed agent), together with your relevant application form.
I Procedure for Handling Money/Investment Property
Searell and Co Ltd do operate a Trust Account. However, Searells Financial Services Limited is a separate firm from Searell and Co and it would be only in exceptional circumstances that client money needed to be handled using that Trust Account. Searells Financial Services Limited does not handle or take custody of client funds. All investment cheques are made payable according to the application instructions set out in the relevant investment statements and crossed “account payee only” or by automatic payment. Withdrawals from your investments are also made directly to your bank account unless instructed otherwise by you.
Any payment to an insurance provider will be made by cheque payable to the relevant provider.
J Records and Privacy
You have the right under the Privacy Act 1993 to gain access to, and request correction of, any personal information held about you in any records of either Searells Financial Services Limited or of any administration manager for any investment product in which you have subscribed. Access can be arranged through Peter Curnow or directly with the relevant administration manager. Contact details for the administration manager can be found in the relevant Investment Statement for the investment product.
The information in this Disclosure Statement is materially accurate and current as at the date it was provided to you.
Signed on behalf of Searells Financial Services Limited
____________________________
Adviser’s Signature – Peter Curnow
Client Acknowledgement
I /we acknowledge that I /we have been provided with a copy of the Disclosure Statement for Peter Curnow of Searells Financial Services Limited
I have no interest in or financial relationship with any fund or fund manager. While I have the opportunity to become a shareholder in Searells Financial Services Limited, I am not at this time.
B.FEE, REMUNERATION and COMMISSION SCHEDULE
1. FEES
Fees that are applicable to investors are as follows:
Cash Needs , Near Term Spending Needs & Income Advantage Trust:
(Previously forming part of Short Term / Near Term Funds & Income Asset Strategies)
The upfront and regular savings fee, where applicable are deducted from the investor’s account on receipt of the new funds for investment by New Zealand Administration Services Limited, the Administration Manager for each of the funds offered as part of the GIS Service.
An ongoing fee is charged and calculated as a percentage of the value of funds under advice. Ongoing fees apply at flat rates of between 0.20% to 0.50% p.a. depending on the fund(s) in which the investment is made. Ongoing fees are calculated on a monthly basis on the average daily value of units held, paid through the redemption of units and are deducted automatically from the investors account monthly. Ongoing fees will have GST added at 12.5%.
In all cases where these fees apply, they will be explicitly stated in the pan Investor Agreement and the Application Form executed prior to an investment being made.
Maintaining Capital, Future Growth & Australian Unit Trusts (AUT):
(Previously forming part of Medium Term, Long Term and Specialist Series Funds)
An upfront fee is charged on new funds for investment and calculated as a percentage of the value of each additional investment. These fees are calculated on a sliding scale or at a flat rate of up to 1.45% of the amount invested. For investors making regular savings, a regular savings fee of up to 1.45% is calculated as a percentage of each contribution.
The upfront and regular savings fee, where applicable are deducted from the investor’s account on receipt of the new funds for investment by New Zealand Administration Services Limited, the Administration Manager for each of the funds offered as part of the GIS Service.
An ongoing fee is charged and calculated as a percentage of the value of funds under advice. These fees are calculated on a sliding scale or at a flat rate of up to 1.45% p.a. Ongoing fees are calculated on a monthly basis on the average daily value of units held, paid through the redemption of units and are deducted automatically from the investors account monthly. Ongoing fees will have GST added at 12.5%.
For upfront fees and ongoing fees using the sliding scale, the percentage used to calculate the fee takes into account the accrued value of investments placed by the investor. Accordingly, the exact fee varies within the range indicated based on the amount invested and any amount you may have previously invested with us.
In all cases where these fees apply, they will be explicitly stated in the pan Investor Agreement and the Application Form executed prior to an investment being made.
2. REMUNERATION
My remuneration is salary based. I am not personally remunerated for any placements made on your behalf.
3. COMMISSIONS
Commission is paid on Income Advantage Trust, Super Yield Fund, Core Income Portfolio and Credit Opportunities Fund.
A commission of up to 0.50% per annum is calculated on the daily value of an investor’s holding in the funds as stated above. The commission will be calculated and paid quarterly in arrears to Searells Financial Services Limited by the Manager from its own funds.
Commission is not charged on the portion of investors’ holdings in the Income Advantage Trust that were purchased prior to 18 October 2004. The Commission is calculated and paid quarterly in arrears by the Manager from its own funds.
Details of these payments are set out in detail in the current registered prospectus.
3. OTHER COMMISSION
On an annual basis Searells Financial Services Limited may receive incentive or awards valued at no more than $1500 from pan. These are intended to recognise key achievements across the pan Network in areas such as client service, quality advice, growth in funds under advice and best business practices. At the discretion of pan, these incentive or awards maybe in the form of gift vouchers, travel or accommodation.
From time to time Searells Financial Services Limited may also receive payments or commission paid by brokers or agents for the arrangement of the transfer, purchase or sale of securities.
Commissions are sometimes paid for fixed-interest solutions and are dependant on the length of time an investment is made for and with whom the investment is placed. The range of commissions is from 0.125% for an investment term of 3 months through to 2.000% for an investment term of 5 years.
Other than that listed above neither Peter Curnow nor any person associated with Searells Financial Services Limited has a direct or indirect interest, financial or otherwise, in the investment they recommend to you in their capacity as investment advisers that is reasonably likely to influence them in giving advice to you.
