Terms of Service, Detailed Fees and Provider List
WealthHealth offers Financial Advice services to customers, where we spend time analysing your Financial objectives and Financial Circumstances, and provide advice on this, plus helps you with ongoing advice for 12 months after settlement of the financial advice we have provided to you.
There are two primary methods of payment for our service.
Fee Based: $2,750+GST which includes up to 10 hours work from WealthHealth Ltd. Additional hourly rate $150+gst OR
Remunerated by Commission if available. (see clawback fees below)
If commission received is less than our standard fee base model, then a fee may be payable for the difference between commission received and fee.
Please note this fee is applicable for each product that is implemented on your behalf. As such if you take out a mortgage, and life insurance, however for some reason you cancel the life insurance within the clawback period, then the full fee may be applicable, even though the Mortgage is still implemented. The reason behind this is each product has its own process and time frame to complete.
Whether an additional fee is charged or not is at the discretion of WealthHealth Ltd and will be communicated to you in these situations. The fee will not exceed the difference between commission received and our base fee.
Commission amounts and how they are calculated
Calculated as a percentage of your loan amount arranged for you. Upfront commission between 0.55%-1.00%. Trail or servicing commission may be paid with some providers, this is between 0.10% – 0.25%p.a of the outstanding loan amount. Typically providers who pay lower upfront commission will pay trail or servicing commission, and those lenders who pay more upfront commission usually don’t pay trail or servicing commission.
Life/ Trauma / Disability & Health Insurance
Calculated as a percentage of your annual premium. The commission amount is between 125%-230% of your annual premiums. Trail or servicing commission of between 0.15-0.25% of annual premium per annum.
Fire and General Insurance
Calculated as a percentage of your annual premiums. The commission amount is 15% of your annual premiums.
Calculated as a set amount depending on a combination of your annual contributions, transferred balance or both. Upfront commission is between $40.00-$240.00. Servicing commission is between 0.15%-0.25% of our annual balance.
Fee Based Lenders
When your home loan needs do not meet the criteria for main banks, we can then look at alternative Specialist Lenders for you. These lenders do not pay commission, and as such our Terms of service will revert to the Fee Basis as a minimum. We may charge additional fees on charge up of $150+gst per hour, for any additional work that is required on your application that exceeds the allocated 10 hours mentioned earlier, in addition to our standard base financial advice fee model.
On occasion, we will do some work for clients that the client decides not to proceed with after we have made a start on work. Our fee in this situation is minimum $500+gst for the first 5 hours work spent, then hourly charge up of $150+gst per hour spent.
Commission Clawback Fee
Where a customer chooses to remunerate WealthHealth Ltd via commission instead of fees, and that commission is “Clawed Back” from the product provider due to the cancellation or reduction in products implemented on your behalf within the clawback period. The “Clawback Period” is a term of no more than 28 months since the implementation of the implemented product.
The fee charged in this event is our standard fees as noted above.
Late payment of our fees will result in administration costs of $50.00 per communication with you to chase this up, plus default interest will be charged at 10% p.a and backdated to the date of the initial agreement. Any additional costs incurred by WealthHealth in recovering monies owed to them, for example legal fees, additional dispute resolution fees and any additional time spent preparing for such an event, will be borne by the customer. These fees are minimum $500 + gst for the first 3 hours work and then charge up at $150+gst per hour thereafter, in addition to the outstanding invoice and late payment fees.
Privacy Act 2020
You Acknowledge that WealthHealth Ltd and its Representatives, are collecting your personal information for the purposes of providing financial services and/or financial advice to you. The information being collected will be shared with various Financial Institutions including banks, credit reporting agencies, finance companies and insurers for the purposes of establishing either credit facilities, or Personal Insurance on your person & property, or both credit and insurance, KiwiSaver or Fire and General insurance in line with the services you have requested from WealthHealth Ltd.
By engaging in the services offered by WealthHealth ltd, either electronically or via signing this agreement, you are agreeing to the Terms of Service.
You are also confirming that you are aware of the limitations of this advice document, have read and understood how WealthHealth is remunerated, which product providers we are associated with, what our disputes resolution process is and agree to that process in any dispute.
You are also confirming your full understanding of the advice provided.
Provider List (click to enlarge)
WealthHealth Ltd contact details
Email [email protected]
Phone 0800 672 537