Disclosure
Parable Financial Services Limited trading as Parable Financial.
FSP 726611
Licensing Information
We operate as a financial Advice Provider under a license issued by the Financial Markets Authority in the name of NZ Financial Services Group Limited FSP286965.
About Us/ What We Do
Parable Financial specializes in Personal Insurance and provides cover for individuals, families, and business owners. Personal Insurance is about providing cover for you. We can also help connect you with the best option for all General insurance inquiries. General Insurance provides cover for all material things you own.
Parable Financial provides financial advice to our clients about their Life Insurance, Health Insurance, General Insurance, and ACC Cover Plus Extra.
We only provide financial advice about products from the following providers:
- ‣ Fidelity Life
- ‣ Partners Life
- ‣ AIA
- ‣ Chubb Life
- ‣ NIB
- ‣ Southern Cross
- ‣ Accuro
Fees & Expenses
Any remuneration received by Parable Financial is used to pay the costs incurred in providing advice, e.g., office, staff, research, and marketing costs, along with personal remuneration for your adviser.
We are remunerated through the following ways:
The initial meetings you have with us are FREE.
The insurance companies pay our professional fees on completion of the underwriting process when a policy is issued by way of commissions. These commissions can be clawed back by the insurance company if the policy is canceled in the first two years.
Parable Financial may charge you a service fee of $150 per hour + GST based on a reasonable amount of hours required to complete the advice provided. This will apply, should you complete an insurance application and cancel during the application process or within 2 years of the policy issue date due to any reason that is no fault of Parable Financial or the relevant insurance company.
Conflicts of Interest and Incentives
For Life, Health, and General Insurance, Parable Financial and our financial adviser receive commissions from the insurance companies on whose policies we give advice. If you decide to take out insurance, the insurer will pay a commission to Parable Financial and our financial adviser. The amount of the commission is based on a percentage of the premium.
To ensure that our financial advisers prioritize our clients' interests above their own, we follow an advice process that ensures our recommendations are made based on each client's goals and circumstances. Our financial adviser undergoes annual training about how to manage conflicts of interest. We undertake a compliance audit, and a review of our compliance program is undertaken annually by a reputable compliance adviser.
Referral Partners
We also refer to specialist representatives for General Insurance, Mortgage, KiwiSaver, and Legal Advice should the circumstance arise.
Depending on your needs, we can connect you with our trusted referral partners to ensure you have specialist advice for all your financial requirements. We may receive a referral commission depending on which products you take through our various referral partners.
Duties Information
Parable Financial, 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 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 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.