Financial
Adviser
Provider (FAP)
Disclosure

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Our Licence

Perpetual Trust Limited (FSP40361, trading as Perpetual Guardian) is a Financial Advice Provider (FAP) licensed and regulated by the Financial Markets Authority.

Trusts

Our Advice

We provide our clients with financial advice on their investments and provide an investment planning service.

We only provide financial advice in relation to the following financial products provided by Perpetual Guardian (PG):

  • Managed Funds – PG Funds and PG Asset Funds
  • Discretionary Investment Management Service – PG DIMS
  • Customised portfolios (non-discretionary) – Individual Managed Accounts (model and non-model)

Perpetual Guardian also maintains an Approved Product List that is regularly monitored and subject to Perpetual Guardian Investment Committee oversight and governance.

Our People

Our Advisers are Financial Advisers who provide advice on behalf of Perpetual Trust Limited, T/A Perpetual Guardian. They are regulated by the Financial Markets Authority.

Our Client Managers are our team members that manage and administer our fiduciary obligations (as trustee, attorney and agent) in respect of Perpetual Trust Limited the professional trustee company. Client Managers are employed by Perpetual Trust Limited.

Our Fees

Perpetual Guardian will charge a fee for the investment advice it provides and for investing using Perpetual Guardian services.

Perpetual Guardian will charge you the following fees in relation to the advice. These are ongoing fees and are payable on an annual basis.

  1. Investment Management Charges (IMC) – The IMC covers the costs of managing your funds for you. The total IMC will depend on the exact amount you have invested with us.
  2. PG Funds Additional Costs – If you have funds invested in PG Funds, we charge you Additional Costs to cover expenses including but not limited to, for example,
    the Adminis platform, portfolio construction, independent audits, asset allocation/modelling fees. The Additional Costs we charge you will depend on the exact amount invested and the PG Fund type.
  3. PG DIMS Additional Costs – If you have funds invested in PG DIMS, we charge you Additional Costs to cover expenses such as PG Funds IMC, brokerage and settlement fees and fund administration fees. . The Additional Costs we charge you will depend on the exact amount invested.

The exact fees that we will charge will be confirmed at the time the advice is provided.

One-off Adviser Fee

If we agree with you to provide an adviser service that is outside the scope of our engagement with you, we may agree to charge a time based fee in relation to the matter. Depending on the nature of the advice, the IMC, fund expenses, brokerage, settlement, fund administration and Additional Costs may also be charged. The exact fee would be confirmed at the time the advice is provided.

Brokerage Fees

If you buy/sell directly held assets e.g. shares, fixed interest securities you will need to pay a brokerage fee to the broker that we nominate to implement the transaction e.g. Craigs Investment Partners, Forsyth Barr, BTIG. This fee will be determined based on the value of the funds invested. You will also need to pay a settlement fee for every transaction as part of the implementation process. The exact fees that will be charged will be confirmed at the time the advice is provided.

Conflicts of Interest

Openly Investing Limited (Openly) provides portfolio research and constructs the PG Fund portfolios (PG Funds and PG Asset Funds). Perpetual Guardian provides clients with financial advice regarding the PG Fund portfolios. Openly and Perpetual Trust Limited (T/A Perpetual Guardian) are both owned by Complectus Limited. The two entities are separate trading entities and have separate boards of governance.

Client Managers In some circumstances, Client Managers may provide limited financial advice on PG Funds and PG Asset Funds as part of their trustee administration and management services. Client Managers are employed by Perpetual Trust Limited. Perpetual Trust Limited has an exemption under the Financial Markets Conduct Act 2013 which permits Client Managers to provide limited financial advice even though they are not financial advisers and are not regulated by the FMCA.

Remuneration and incentives

Our Advisers and Client Managers receive a salary as an employee of Perpetual Guardian. They may also receive a discretionary annual bonus if a certain level of overall performance is achieved. This amount is not significant in relation to salary and is based on many factors such as good conduct and behavioural competencies, as well as the value of funds under management.

Neither Perpetual Guardian nor our Advisers or Client Managers receive any commissions based on your investments or the advice provided to you.

 

To ensure that our Advisers and Client Managers prioritise your interests above their own, we follow an advice process that ensures their recommendations are made on the basis of your goals and circumstances. All our Advisers and Client Managers undergo annual training about how to manage conflicts of interest. We maintain registers of conflicts of interests, and the gifts and incentives we receive. We undertake a compliance audit, and a review of our compliance programme is undertaken annually by a reputable compliance adviser.

Complaints

If you are not satisfied with our financial advice service you may contact us to make a complaint:

Call: 0800 87 87 82                

Email: client.care@pgtrust.co.nz           

Write to: Perpetual Guardian, Complaints Co-ordinator, PO Box 1934, Shortland Street, Auckland 1140

When we receive a complaint, we will consider it by following our internal complaints process. We will try to resolve the complaint with you as quickly and fairly as possible. If we are unable to do so, the complaint will be escalated through the levels of management so that we can work with you to resolve the issue. We aim to resolve all complaints in 30 days.

If we cannot resolve your complaint through our internal processes, we will issue you with a notice of deadlock and you can refer the matter to Financial Services Complaints Limited (FSCL). FSCL provides a free, independent dispute resolution service that may help resolve your complaint. To contact FSCL:

Call: 0800 34 72 57  

Email: info@fscl.org.nz           

Write to: FSCL, PO Box 5967, Wellington 6145

Website: www.fscl.org.nz

Our duties to you

Perpetual Guardian and our Advisers have duties under the Financial Markets Conduct Act 2013 relating to the way we give you advice. We are required to:

  • Give priority to your interests;
  • Exercise care, diligence, and skill;
  • Meet standards of competence, knowledge and skill set by the Code of Professional Conduct for Financial Advice Services;
  • Meet standards of ethical behaviour, conduct and client care set by the Code of Professional Conduct for Financial Advice Services.

Our Client Managers are bound by a fiduciary duty that requires them to prioritise your interests, exercise care, diligence and skill, and meet high ethical and competency standards in relation to their advice.

Contact

You can contact Perpetual Guardian, the financial advice provider at one of our branches or:

Phone: 0800 737 738

Email: info@pgtrust.co.nz

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