FINANCIAL ADVICE PROVIDER
Meta Financial Solutions Limited FSP1000335, trading as Auro
LICENCE
Full licence issued by the Financial Markets Authority
EFFECTIVE DATE
[Date]
01 WHO WE ARE
Where Auro fits
Before we start
As professional financial advisers, there is important information you need to know before we can provide you with any advice.
Most households receive financial advice in separate pieces. A mortgage broker helps arrange lending. An insurance adviser helps arrange cover. A bank provides products off the shelf. A financial planner will create a prescriptive plan.
Auro sits between these extremes, providing coordinated financial strategy for established New Zealand households who want their mortgage, insurance, KiwiSaver and investments considered together, without needing the complexity of private banking or a family office.
Bank
Its own products
Mortgage broker
Lending only
Insurance adviser
Risk cover only
Investment adviser
Portfolios only
AURO
Mortgage, insurance, KiwiSaver and investment strategy considered together
Financial planner / private wealth adviser
Complex estates and planning fees
Private banking / family office
Substantial liquid wealth
Advice that fits your stage
You do not need to be ultra-wealthy to benefit from a connected financial strategy, with your mortgage, insurance, KiwiSaver and investments working together under one roof.
Auro is designed for busy professional households, typically earning $250K–$500K, income is strong but whose time and energy are focused on career, family or business. You want a great home and a solid retirement, without the complexity of private banking or a family office.
Our role is to bring these decisions together into one clear strategy. Where specialist tax, legal or estate advice is required, we will tell you and help coordinate the right people.
02 WHO YOU ARE DEALING WITH
Contact and licence details
Financial Advice Provider
Meta Financial Solutions Limited FSP1000335 (trading as Auro)
Contact us
Phone 021 402 508 | Email hello@auro.co.nz
Address
The Promenade, Building Unit C9, 1c Ara-tai Road, Half Moon Bay, Auckland 2012
Your financial adviser
Michael (Mike) Willoughby FSP738434
Adviser contact
Email mike@auro.co.nz | Phone 021 402 508
Licence information
Meta Financial Solutions Limited (FSP1000335, trading as Auro) is a financial advice provider (FAP) holding a Full licence issued by the Financial Markets Authority (FMA) to provide financial advice services. Michael Willoughby (FSP738434) is authorised by that licence to provide financial advice.
03 NATURE AND SCOPE OF ADVICE
What we do, and what we advise on
We provide advice services about
- mortgages, home loans, and construction and development lending
- personal risk and health insurance
- KiwiSaver and investments
Strategy over product. Outcomes over transactions. One connected strategy.
Lending
Home loans, refinancing, investment, and new-build and construction lending, structured around your long-term plan.
Protection
Protect your income, health and family's future with tailored cover through New Zealand's leading insurers.
KiwiSaver
Fund selection, contribution modelling and review, so every dollar of your KiwiSaver works harder.
Investments and modelling
From financial modelling to retirement planning, we build wealth strategies that compound over time, with your lifetime plan modelled to age 100.
We only provide advice about products from the following providers.
Mortgages
AIA Go Home Loans [ASB], ASB, ANZ, BNZ, Kiwibank, Co-operative Bank, SBS, TSB, Westpac, Pepper Money, Avanti Finance, Basecorp Finance and Liberty Finance, and other lenders and finance companies that may fit your needs, which will be disclosed to you.
Life insurance
AIA, Asteron Life, Chubb, Fidelity Life and Partners Life.
Health insurance
AIA, nib and Partners Life.
KiwiSaver and investments
Booster, Generate, Koura, Milford and Pathfinder.
What we do not advise on
- legal or accounting matters
- estate planning (including wills, enduring powers of attorney and trusts)
- general insurance (such as house, contents and car insurance)
We regularly refer clients to trusted professionals for these.
04 FEES AND HOW WE ARE PAID
How we are paid, and what it costs you
Fees at a glance
Most advice is free
Paid by the provider, not you.
Upfront fee
$250 + GST where preparation work is needed.
Ongoing investment advice
1.0% p.a. incl GST, reducing as your portfolio grows.
Financial Modelling Report
$2,000 to $5,000 (plus GST) for your lifetime plan, modelled to age 100.
Early repayment or cancellation
Mortgages within 27 months. Insurance within 2 years.
Termination fee
$1,500 (plus GST) once a Statement of Advice is provided, or unconditional mortgage approval is obtained.
Always agreed first
No fee without your written agreement.
How we are paid
In most cases, we won't charge you fees or any expenses for the financial advice we provide. You can book a meeting online for free. Where we are paid, it is usually by commission from the provider, as set out below.
Product
Upfront commission
Ongoing commission
Mortgages
0.55% to 0.90% of the loan amount, paid once by the lender.
0.00% to 0.25% per annum from some lenders, while the loan remains in place.
Insurance
25% to 230% of the first-year premium, paid once by the insurer.
5% to 25% of the premium each year the policy remains in place.
KiwiSaver
$0 to $400 per client, paid once by the provider.
0.20% to 0.50% per annum of your KiwiSaver balance.
Fees in detail
Upfront fee
We may charge $250 + GST to cover the cost of preparing the work to secure approval or provide advice.
No commission
Where we provide services for a product and receive no commission, we may charge a fee based on an estimate of the time needed, at our hourly rate of $400 + GST.
Mortgage clawback
We are paid a commission by the lender when your loan is drawn down. If the loan is repaid, refinanced or otherwise discharged within 27 months of settlement, the lender may require us to repay some or all of that commission. We may recover this from you. The amount payable is the lesser of the actual clawback incurred or $4,000 (incl GST). This may apply if, within 27 months of settlement,
- your loan is refinanced to another lender and we are not given the opportunity to arrange the replacement lending
- you refinance directly with a lender without our involvement
- you sell the property and repay the loan
- you repay the loan in full
If you are considering refinancing, selling or repaying your loan within 27 months of settlement, contact us first so we can explain whether a clawback fee may apply.
Insurance clawback
If a life or health insurance policy is cancelled within two years of inception, the insurer may reclaim some or all of our commission. We may recover this from you. The amount payable is the lesser of the actual clawback incurred or $4,000 (incl GST).
Termination fee
If you end our engagement after we have started work on your behalf, a termination fee may apply to cover the time and professional services provided. A fee of $1,500 (plus GST) is payable where a Statement of Advice has been prepared and provided to you, whether or not you proceed with the recommended lending, or where unconditional approval has been obtained for your mortgage and you do not proceed. This includes where you
- withdraw your application
- proceed directly with a lender
- engage another mortgage adviser
When a clawback or termination fee may apply
MORTGAGE
Loan settles
Repaid, refinanced or sold within 27 months?
Yes
Clawback fee may apply
See item 3
No
No clawback fee
INSURANCE
Policy starts
Cancelled within 2 years?
Yes
Clawback fee may apply
See item 4
No
No clawback fee
ENDING OUR ENGAGEMENT
You end the engagement after work has started
Statement of Advice provided, or unconditional mortgage approval obtained?
Yes
Fixed termination fee applies
See item 5
No
Fee for time spent may apply
Financial Modelling Reports
We may charge a fee of $2,000 to $5,000 (plus GST) for the time involved in preparing and presenting a Financial Modelling Report.
Ongoing investment advice
For investment portfolios, we charge an ongoing advice and monitoring fee based on funds under management, as set out below.
Investment advice fees
The total cost of your investment strategy is made up of fund management fees, charged by the provider, and our adviser fee. This covers ongoing portfolio monitoring, financial modelling, strategic reviews, cashflow forecasting and broader financial planning support. A sliding scale applies as funds under management increase.
1.00%
Under $1m
0.85%
$1m to $1.8m
0.60%
$1.8m to $2.5m
0.45%
Over $2.5m
All fees above are inclusive of GST. Adviser fees and certain investment-related fees may be tax deductible. We recommend confirming your tax position with your accountant.
Payment of fees
Invoices are due within 7 days of the invoice date. If an invoice remains unpaid, you will be liable for all reasonable costs we incur in recovering the unpaid amount.
Fee and commission examples
Two examples of how we may be paid. Both start with a free online meeting.
COMMISSION EXAMPLE
Home loan
Free online meeting
We get to know you, your family and your goals, your attitude to money and your appetite for risk, along with your investments, insurances and borrowing needs.
Our recommendations
Advice built around you, not a product. We model different scenarios using your real numbers and shape your home loan around your long-term goals, lifestyle and family plans.
We arrange your home loan
Arranged via the lender that best suits your situation and structured around your plan. We discuss and prepare a home loan strategy around your goals and timeframes, your other investments and your attitude to debt to recommend the right loan structure.
Upfront commission
0.55% to 0.90% of the loan amount, paid once by the lender
Ongoing commission
0.00% to 0.25% per annum from some lenders, while the loan remains in place
No adviser fee to you
Commission is paid to us by the lender. A clawback fee may apply if the loan is repaid within 27 months.
Annual review
Included at no extra cost while you remain a client, so your plan stays on track as life changes.
FEE AND COMMISSION EXAMPLE
Investment advice: property & managed fund
Free online meeting
We get to know you, your family and your goals, your attitude to money and your appetite for risk, along with your investments, insurances and borrowing needs.
Our recommendations
Advice built around you, not a product. We model different scenarios using your real numbers and shape your investment property lending and investments around your long-term goals, lifestyle and family plans.
Detailed analysis
Analysis of your property portfolio and a recommendation to invest $500,000 in a managed fund. We compare current and projected returns over the life of the property, including holding costs, repairs and maintenance, and tax considerations.
Commission from the lender
0.55% to 0.90% of the investment property loan, paid once by the lender
Adviser fee via the provider
1.0% p.a. incl GST on the managed fund, which is $5,000 per year, deducted from your investment by the provider
What it costs you
$5,000 per year adviser fee. Fund management fees are charged separately by the provider. Lending commission is paid by the lender.
Annual review
Included at no extra cost while you remain a client, so your plan stays on track as life changes.
05 CONFLICTS OF INTEREST
Conflicts of interest and incentives
Your interests are our priority, although we do have business relationships with product providers. From time to time, providers may also reward us for the overall business we provide to them, such as tickets to sporting events, hampers or other incentives.
We manage this through an advice process that bases every recommendation on your goals and circumstances. Our advisers complete annual training on managing conflicts of interest, gifts and incentives, and our compliance programme is reviewed annually by a reputable compliance adviser.
06 COMPLAINTS
Complaints handling process
If you are not satisfied with our financial advice service in any way, you can make a complaint by emailing hello@auro.co.nz or calling us on 021 402 508. When we receive a complaint, we will follow our internal complaints handling process.
We will consider your complaint and let you know how we intend to resolve it. We may need to contact you for 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 provide 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.
Tell us
Email hello@auro.co.nz or call 021 402 508
We work to resolve it
We aim to resolve complaints within 10 working days
If not resolved
You can contact Financial Services Complaints Ltd, a free and independent service
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 resolution scheme, Financial Services Complaints Limited (FSCL). FSCL provides a free, independent dispute resolution service that may help investigate or resolve your complaint if we haven't been able to resolve it to your satisfaction. Our FSCL member number is 9431.
Address
Level 4, 101 Lambton Quay, Wellington 6011
Phone
0800 347 257 | +64 4 472 3725
Email
complaints@fscl.org.nz
Website
www.fscl.org.nz
07 DISCIPLINARY HISTORY
Disciplinary history
No disciplinary action has been taken against Michael Willoughby or Meta Financial Solutions Limited.
08 OUR DUTIES
Our duties to you
Auro, 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 we have the expertise needed to provide you with advice)
- meet standards of ethical behaviour, 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 we have. More information is available by contacting us, or by visiting the Financial Markets Authority website at www.fma.govt.nz
Ask us, we are here to help
We welcome any questions about this information and look forward to working with you.
021 402 508 | hello@auro.co.nz | auro.co.nz