Execution Only Service
Scope of Service
This service is designed for clients who are looking for an execution only service and do not require any financial advice. It is suitable for people who are comfortable with investing in financial products and are seeking an organisation that can assist with executing transactions on their behalf.
Securities Advice: There is no advice or access to Jarden research provided with this service.
Transactional Services: We will provide a transactional service (buy/sell) for financial products as instructed. We can access all local and major global markets.
Cash Management and Foreign Currency Service: We will provide access to a cash management and foreign currency service if this service is selected.
Custodial Service: Unless instructed otherwise, we will provide access to the use of our independent custodian, FNZ Limited (FNZ), to administer your holdings if you select this service. All holdings in global securities must be held on our custody platform. FNZ’s Disclosure Statement is available here.
Investment decisions
You are responsible for all investment decisions. Jarden will not provide any advice and will only arrange transactions on your instruction.
Main benefits and risks
The key benefit of this service includes having access to a Jarden representative who can arrange transactions in local and global markets as directed by you. The principal risk of this service is its very limited nature and scope, as no advice or ongoing monitoring is provided.
Limitations
There is no formal ongoing review process in this service. That means your Jarden representative will not be monitoring your portfolio, and you cannot rely on Jarden to proactively contact you.
Minimum Investment
There is currently no minimum investment for this service.
Fees
You will be charged brokerage on transactions. Users of our Custodial Service will also pay an ongoing fee for this service. There may be other fees if any other Jarden services are used (such as cash management), or investments in managed funds. More information on fees can be found in the Fee Schedule. Fees may be changed on written notice in accordance with our Terms and Conditions. We will also provide information showing the fees and expenses charged.
Terms and Conditions
Before opening an account with Jarden, please read the Terms and Conditions in full. We provide our services in accordance with these Terms and Conditions.
Delivered by
This service is provided by Jarden Wealth Limited and your Jarden representative. Jarden Wealth Limited is a registered financial services provider (FSP1006426), an NZX Advising Participant, and holds a Financial Advice Provider licence, issued by the Financial Markets Authority. Jarden is a Reporting Entities for the purposes of the Anti-Money Laundering and Countering Terrorism Financing Act 2009.
Jarden’s Financial Advice Provider Disclosure Statement and Privacy Policy are both publicly available on our website: Jarden.co.nz
To join this service
Please contact a Jarden representative.
Execution Only Service - Disclosure Statement
This document sets out important information about Jarden’s Execution Only Service. It is important you read it carefully to ensure you understand it. Please contact your Jarden representative with any queries.
Jarden’s Financial Advice Provider Disclosure Statement and Privacy Policy are both publicly available on our website: Jarden.co.nz
This service is provided by Jarden Wealth Limited. Jarden Wealth Limited is a registered financial services provider (FSP1006426) and holds a Financial Advice Provider licence issued by the Financial Markets Authority.
NATURE AND SCOPE OF OUR EXECUTION-ONLY SERVICE
This service suits clients who would like access to our execution services. It suits people who are comfortable with investing in financial products and are only looking for an organisation to execute transactions on their behalf.
The information in this disclosure statement relates to our Execution Only Service. Further details regarding this service are contained in the Scope of Service.
Please contact your Jarden representative if you would like to find out more about Jarden’s other financial advice services, including our Transactional Advice Service, Portfolio Advice Service and Discretionary Investment Management Service.
FEES
The table below outlines a summary of when and how fees will be charged for the Execution Only Service:
| Category | Description | Amount |
|
Administration and custody fee |
We will charge a fee for the administration of portfolios and for safekeeping assets we hold in custody on your behalf. This fee is a percentage of the value of the assets under administration. |
0.25% of the assets held in custody per annum of asset value plus GST. A minimum fee of $250 per annum applies. |
| Brokerage fee |
We will charge a brokerage or commission fee on secondary market transactions that we arrange on your behalf, plus any applicable market trade fees and any agency transaction and settlement fees for offshore market trades. |
Applied on a per transaction basis, based on the rate agreed with you before the transaction is initiated. Brokerage is paid at the time the transaction is settled. |
| Minimum brokerage fees |
We will charge minimum brokerage fees in the relevant trading exchange currency for the transactions. |
Minimum brokerage fees, being “50” as an amount in the relevant trading exchange currency (e.g., NZD50, AUD50, GBP50, USD50). For one-off sales the minimum will be “90”. |
| Funds on call |
We may charge a margin on the rate of interest paid to you on money held on your behalf in the cash management account(s) within your portfolio. |
Margin: the rate of interest we pay to you less the rate of interest we receive from time to time. |
| Funds on term deposit |
We may charge a margin on the interest paid to you on money held or arranged on your behalf on term deposit. |
Margin: a minimum of $40 and may be applied as either a basis points charge or as a set flat fee (e.g., the brokerage charge on a $25,000 deposit might be a minimum of $50). |
| Break fees |
Break fees may be charged if you wish to withdraw funds on term deposit before the maturity date, and early withdrawal is approved by the deposit taker. |
Minimum amount stipulated by the bank deposit taker of at least $100. |
| Individual action fees |
We will charge individual action fees that relate to transfers of stock into and out of the custodial service, and bank charges. |
The relevant custodial market transfer and bank fees will apply on termination of service. Individual action fees are payable when due and deducted from available funds on your account. |
| Foreign exchange |
We will charge a margin on the exchange rate applied in respect of any trade and non-trade related transactions involving the conversion of currencies by deduction of basis points. |
Margin: the exchange rate at which we undertake the exchange transaction as advised to you less the exchange rate charged to us or we apply to a transaction. |
Further details of potential transaction charges are outlined in the Fee Schedule. Fees may be changed on written notice to you in accordance with our Terms and Conditions. Please read these. We will also give you regular information showing the fees and expenses actually charged.
CONFLICTS OF INTEREST AND COMMISSIONS OR OTHER INCENTIVES
A conflict of interest may arise where the interests of Jarden or any of our advisers may be perceived to materially influence our advice.
The table below outlines potential conflicts of interests that may arise:
|
Potential conflict |
Description |
|
Jarden Securities Limited (JSL) |
JSL is a subsidiary of Jarden Group Limited, which has an investment in FirstCape Group Limited, the ultimate parent company of Jarden Wealth Limited. Securities we transact on your instruction may include shares and debt securities in which JSL may have a role in the offering syndicate. JSL is in the business of investment banking (e.g., mergers and acquisitions (M&A), corporate advisory work, new issues of investment product, secondary offerings and placements and other transactions) with companies whose securities in which Jarden may transact for you. JSL may also trade in investment products as principal for its own account. Our research analysts and JSL research analysts publish investment and economic research that will be used as one of a number of sources of analysis in providing the service to you. JSL acts as a Trading and Clearing Participant for Jarden clients. |
|
Jarden’s other related companies and affiliated persons |
Securities that Jarden transacts on your instruction may include securities issued, or funds that are managed, by a related or associated company of Jarden. Currently these companies are Harbour Asset Management Limited, Pearlfisher Capital Limited and Jarden Principal Investments Limited (and any subsidiary of Jarden Principal Investments Limited). Any such related party will receive fees for their management of these securities or funds. Those fees are either charged on an arms-length basis (as in, they are the same as the fees charged to those investing direct) or alternatively as set out in the applicable documentation. In addition, National Australia Group (NZ) Limited (NAB) is a shareholder in FirstCape Group Limited. We may invest in securities that are issued by NAB (or any of its subsidiaries including BNZ). These related parties may benefit from any investments placed with them. |
|
Fees |
JSL and Jarden may be paid fees by the companies and persons either acts for (e.g., brokerage of a percentage of the dollar amount subscribed for by the investor, plus a percentage as a firm allocation fee plus if in a syndicate as a lead manager, a percentage as arranger or a fixed fee amount). In some situations, JSL may also act as underwriter of an issue, which means that the issuer will pay JSL an underwriting fee for the risk taken by JSL in supporting the transaction. The amount of the underwriting fee will vary depending on the risk of the transaction concerned. All of these fees can and do vary by transaction. Investment banking fees for advisory and M&A work will vary by transaction. |
|
Adviser remuneration |
The remuneration of Jarden’s advisers is comprised of a fixed salary and a discretionary attribution bonus and additional discretionary bonus, payable at the discretion of Jarden’s Board and Remuneration Committee. Bonuses are discretionary payments. They are not solely based on individual performance and include consideration of the individual’s conduct as well as reference to Jarden’s revenue that is attributable to the specific financial adviser. Bonuses are not influenced by the choices of financial products included in an investor’s portfolio. Jarden Compliance undertakes sample client file inspections from time to time to ensure the advice provided promotes good outcomes for our clients |
|
Shareholdings in Jarden / FirstCape |
Jarden advisers may have an equity interest in the Jarden Group Limited (a related company of Jarden Wealth and Asset Management Holdings Limited, a shareholder of FirstCape Group Limited) or a direct equity interest in FirstCape Group Limited. Any payment of dividends or other distributions to shareholders has no effect on the service provided.
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Manage conflicts of interest
Jarden maintains a comprehensive and robust framework of policies and processes to manage conflicts of interest. Conflicts of interest are managed by various means including use of appropriate disclosures, separation of functions, compliance policies and declining to act. Our Remuneration Committee manages employee compensation including any discretionary bonus.
Furthermore, both Jarden and our Financial Advisers are subject to a range of statutory duties and the Code of Professional Conduct for Financial Advice Services, under which we are required to prioritise our clients’ interests in the event of any conflict of interest and ensure that any advice we provide is suitable.
COMPLAINTS AND DISPUTES RESOLUTION PROCESS
If you are not satisfied with the service you have received from us ,you should contact us. We have an internal complaints process and undertake to investigate your concerns promptly and fairly. You may contact us to make a complaint by telephone at 04 474 4400 or by email to [email protected]. You can also write to us at Level 21, 171 Featherston Street, Wellington. Jarden’s Compliance department will attempt to address your complaint with your adviser in the first instance and, if necessary, will escalate the complaint to Jarden’s senior management for a final determination. We will let you know when we have received your complaint and will generally respond to your complaint within 20 business days.
You have the right to take an unresolved complaint to Financial Services Complaints Limited (FSCL). FSCL is an independent approved dispute resolution scheme to which we belong. FSCL can be contacted at: PO Box 5967, Lambton Quay, Wellington 6145 or by phone 0800 347257 or 04 472 3725 or at [email protected]. There is no cost to you to use the services of FSCL.
DUTIES
Jarden Wealth Limited and any person giving advice on our behalf will be bound by duties to:
(i) meet the standards of competence, knowledge, and skill set out in the Code of Professional Conduct for Financial Advice Services; and
(ii) give priority to the client’s interests; and
(iii) exercise care, diligence, and skill; and
(iv) meet the standards of ethical behaviour, conduct, and client care set out in the Code of Professional Conduct for Financial Advice Services.
TERMS AND CONDITIONS
Before opening an account with Jarden, please read the Terms and Conditions in full. We provide our services in accordance with these Terms and Conditions.