Schedule of Fees and Charges

Whenever we quote a fee we will do so including New Zealand goods and services tax (GST) where applicable, unless otherwise explicitly stated. Fees for financial services such as brokerage and fees for portfolio management are generally exempt goods and services tax in New Zealand. 

You may be able to deduct some fees in your tax return.

Bay Financial Partners Limited may charge a fee for performing services for you as follows:


Charges for Our Peoples Time

Staff time is charged in 15 minute increments so there is a minimum charge for 15 minutes.

Staff Member

Hourly Rate

Minimum Charge

 Advisers $200.00 $50.00
 Administrative $120.00 $30.00

If an Adviser is doing administrative work it will be charged at the Administrative staff rate,

A portion of these fees are paid to the Adviser.


Brokerage

Brokerage is charged when we assist you to buy or sell securities.

VALUE OF TRANSACTION

BROKERAGE RATE 

On the first 0-$10,000  1.5%
on the next $10,000 to $100,000  1.0%
and on any amount over $100,000   0.8%

Minimum brokerage $75.00.

Plus a Transaction Fee of $5.50 on listed securities. Please note that occasionally an order for a listed security may go through in more than one transaction so will incur more than one transaction fee. This may happen on securities with low liquidity that are infrequently traded or if the price limit is changed after the order is partially completed.

Brokerage and transaction fees are exempt GST.

A portion of brokerage is paid to the adviser.

BROKERAGE EXAMPLES

On any transaction of $5,000.00 or less you will pay brokerage of $75.00 plus, a $5.50 Transaction Fee if it's a listed security, 

A $20,000.00 listed share purchase will cost 1.5% on the first $10,000.00 = $150.00, plus 1.0% on the remaining $10,000.00 = $100.00. Total Brokerage $250.00 plus a transaction fee of $5.50 so total fees of $255.50.

A $120,000.00 transaction would cost $150.00 on the first $10,000.00 plus $900.00 on the next $90,000.00 plus $160.00 on the final $20,000.00 plus the transaction fee for a total brokerage of $1,210.00 and total fees of $1,215.50.

Please note that transactions on foreign listed securities exchanges will most likely incur additional fees.


Financial Planning Fees

Estimates of common Financial Planning Fees are as follows:

  • Full Financial Plans generally take about 20 hours so $4,000.00 (including GST)
  • Investment Only Plans generally take about 15 hours so $3,000.00
  • An Insurance Plan generally take about five hours so $1,000.00

Reviews of existing plans usually take about half as much time as a plan done from scratch.

We will always provide you an estimate of the full cost of doing a plan for you before you incur further charges and will contact you if we look like exceeding the estimate.


OneAnswer Wrap Platform Fees

Portfolio Value 

Administration Fee
Exempt GST

Management Fee
Excluding GST

Total Fee
Including GST

 0-$500,000 0.35% 1.00%  1.500%
 $500,000 - $1,000,000 0.30% 0.80% 1.220%
 over $1,000,000  0.25% 0.75% 1.113%

Minimum fee per annum $69.00

Administration fees encompass holding your investments on your behalf, and maintaining records of your all transactions including tax reporting. These costs come under the definition of 'financial services' for GST purposes and are exempt from GST. These fees are retained by the Wrap Platform Provider.

Management fees are charged by Bay Financial Partners Limited for managing your investments and are subject to GST. A portion of these fees are paid to your Adviser.


Sharesight & Xero Charges

Service 

Xero Non GST Cashbook

Sharesight Pro

Combined

 Monthly Subscription Fee (including GST) $20.00  $20.00 $35.00

If you are an existing client of Bay Financial Partners Limited we will load your existing portfolio to Sharesight and maintain purchase and sale transactions for free. You only need pay the monthly fee.

If you are not a client we are happy to quote you a price to set Sharesight up for you. It will be a minimum of one hour of our administration staff's time. And then at the hourly rate. It may take longer than an hour depending on the number and nature of the securities in your portfolio and how you currently have them recorded. If you have an electronic record we can start with it probably wont take us long. But if you only have pieces of paper it could take hours. If you tell us what you've got we'll be happy to give you a fixed price quote or you can set a maximum you are prepared to pay and we'll get all we can done for that price.

If you require reconciliations, transaction entry or preparation of reports you will be charged at our hourly administrative staff rate.


Invoice Payment Terms

We only accept payment by electronic payment to our bank account which will be on the invoice we send you.

We do not accept cash, cheques or credit cards. If you wish to pay by these methods you can do so by going to your bank and crediting our account. 

Bills are payable within seven days.

Overdue payments will attract interest at 1.5% per month on the outstanding amount plus a collection fee of $25.00 per invoice per month outstanding.


Bay Financial Partners Limited may also receive payments from the company providing the investment or insurance product to you.

These amounts are not charged directly to you, they are paid by the company us. There is concern in some quarters that these commissions lead to conflicts of interest for advisers. To minimise any conflict of interest that may be of detriment to you we use a range of providers and will not place your money with one provider just because they are paying us more. We do not enforce on our Advisers any quotas or minimums with any Provider. The Practise Manager monitors all business placed to look out for irregularities. 


KiwiSaver and Managed Investments Commission

If you place money in a KiwiSaver or Managed Investment through Bay Financial Partners Limited the company providing the fund may pay us a commission. The amount of the commission we receive depends on the value of your investments we place with them and the fund the investment is put into. Some pay us an upfront amount as a percentage or a set dollar value, some pay an ongoing commission, and some pay us nothing The ongoing commissions currently range from 0.10%-1.05% per annum. We will provide specific details of the commission we will receive on your investment at the time our advice is given.

A portion of these commissions are paid to your adviser.


Insurance Commissions

If you use Bay Financial Partners Limited to take out an insurance policy the insurance company will pay us a commission. The amount of the commission we receive depends on the annual premium you pay. Typically we receive an upfront commission when you first take out a policy and then an ongoing servicing commission for every year the policy is in force. The rates vary according to the insurance company used and the type of policy. We will provide specific details of these commissions at the time advice is given.

Because the insurance companies pay us we generally don't have to charge you for our time. However if you cancel a policy within the first three years the insurance company will "claw back" the commission they have paid us and so we reserve the right to charge you for the time we spent arranging it.

A portion of insurance commissions are paid to the adviser.

AIA New Zealand Limited

AIA New Zealand Limited

Maximum Initial Payment: Life & Income 190% / Medical 120%

Ongoing Servicing Payment: Life & Income 7.5% / Medical 20%

Policies Offered: Life, Income and Medical Insurance

Distribution Agreement?: Yes

Asteron Life Limited

Asteron Life Limited

Maximum Initial Payment: Life & Income 75%

Ongoing Servicing Payment: Life & Income 10%

Policies Offered: Life & Income Insurance Only

Distribution Agreement?: Yes

Cigna Life Insurance New Zealand Limited

Cigna Life Insurance New Zealand Limited

Maximum Initial Payment: Life & Income 125%

Ongoing Servicing Payment: Life & Income 5%

Policies Offered: Life & Income Insurance Only

Distribution Agreement?: Yes

Fidelity Life Assurance Company Limited

Fidelity Life Assurance Company Limited

Maximum Initial Payment: Life & Income 100%

Ongoing Servicing Payment: Life & Income 4%

Policies Offered: Life & Income Insurance Only

Distribution Agreement?: Yes

nib NZ Limited

nib NZ Limited

Maximum Initial Payment: Medical 63%

Ongoing Servicing Payment: Medical 7%

Policies Offered: Medical Insurance Only

Distribution Agreement?: Yes

Southern Cross Health Society

Southern Cross Health Society

Maximum Initial Payment: Medical 30%

Ongoing Servicing Payment: Medical 5%

Policies Offered: Medical Insurance Only

Distribution Agreement?: Yes


 

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The information on this site is intended as a guide only. The information is of a general nature and does not and cannot ever constitute personal advice.
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