Pie Funds Management Limited (“Pie Funds”) holds a licence issued by the Financial Markets Authority to provide regulated financial advice (“FAP Licence”).


Nature and scope of financial advice service

We have financial advisers and nominated representatives that act under our FAP Licence giving regulated financial advice of varying scopes.

We have financial advisers that give tailored financial planning advice on products on our approved list only (“Wealth Advisers”). A copy of this list is available on request.  It is skewed towards Pie Funds' products (which include funds held in the Pie Funds Management Scheme and the Pie KiwiSaver Scheme (“Schemes”)), but does include some third-party products (i.e. listed equities, other managed funds, bonds and fixed interest). This advice is only given to clients who have more than $1million to invest.

We also have financial advisers that give investment advice, which is financial advice limited in scope to one-off advice, only on managed investment Pie Funds’ products, and only considering assets held with Pie Funds and the amount the client wishes to invest with Pie Funds (“Investment Advisers”). This advice is only given to clients who have more than $250,000 to invest.

We also give general advice online (i.e. via a fund chooser tool) or through our nominated representatives in relation to our funds under the Schemes. This general advice does not take into account your personal circumstances or financial objectives.

Our client services teams cannot give personalised financial advice (except for those members of that team who are Investment Advisers appointed to act under our FAP Licence), but they can refer you to one of our financial advisers depending on your circumstances or provide information from Pie Funds to help you make informed choices.


Duties

We, and our staff who give advice, have duties under the Financial Markets Conduct Act 2013 (“Act”).  When giving advice, we must meet the standards of competence, knowledge and skill, and ethical behaviour, conduct and client care set out in the Code of Conduct for Financial Advice Services.  We must exercise care, diligence and skill and give priority to your interests.


Fees, expenses or other amounts payable

We charge fees when you receive personalised financial advice from our Wealth Advisers.  This is comprised of a monthly fee directly correlated to the amount of funds under advice, plus a fee to access our dedicated wealth platform. There is no cost for receiving financial advice from Investment Advisers or general advice from Pie Funds’ staff.


Conflicts of interests and commissions or other incentives

We’d like to make you aware of the following conflicts of interest: 

  1. Pie Funds is the manager of the Schemes: Pie Funds receives fees as manager of the Schemes. Pie Funds benefits financially if you invest in a Scheme.
  2. Shareholding: Our financial advisers are minor shareholders of Pie Funds. The value of their shareholdings is related to the business success of Pie Funds. This is influenced by the total funds under advice and total funds under management of Pie Funds. We manage this conflict by requiring a proportion of all financial adviser recommendations to include non-Pie Funds products, unless you specifically direct otherwise.
  3. Remuneration: Our financial advisers are paid by Pie Funds with a base salary and potential bonus.  Individual product recommendations to clients do not affect their pay, but it is affected by increases to funds under advice and advice fee revenue. For this reason, we require our advisers to show they have complied with their duties under the Act and other conduct standards to be eligible for bonuses and any salary increases.

We manage conflicts of interest by providing you information about them and ensuring our staff receive regular training about their duties and are subject to internal compliance processes designed to ensure they meet them. Our financial advisers will disclose any individual issues they identify that might present a conflict of interest and they will not proceed without your consent.


Complaints Process

Please direct any complaints about Pie Funds, your adviser, or the advice offering to:

Pie Funds, Level One, 1 Byron Avenue, PO Box 33 1079, Takapuna, Auckland Attention: Client Services; Telephone: +64 9 486 1701; Email: [email protected]

We monitor all complaints. We will acknowledge any complaint within 2 working days and we will aim to resolve it within 20 working days of receiving it.  

We are a member of the Financial Services Complaints Limited (“FSCL”), an independent dispute resolution scheme. If you make a complaint and the complaint cannot be resolved, you may refer to FSCL. 

You can contact FSCL at: Level 4, 101 Lambton Quay, Wellington 6011 PO Box 5967, Wellington 6140; Telephone: 0800 347 257; Email: [email protected]; Website: www.fscl.org.nz

FSCL will not charge you a fee.

Please let us know if you would like a hard copy of this disclosure statement.