Disclosure Statement
Speros Macris practices as an insurance risk, claims and mortgage manager. Also helps people indentify their goals and aspirations with the help of his network of people.
Contact details for Speros are:
Macris Independent Financial Solutions
P O Box 25308
Wellington
Phone 04 907 1200.
Email speros@macris.co.nz.
In accordance with the provisions of the Securities Markets Act 1988 and the Securities Markets (Investment Advisers and Brokers) Regulations 2007 this Disclosure Statement provides information and answers to questions about Speros Macris.
Please feel free to ask Speros any further questions not covered in this Disclosure Statement.
Speros enjoys spending time socialising with like minded people, photography, home renovating, fishing, mountain biking and helping at Billy Graham’s boxing academy. His real passion is motor sport. He has two teenage children whom he adores.
Experience and qualifications
Speros completed an apprenticeship in mechanical engineering where he developed passion for business and manufacturing.
He has worked in production engineering and the kitchen and furniture design, prototyping and manufacturing industry. The highlight of his career was a design patent. He carried this through to insurance and mortgage finance … a quest for understanding how people can benefit from the recommendations he makes. Passionate about helping people achieve their goals with a practical, hands-on approach …
Has worked in the finance industry since 2000. He continues to stay up to date by reading relevant articles and books. He regularly attends relevant presentations and seminars.
Speros has been self employed as an insurance risk and claims manager for Macris Independent Financial Solutions which he owns since April 2004. Prior to this date he was in a role with Royal Sun Alliance as a dedicated insurance and investment adviser. Speros does not specifically provide investment or financial advice as part of his role other than Kiwi Saver. He provides product information about insurance and mortgage products, services and support to assist people and business. Speros is member of, and actively involved with, the Institute of Financial Advisers and as a member he adheres to the Code of Ethics and Practice Standards.
Disputes or complaints
A dispute resolution facility is available by firstly contacting Speros Macris. If you are not satisfied with this approach, then you can lodge a complaint under “The Financial Providers Registration and Disputes Act 2008". This will be available once the legislation under the FATF (Finacial Action Task Force).
For further information on this topic visit the http://www.legislation.govt.nz website.
All complaints should be in writing and should set out your complaint in detail, and the reason/s for the complaint.
Criminal convictions
Speros Macris has not been convicted of any Securities Markets Act 1988, Securities Act 1978 or of a crime involving dishonesty. Nor has Speros been a principal officer of a body corporate at a time when that body corporate committed one of these offences.
He has never been adjudicated bankrupt. Speros has not been prohibited by a law or a court from taking part in the management of a company or business. Speros has never been subject of an adverse finding by a court in any civil or criminal court action that has been taken against him in his professional capacity.
Speros has never been expelled or prohibited from being a member of a professional body.
Best practice methodology
Speros Macris gives advice following the internationally recognised six-step process:
• Establishing the client-adviser relationship and scope of service,
• Gathering client data and determining the clients goals and expectations,
• Analysing and evaluating the client's financial position, cash and debt management, personal and business insurance needs. This process will usually incorporate minor estate planning, namely issue identification, but not advice on solutions.
• Developing and presenting our written advice,
• Overseeing the implementation of the plan, and
• Monitoring and reviewing the plan.
Not all clients require the full range of advice that can be provided, and the services Speros provide will depend on the client needs. If a client wishes to obtain limited advice or product implementation in any respect Speros will provide it, however it will be documented that the advice or transaction was limited in nature. Any recommendations will be clear and concise, with enough detail for you to make an informed decision about whether to act upon it.
Fees
Speros does not generally charge any fees. Kiwi Saver may have fees. These are detailed in the Investment Statement. Specific details of fees are available from Speros when a Kiwi Saver is proposed.
Remuneration
For insurance business Speros receives commissions for placement of business with companies for clients. This commission usually is in the form of an initial commission determined by the premium being paid, a bonus commission depending on the total volume of business done with that supplier in the course of a financial year, and renewal commission payable annually for every year the policy is in force. The rates of commission vary from company to company, and product to product.
In addition, Speros sometimes receives benefits from the providers I recommend in the form of entertainment (e.g. occasional tickets to rugby matches, concerts, golf days etc), or office supplies (e.g. notepads, pens, diaries, etc), or subsidised professional development (e.g. below actual cost conference attendance, fee-subsidised training courses, etc). The value of these things is often unknown to me. I believe that in total these benefits would amount to less than $2000 p.a.
From time to time Speros may be eligible for free, or heavily discounted travel and/or corporate gifts, from companies I recommend depending on the total volume of business done with them. Most companies offer these types of trips and/or gifts and the value can be substantial.
It is normally my practice not to accept gifts of a substantial nature. I choose to do this to prevent any prospect of a conflict of interest, and the perception that I would support a provider based on these incentives. Where I may make an exception and qualify for an incentive I will ensure that it does not influence my recommendations.
Types of services
Speros offers a range of products which Speros is able to provide information on. Clients are encouraged to give serious consideration to advise before making a decision. If in doubt seek legal advice.
Current product range:
• Life insurance
• Trauma insurance
• Income Protection
• Mortgage Protection
• Family insurance packages
• Business insurance packages
• Children’s insurance
• Total & Permanently Disablement
• Business Expenses
• Key person
• Mortgages
• KiwiSaver
I maintain direct contractual relationships (agency agreements) with the following organisations:
My contractual relationships with these financial institutions do not require me to place an agreed percentage of the business I do with any of them. Further, I do not have any agreements that require me to place any particular level of business with any supplier or financial organisation. Under the terms of my contract I am authorised to give advice on and to sell products offered by the following providers:
| AIA | ASB Bank |
| Asteron | Westpac |
| Sovereign Insurance | Sovereign Home Loans |
| AXA New Zealand | Base Corp |
| ING Life | New Zealand Funds Management Limited |
| ING Kiwi Saver | AMP |
| Tower Health Insurance | Aon Risk Services |
| Wilkinson Insurance Brokers | August Insurance Brokers |
Speros when required of his clients refers business to specialist business but does not receive any remuneration for clients. The purpose is for the betterment of his clients and only does this with their permission.
Professional Indemnity Insurance
I have liability insurance which includes the following covers:
• Professional Indemnity
• Public Liability
• Internet Liability.
This insurance applies when I act as a life and general agent of any insurance or assurance company and/or intermediary, agent or consultant in the sale or negotiation of any financial product.
As with all insurance, these covers have limitations and are subject to certain exclusions.
The minimum level of cover is in compliance with Professional Advisor’s Association Membership By-laws.
The underwriter is Lumley General Insurance (NZ) Limited. Please note that the professional indemnity cover held by The Brokerage Group Limited is brokered through Sovnet. They may be contacted by the following means:
I have not had any claims under professional indemnity insurance in my career and have not personally settled any claim that could have been made under such insurance.
