Hi, I’m Jai Bothra!
MY DISCLOSURE STATEMENT
Identifying InformationI am a Financial Adviser trading as Insurance and Mortgage Network (iNSNET, we, our, us).
Details are as follows: Me My Company Name: Jai Bothra Insurance Network LtdFSP Number: 61081 447546Phone: 0211601386 0800868467Email: firstname.lastname@example.org email@example.comAddress: 30 Linton Street, Palmerton North Main Office: 30, Linton Street, Palmerston North
Nature and Scope of the AdviceI will only provide you with financial advice from a wide range of New Zealand based and overseas providers: • Personal insurance (risk), including health insurance• General Insurance• Lending
iNSNET can provide financial advice on a variety of products from a wide range of New Zealand based and overseas providers and includes but is not limited to:
If I recommend changing any insurance products you currently have, I will notify you of the important differences and benefits between them. I may help identify or narrow down your choices, or suggest what you could do. However, the final choice is yours. If you need more specialist help, or advice about a product I can't cover, I can refer you.
Reliability HistoryNeither iNSNET nor I have been subject to a reliability event. A reliability event is something that might materially influence you in deciding whether to seek advice from me or from iNSNET. As an example, it would include legal proceedings against me, or if I had been discharged from bankruptcy in the last four years.
Fees and ExpensesiNSNET doesn’t charge fees for the advice I provide. If I do charge a fee, I will inform you in writing before finalising the advice process.
There are no other fees at this time, however if you cancel the insurance part way through the insurance period of 24 months the commencement of the insurance policy, iNSNET will charge the total commission clawed back from the insurer.
Should you proceed with my financial advice and I arrange insurance or lending for you, then a fee or commission is paid to iNSNET for implementing my financial advice. The commission ranges from .55% to 230% of the Net Annual Premium or total amount of lending.
Conflicts of Interest and IncentivesWhen we arrange insurance or lending for you, the provider(s) may pay us a commission. The amount of the commission varies between providers and products and is based on a percentage of the Annual Premium or total amount of lending (if applicable)
Insurance and Mortgage Network will receive a commission of between: For New Lending is between .5% and 3% of the value of the lending and a one-off fee For Personal Insurance is between 5% to 230% of the annual premium For KiwiSaver is between $40 to $240 For Fire & General Insurance is between .5% to 35% and a one-off fee
I don't get paid an incentive if you take a product I recommend. However, a portion of my commission is determined by the performance of Insurance Network and / or my team and by the quality of my work.
I recommend insurer or lending product not based on commission. I recommend insurer based on your goals and objectives. The recommendation is also based on your insurer selections (1 = MOST IMPORTANT to 5 = LEAST IMPORTANT) PRICE; FINANCIAL STRENGTH; CLAIM HISTORY; POLICY FEATURES; SERVICE.
Duties InformationiNSNET and anyone who gives financial advice on their behalf have duties under the Financial Markets Conduct Act 2013 relating to the way that 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 as set by the Code of Professional Conduct for Financial Advice Services. These are designed to make sure that 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 that we have. More information is available by contacting us, or by visiting the FMA website here. https://www.fma.govt.nz/
I will check your understanding of my adviceI will ask, and you will have to confirm you understand the information I have given you.
Where to get more informationIf you have a question about anything in this disclosure statement or want to talk to one of our team at iNSNET, please call 0800 868 486. Complaints ProcessI have to meet strict legal duties when providing financial advice, our website has information about these duties. If needed, our website has information about our internal complaints process, how to make a complaint, and our free, independent dispute resolution scheme. Please refer to our Internal Complaints Process that can be found here.https://insurancenetwork.co.nz/complaintspolicy/
I love listening to clients' needs and goals and offer a personal "diagnosis" in language that is easy-to-understand and will regularly review. Making decisions that impact your financial future should be discussed and thoroughly researched, and that just can't be accomplished with a single phone call or by pushing the "send" button.
Apart then working as a financial adviser, he runs a successful marketing company and spends most of his weekend flying cessan.