Trail Disclosure Settings

Check out our update to Trail disclosures and what it means for you and your team 👍

Erica Danielson avatar
Written by Erica Danielson
Updated over a week ago

We're excited to share some important updates 🎉 In response to feedback from third parties, we're making some changes to the disclosures in Trail. These adjustments will help our network stay ahead of the game in compliance and further improve our services, all while meeting our legislative obligations 👍

These changes have gone live as of August 18th 2023 ✅

It is important that you understand the below changes and allow yourself time to prepare. All advisers will need to edit their disclosure wording before sending more disclosures to your clients, as the new text boxes will contain default text that needs to be edited with your own personal information.

To make the change as easy to complete, we have provided default disclosure wording for these sections - you will just need to add your own personal information so that it is accurate for your business 👍 We recommend that you prepare your personalised wording as soon as possible.

Changes to Default Wording

Your current disclosures will NOT be overridden with the changes automatically. If you reset the template you will see the new wording. However, to avoid losing any of your custom disclosure wording, we have provided the changes below so that you can decide whether you need to update your current disclosure wording.

New Text Boxes

New text boxes have been added to the Disclosure Settings page for the Nature & Scope of Advice that applies to Mortgage Advice, Insurance Advice and KiwiSaver Advice.

These additional text boxes are the Providers & Advice Type section and the Your Next Review (Mortgage only) section. These text boxes will appear and be added to your generated disclosures by default. To make the change as easy as possible, we have provided default disclosure wording for these sections - you will just need to add your own personal information so that it is accurate for your business.

NEW 🟢 Default Wording + Changes

Insurance Nature & Scope of Advice

Providers & Advice Type

Providers I work with:

[This is a template please delete the providers you don’t have a relationship with]

Accuro, AIA, Asteron, Chubb, Fidelity Life, NIB, Partners Life, Southern Cross.
​

We do not provide financial advice services relating to [add or remove as needed]:

  • Legal or estate planning (e.g. wills, trusts, contracts, etc.)

  • General Insurance advice

  • Mortgage Advice

  • Investment products (e.g. shares, bonds, managed funds, KiwiSaver, etc.)

  • [Any other advice streams you do not provide]

You will need to consult an appropriate specialist if you would like advice on the above.

Mortgage Nature and Scope of Advice

Providers & Advice Type

Providers I work with:

[This is a template please delete the providers you don’t have a relationship with]

ANZ, ASB, BNZ, Westpac, Kiwibank, ASAP Finance, Avanti, Basecorp, Cooperative Bank, CMFL, Bank of China, Bluestone, China Construction Bank, Cressida Capital, DBR, First Mortgage Trust, Funding Partners, Heartland Bank, Liberty, Pepper Money, Plus Finance, Prospa, Resimac, SBS, TSB, AIA Go Home Loans, Pallas Capital and Southern Cross Partners.

We do not provide financial advice services relating to [add or remove as needed]:

  • Legal or estate planning (e.g. wills, trusts, contracts, etc.)

  • General Insurance advice

  • Personal Insurance advice

  • Investment products (e.g. shares, bonds, managed funds, KiwiSaver, etc.)

  • [Any other advice streams you do not provide]

You will need to consult an appropriate specialist if you would like advice on the above.

Insurance Statement of Advice

Commissions or other Incentives

I will receive $x from [Insurance provider] if you decide to apply for this policy and it is accepted by the insurance provider. If there are any variations on the offer from [Insurance provider] and you accept the terms, I will receive x% of your total annual premium. I will also receive x% of each year’s premiums for as long as the policy remains in force.

From the commissions and fees I receive I will share x% with [Name of FAP] for providing me with compliance support, training, and back-office support.

Outside of your Disclosure Settings, there will also be an additional added bullet point in the Proceeding with Recommendations page that will read:

4. Agrees that, his/her information being made available to be reviewed by the FMA.

Mortgage Recommendation

Commissions or other Incentives

I will receive $x from [Lender] at settlement if you decide to apply for this mortgage and it is accepted by the lender. I may/ will also receive x% of the mortgage balance on each anniversary.

From the commissions and fees I receive I will share x% with [Name of FAP] for providing me with compliance support, training, and back-office support.

Your Next Review

Going forward I will contact you x days before your next mortgage renews, asking if you would like a meeting to discuss this refix. If your financial position changes or you would like advice relating to your mortgage at anytime, please get in touch with me.
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Outside of your Disclosure Settings, there will also be an additional added bullet point in the Mortgage Recommendation Customer Acknowledgement that will read:

4. Agrees that, his/her information being made available to be reviewed by the FMA.

KiwiSaver Nature and Scope of Advice

Providers & Advice Type

Providers I work with:
​[This is a template please delete the providers you don’t have a relationship with]

Generate, Milford, Booster, Fisher Funds.

We do not provide financial advice services relating to [add or remove as needed]:

  • Legal or estate planning (e.g. Wills, trusts, contracts etc)

  • General Insurance advice

  • Mortgage Advice

  • Personal Insurance advice

  • Other Investment products (e.g. shares, bonds, managed funds, etc)

  • Any other advice streams you do not provide

You will need to consult an appropriate specialist if you would like advice on the above.

In summary, here are all of the changes that have gone live ✅

  • New text box sections have been added to the Nature & Scope of Advice disclosure template for Mortgage, Insurance and KiwiSaver

  • There is now new default wording for the Commissions & Other Incentives section in the Mortgage Recommendation and Insurance Statement of Advice.

  • An additional bullet point has been added to the Mortgage Recommendation Customer Acknowledgement page when generated

  • An additional bullet point has been added to the Insurance Proceeding with Recommendations page when generated

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