Caglan Bagci - Information
Disclosure Statement - Caglan BagciCompany name: Lodestone Ltd
Trading as: Lodestone (Also operating as NZIJ Mortgages with clients referred by NZIJ Stockbrokers Ltd.)
Address: Level 2, Fraser House, 160 – 162 Willis Street, Wellington
Telephone: 04 381 4950
Facsimile: 04 381 4951
E-mail: caglan@lodestone.net.nz
Introduction:The purpose of this document is to provide transparency in our business relationship with you.
We are mortgage brokers and financial advisers. Our value proposition is all about providing to you, advice and information to help you achieve your goals. In most cases our recommendations will result in a transaction that we will facilitate. In some cases we will simply provide advice that is relevant for your particular situation.
This document complies with the requirements of the New Zealand Mortgage Brokers Association and with requirements of the Securities Markets Act 1988 and sets out the disclosure required to be made in relation to your mortgage broker and financial adviser.
Details of the firmCaglan Bagci has operated as a self-employed Mortgage Broker and Financial Adviser since February 1996, is a member of the Professional Advisers Association (PAA), the New Zealand Mortgage Brokers Association (NZMBA) and is bound by the ethics, practice and disciplinary standards contained in the NZMBA Code of Ethics and Professional Conduct and supporting bylaws in all facets of his practice. In December 2001 he established Bagci Financial Services Ltd. In July 2007 Bagci Financial Services Ltd was re-branded to Lodestone. Caglan is the Managing Director and 60% shareholder of this company. Caglan is also a director and 50% shareholder of Magnatite Investments Limited (A property investment company) and Principle Enterprises Limited (An asset holding company).
Experience & Qualifications• NZ Mortgage Brokers Association Challenge Exam with honours 2001
• Financial Plan Writing and Consultation Course 2000
• Adviser Link Business Assurance Training Advanced Practices Certificate 1999
• Life Insurance Sales Preliminary Certificate 1997
• NZ Institute of Management Diploma in Management 1993
• NZ Institute of Management Certificate in Management 1992
• National Certificate in Business Studies (NCB) 1992
Caglan actively keeps his knowledge up-to-date and is currently studying through Massey University towards a Graduate Diploma in Business Studies endorsed in Financial Planning.
Professional Indemnity Insurance:Professional Indemnity Insurance of $1 million is maintained for the protection of clients and to comply with the provisions of the NZMBA’s Code of Ethics and Professional Conduct.
• Caglan provides products for and advice on: Mortgages (Interest Only, Reverse, Table and Reducing Loans), Insurance (Mortgage Protection, Term and Permanent Life, Income Protection,) Investment (Property Investment advice and unit based superannuation plans or unit trusts).
Impartiality:Neither Caglan Bagci nor Lodestone have any exclusive arrangements or financial ties with any suppliers of products, investments or services and while the parties mentioned may from time to time, hold or subscribe to similar or identical investment products/insurance products or services, it is the strict policy of Caglan Bagci to ensure that no actual or potential conflicts of interest exist which could impair independence and objectivity. If and when we become aware of such conflict arising Caglan Bagci and Lodestone will inform all clients at the time.
Individual or Collective Agencies are held with these Suppliers/Issuers:AIG ASB AMP
ANZ AON Asteron
Bluestone CFS Fidelity
Freedom Mortgages G E Liberty
National Bank New Zealand Finance Pacific
Pioneer Sentinel Sovereign
Tasman Home Loans United Home Loans Westpac
Fees/Payments:Caglan Bagci and Lodestone Ltd charge no fee for an initial fact-finding appointment. Generally remuneration is a brokerage from suppliers, normally comprising an initial payment on placement of business and ongoing service fees as long as the mortgages or policies remain in force. However, fees may be charged for Commercial Mortgage Brokerage, Reports, in-depth Financial Planning and Investment Advice and for Business Assurance Advice and monitoring.
These professional fees may vary according to the precise nature of the engagement and could be based on a fee charged by us to you, a commission received from a product supplier on placement of business with them or a combination of fees and commission.
Schedule of Commission and FeesMortgage Brokerage CommissionInitial Commission ranges from 0.45% to 1.75% of loan amount depending on the supplier and type of mortgage being arranged. Some suppliers pay trail commission of between 0.15% to 0.5% of loan amount. Some suppliers ‘claw back’ commission on loans that do not remain in force for up to 18 months. In the event that there is a claw back of commission on a transaction that we facilitate for you, the claw back amount will be payable by you.
Life Insurance Commission Initial commission ranges from 60% to 100% of first years premium depending on the type of risk product and the supplier chosen. A trail commission of 4% to 20% of annual premium may also be available depending on the supplier, type of product, and commission option chosen. Some suppliers ‘claw back’ commission on policies that do not remain in force for up to 18 months. In the event that there is a claw back of commission on a transaction that we facilitate for you, the claw back amount will be payable by you.
Savings & Investment CommissionA commission of up to 5% of lump sums or regular contributions is taken as commission regardless of supplier or type of product chosen. If no commission or lesser commission is available fees may be charged up to 5% of initial commission or regular contributions.
FeesCommercial Mortgage Brokerage will attract a fee of 1% of loan amount. Otherwise fees may be charged on an hourly rate basis of $150 per hour exclusive of GST for any applicable activity. Fees will be quoted and agreed in advance.
Disclosure:Prior to our assisting you with the placement of any investment/risk policy, you will be given a full description of the investment/policy, including where appropriate its prospectus or offering document.
Personal Disclosure:I, Caglan Bagci certify that;
1. my business address, email address, phone and fax number are set out as above;
2. in the preceding five years I have not been prohibited from management;
3. nor had convictions or associations with offences involving the Securities Act or dishonesty, nor been a Director or Principal of any body corporate so convicted;
4. nor had association with any incidence of bankruptcy or insolvency.
Sincerely
Caglan Bagci
I _______________________________________________ have today received a disclosure statement in relation to Caglan Bagci and Lodestone Limited which I have read and understand.
Date___________________________ Signature___________________________
I _______________________________________________ have today received a disclosure statement in relation to Caglan Bagci and Lodestone Limited which I have read and understand.
Date___________________________ Signature___________________________
I _______________________________________________ have today received a disclosure statement in relation to Caglan Bagci and Lodestone Limited which I have read and understand.
Date___________________________ Signature___________________________
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