Fees
Woodward Insurance Brokers Ltd does not charge specific fees or expenses for the financial advice we provide. Instead, we are primarily remunerated through various forms of commissions paid by insurers and product providers.
For Fire and General insurance products, we charge an invoice fee of $17.25 for each invoice issued. For single vehicle insurance, the invoice fee is $26.45.
In cases where brokerage commission is not built into a fire and general product, we will charge a fee equivalent to the usual commission typically allocated to that type of product. This will be combined with the standard invoice fee and presented as a total invoice fee.
Additional fees may apply if you request services beyond our standard offerings. These will always be discussed and agreed upon in advance.
With regard to Life and Health Insurance, we are paid by the insurer through upfront, bonus, and FAP commissions—a percentage of the first-year premium—as well as ongoing trail or renewal commissions for the servicing and maintenance of your policy. These payments reflect the time, research, advice, implementation, and ongoing support we provide.
For KiwiSaver, we may receive a joining fee, service commission, and trail commission from the KiwiSaver provider. Providers in some cases may instead facilitate a fee on our behalf.
We encourage the use of electronic communication, as this promotes sustainability and ensures a strong compliance record.
Where clients request printed and posted documents, a reasonable fee may apply to cover the additional compliance, printing, and postage costs.
Commissions, Incentives & Conflicts of Interest
Woodward Insurance Brokers Ltd is paid by insurers and KiwiSaver providers in the form of:
- Upfront commission
- Brokerage commission
- Bonus commission
- FAP commission
- Trail, service, and renewal commissions
- Premium funding commission
Life & Health Insurance
For Life and Health Insurance, we receive upfront, bonus, and FAP commissions from insurers based on a percentage of the first-year premium. We may also receive ongoing trail or renewal commissions for as long as your policy remains in force. These commissions are built into your policy premiums, so you do not pay extra for them.
KiwiSaver
For KiwiSaver advice, we may receive a joining commission when clients are moved to a new provider or fund, as well as ongoing service, fee, and/or trail commissions. Providers in some cases may instead facilitate a fee on our behalf. These commissions and/or fee are paid by the provider to us and affect your fund balance.
Fire & General Insurance
For Fire and General insurance products, we are remunerated through brokerage commissions, which are built into the premiums by the insurer and retained by us for placing and servicing your cover. This does not increase your premium.
When a client chooses to pay monthly through premium funding, we may also receive a premium funding commission—a small percentage paid to us by the premium funding provider for arranging and managing the facility.
We also charge a standard invoice fee of $17.25, or $26.45 for single vehicle insurance, to help cover our administrative costs.
If a policy has no built-in brokerage commission, we will apply a fee equivalent to the standard commission for that product type, added to the invoice fee.
How Our People Are Paid
Our staff are salaried or waged and do not receive commissions directly from insurers for insurance placement. However, some team members may receive performance-based bonuses as part of their overall remuneration package. These bonuses are not linked to any particular provider or product, but rather are based on compliance, professionalism, and the quality of service provided to clients.