Pursuant to the disclosure requirements in the Financial Advisers Act 2008 and the Financial Advisers (Disclosure Regulations ) 2010, the following disclosures are made for your protection by Stephen Mellor ELLIS (operating under the trading name Ellis Bros Stockbrokers). Mr Ellis is an Authorised Financial Adviser, and his registration number is FSP39221. As an AFA, Mr Ellis is subject to the terms and provisions of a Code of Professional Conduct, which ensures he meets minimum standards for ethical behavior, client care, knowledge, skills and competence and continuing professional development.
Neither Ellis Bros nor Mr Ellis have been convicted of an offence under the Securities Market Act 1988, the Securities Act 1978, nor of a crime involving dishonesty, nor been a principal officer of a body corporate at a time when that body corporate committed one of these offences, nor been adjudicated bankrupt, nor been prohibited by a law or court from taking part in the management of a company or business, nor been the subject of an adverse finding by a court in any civil or criminal court action that has been taken against Mr Ellis in a professional capacity, nor been expelled from, or has been prohibited from being a member of, a professional body.
Ellis Bros has never been placed in statutory management or receivership
If you are not satisfied with the service you have received you should contact Ellis Bros. We have an internal complaints process and undertake to investigate your concerns promptly and fairly. You may contact us to make a complaint by telephone, by email or in writing. We are a member of an independent dispute resolution scheme operated by Financial Services Complaints Limited ( “FSCL”) and approved by the Ministry of Consumer Affairs. We have 40 days to respond to your complaint. If you are not satisfied with our response, you may refer the matter to FSCL by emailing firstname.lastname@example.org or calling FSCL on 0800 347257. Full details about the FSCL scheme can be obtained on their website www.fscl.org.nz. There is no cost to you to use the services of FSCL.
Mr Ellis has extensive experience advising about New Zealand and Australian shares, passive International Equities funds traded on the NZX and ASX platforms, Initial Public Offerings, Government Stock, Local Authority Issues, Corporate Bonds, Capital Notes, and Investment Trusts. Any and all advice offered by Mr Ellis is strictly limited to these financial products.
Mr Ellis was acknowledged as a Foundation NZX Broker in June 2003. Previously, he was a Member of the New Zealand Stock Exchange from 1991. Mr Ellis maintains up-to-date business knowledge through daily involvement in and observation of the securities markets, reading broker research and economic reports, financial newspapers, general articles on investment and investment products, and attending seminars on companies, investment products and markets.
Mr Ellis commenced his career in sharebroking in 1985 after nearly 10 years working as a financial journalist in NZ and overseas. After joining Whiteman & Co. as a research analyst, he became an institutional advisor with that firm. In 1991 joined Fay, Richwhite Equities as a senior institutional dealer. In 1994 he moved to Dunedin to open the branch office of Buttle Wilson Ltd, and subsequently established Ellis Bros in that city in November 1995. The operation relocated to Auckland’s North Shore in 1998.
Ellis Bros and Mr Ellis are remunerated by commission. It comprises a percentage of the brokerage received from clients on secondary market equity and fixed interest transactions, and firm allocation fees received from primary issuers. Standard brokerage is 1% of the dollar-value of each transaction unless special rates are agreed by mutual consent (minimum brokerage fees are $NZ60 and $A80 on NZX/ASX transactions respectively). Ellis Bros may also charge advisory fees on portfolio administration, reporting and valuation, and will be agreed with you before you open your account.
Ellis Bros does not handle client funds or assets. All secondary market equity and fixed interest transactions are executed through Ellis Bros’ NZX-Accredited Delivery and Settlement Agent, Direct Broking (a wholly-owned subsidiary of First New Zealand Capital Ltd). Direct Broking holds and administers assets belonging to clients in a fiduciary capacity, and account for and safeguard client assets at all times. Client applications for primary issues are payable directly by cheque to the respective issuer.
Ellis Bros’ Delivery and Settlement Agent, Direct Broking Ltd (a subsidiary of First NZ Capital Ltd), keeps a full set of accounting records showing the receipt and disbursement of all money and the movement of all securities and other property held on your behalf. You may request details of your transactions at any time.
Ellis Bros’ Delivery and Settlement Agent, Direct Broking Ltd (a subsidiary of First NZ Capital Ltd), is an NZX-Accredited Firm and is subject to the NZX Participant Rules. It is also subject to periodic audit by NZX Broker Compliance. Direct Broking Ltd (a subsidiary of First NZ Capital Ltd), is also audited by external qualified auditors.