Our terms and conditions
Background
Established in 2007, Yachting Financial Solutions (Ireland) DAC is a company incorporated and regulated in the Republic of Ireland. From our office in Ireland, we offer a highly personal long-term service exclusively to superyacht crew throughout the world. We deliver our services mainly online. Specifically, we provide long-term financial services and solutions (minimum five to 10 years), along with life mentoring and motivational coaching to support superyacht crew in the successful completion of their financial journey.
About us
Working with yacht crew since 1996, our experience has led us to develop our very own Vehicle — Plan — Commitment (VPC) programme. This long-term programme enables us to work together with superyacht crew to build their own, dignified exit plans from yachting on their own terms over five- to 20-year time frames and then to move onto their ideal life. Yachting Financial Solutions (Ireland) DAC provides the financial vehicles, administration and client services. In addition, we offer mentoring and motivational coaching to ensure that our clients remain committed to their plan and achieve their ideal lives.
Regulatory Status
Yachting Financial Solutions (Ireland) DAC is regulated by the Central Bank of Ireland no 50057 to provide insurance products and life assurance-based investments. Address: Central Bank of Ireland, North Wall Quay, North Dock, Dublin, D01 F7X3, Republic of Ireland. Phone + 353 1 224 6000.
Objectives
Our objective is to ensure that as many superyacht captains, officers and crew who work for the global elite exit their life on board on their own terms and move onto an independent, dignified ideal life.
Our approach ensures that all our clients not only are working to a plan and have received suitable financial vehicles, but also that they keep on track through continuous mentoring and encouragement.
Yachting Financial Solutions (Ireland) DAC is an independent financial entity that is not tied to a particular life assurance company. Our clients are provided with the best possible long-term investment solutions for yacht crew.
Based on our initial VPC programme conversations, we do our utmost to provide clients with solutions that are in line with their requirements. Any plan/roadmap written by Yachting Financial Solutions (Ireland) DAC and the long-term investments recommended (at least five to 10 years) will be based on what the client said that they required during their initial conversations and subsequently agreed after in-depth discussion and review of their report/roadmap.
If subsequent to investing, the client has a change of plan and decides the investments are no longer suitable, Yachting Financial Solutions (Ireland) DAC cannot and does not accept responsibility. We never recommend short-term investments. In some long-term financial vehicles (five or 10 years) the full investment value (as per the policy conditions) may not be available for withdrawal in the early years.
EU Environmental, Social and Corporate Governance Notice
On 25 September 2015, the UN General Assembly adopted a new global sustainable development framework: the 2030 Agenda for Sustainable Development (the ‘2030 Agenda’), which has at its core the Sustainable Development Goals (SDGs).
This transition to a low‐carbon, more sustainable, resource‐efficient and circular economy in line with the SDGs is key to ensuring long‐term competitiveness of the economy of the European Union.
In order to reach the objectives of the Paris Agreement and significantly reduce the risks and impacts of climate change, the global target is to hold the increase in the global average temperature to well below 2°C above pre‐industrial levels and to pursue efforts to limit the temperature increase to 1.5°C above pre‐industrial levels.
Yachting Financial Solutions (Ireland) DAC is fully committed to reducing the impacts of climate change, to environmentally friendly and sustainable investment and the UN sustainable development goals. In line with REGULATION (EU) 2019/2088, we always consider and factor into our investment advice or choice of fund managers the principal adverse impacts on sustainability factors.
Pre-contractual disclosures: As required by Regulation (EU) 2019/2088 Yachting Financial Solutions (Ireland) DAC also discloses (a) the manner in which sustainability risks are integrated into our investment or insurance advice and (b) the result of our assessment of the likely impacts of sustainability risks on the returns of the financial products we advise on.
Disclosure of Clients’ Personal Data (Privacy Policy)
Where investment business services are provided to Yachting Financial Solutions (Ireland) DAC by third parties, then circumstances may arise which warrant the disclosure of more than just your basic contact details. On these occasions, such as processing business and obtaining compliance and regulatory advice, you agree that personal information held by Yachting Financial Solutions (Ireland) DAC may be disclosed on a confidential basis to such third parties. You agree that this information may be transferred electronically, e.g. email. You also agree that we or any such third party may contact you in future by any means of communication, which we or it consider appropriate at the time.
A. Yachting Financial Solutions (Ireland) DAC’s Data Management & Privacy Policy
1. Introduction
The nature of our business means that we have to process information about our clients and keep some of it on file. We do so for a number of purposes. These include:
- to provide you with the service you have asked us to deliver to you.
- to arrange for your requested service to be delivered on your behalf by third parties.
- to send you information and communicate with you about the service you have asked us to provide to you.
- to send you information about new products and services we think are relevant to you (if you have opted in to receive this information).
- to send you life and/or financial insight, guidance and motivation (if you have opted in to receive this information).
We do our best to make sure the information we have about you is accurate and protected.
This Privacy Policy section describes the kind of personal information we collect and record via our website (www.yfsol.com) and how we use it. You will also find information about our broader privacy and data management policies and procedures below.
If you’d like any more information or have any questions about our privacy policy, please contact us by email at info@yfsol.com.
2. Children’s Information
Our services are not available to minors. Therefore, we do not knowingly collect any personally identifiable information from children/minors. If you think www.yfsol.com has in its database the personally-identifiable information of a children/minors, please contact us immediately via email at info@yfsol.com and we will do our utmost to promptly remove this information from our records.
3. Cookies
Our website (www.yfsol.com) uses cookies. In a nutshell, cookies are bits of code that remember things about you. This is the best website we’ve come across that explains about cookies: Cookies and You.
When you arrived on this site, you will have seen a cookie policy notice. You can use the buttons on this notice to manage your cookie preferences for this website.
You can see our full Cookie Policy here: https://yfsol.com/cookie-policy.
4. Data Management Information for Specific www.yfsol.com Pages
4.1—Contact Form/Bank Account/Mortgage/Tax Advice/Waves Invest/Privacy Policy pages
When you fill in the contact form on our Contact Form, Bank Account, Mortgage, Currency Transfer, Tax Advice, Waves Invest or Privacy Policy page, the information you enter is collected by Wufoo, an online form service provided by SurveyMonkey. SurveyMonkey’s privacy page is here: SurveyMonkey’s Privacy Notice.
Wufoo stores a copy of the completed form on its servers and sends a copy to us here at YFSOL.
We will use the information you have entered on the form to respond appropriately via email to your initial contact.
Where appropriate, your information will be entered into our central database software: ACT! We use ACT! to keep track of enquiries and our business-related communications with our clients and the services/products we provide them. ACT! stores your data on our own encrypted drives. You will remain on ACT! while:
- we deal with your initial contact request (including follow-up emails/contacts), and/or
- you remain a YFSOL client, and/or
- you remain on one of our mailing lists.
If you don’t fit any of these three categories anymore, we will delete your data to the best of our abilities from our servers at YFSOL and at Wufoo during our next data clean up.
If you have indicated on the contact form that you would like us to send you ‘Insider Bulletin’ (our email newsletter) and/or information about financial products/services, we will add you to the relevant mailing lists. If you did not ask to be added to these lists, you won’t be.
We use Mailchimp to manage our ‘Insider Bulletin’ and product information mailing lists. Your first name, last name and email address will be stored on Mailchimp’s servers. If you no longer wish to receive ‘Insider Bulletin’ and/or information about products/services, your contact information will be deactivated on the Mailchimp system and we won’t be able to send you emails via Mailchimp from then on. MailChimp will retain a copy of your data so that it can prevent us from emailing you again. You can find Mailchimp’s privacy policy here: https://mailchimp.com/legal/privacy.
You can unsubscribe from our mailing lists at any time, either by clicking ‘Unsubscribe’ in any of our mailings or by contacting us at info@yfsol.com.
4.1.a—Bank account page additional
During the application process for a bank account, information you provide will be given to Standard Bank International (https://international.standardbank.com) so that it can open an account for you. Standard Bank International is based on the Isle of Man. You can find Standard Bank International’s data protection policy here: https://international.standardbank.com/pbbinternational/aboutus/Data-Protection.
4.1.b—Mortgage page additional
During the application process for a mortgage, information you provide will be given to Simon Conn, an overseas property finance specialist (https://www.simonconn.com) so he can pursue your application with you. Simon Con’s privacy policy is here: https://www.simonconn.com/privacy.
4.1.c—Currency transfer page additional
TWhen you click on the link on the Currency Transfer page, you will be taken to Moneycorp (https://www.moneycorp.com) so it can handle your currency transfer with you. Moneycorp is based in the UK. You can find Moneycorp’s data protection policy here: https://www.moneycorp.com/uk/privacy.
4.2—Waves Individual Health Insurance/Waves Life Assurance/Waves Income Replacement Pages
When you click on the application links on the Waves Individual Health Insurance, Waves Life Assurance and Waves Income Replacement pages, you will be taken to the respective application page hosted by Strategic Insurance Services Limited in the UK (Expatriate Group & Expatriate Healthcare). Strategic Insurance Services Limited runs the product platform that provides the Waves Health and Waves Life products.
Your data will be handled in accordance with their data management policy. You can find information about Strategic Insurance Services Ltd’s privacy and data management policies here: https://www.expatriatehealthcare.com/information/legal-notices.
Strategic Insurance Services Ltd notifies us when someone buys an insurance product through this website (www.yfsol.com).
5. Calendly
When you click on any of the ‘Book a Call’ buttons on the website, you’ll be taken to a page on Calendly.com, where you can book a Zoom call with us. You can read Calendly’s privacy notice here: Calendly Privacy Notice.
B. Our Broader Privacy & Data Management Policies
6. Why/how we use your data
We use your data to:
- advise you about the services we offer to our clients.
- process the business you conduct with and through us. This may include the use of third party software such as ACT!
- support ongoing reporting and administrative matters relating to the business that you conduct through and with us.
7. Data storage at YFSOL
All financial and administrative information provided by you to YFSOL digitally is stored securely on encrypted YFSOL-owned computers.
When you email us, the email is stored on servers used by Google Mail (email platform) and information in it may also be collated on other Google Workspace platforms (business software), such as Google Sheets (spreadsheet software) for business analysis purposes.
If you have participated in a YFSOL survey, your responses are stored on servers used by Google Forms (survey platform) and may also be collated on other Google Workspace platforms (business software), such as Google Sheets (spreadsheet software) for business analysis purposes.
You can read Google’s privacy policy here: https://policies.google.com/privacy?hl=en-IE
While we mostly run a paperless office, any hard copy/physical documents you lodge with us and/or the data provided therein will be kept at our office in Co. Cork, Ireland. All client administrative records are held on a highly secure, designated YFSOL-managed database.
8. Third-party data access
8.1—Product providers
When you contract to use one of the products or services we provide or recommend, your data may be passed to third-party companies who provide or support those products or services. For instance, if you enquire about setting up a bank account, we will help you set up a seafarer’s bank account with Standard Bank International. To do so, the bank will need your data.
Another example is when you invest money into a fund managed by our trusted fund management partners, for example Momentum Global Investment Management.
In each instance, we will explain clearly who will require, process and store your data..
8.2—Service providers to YFSOL
We use two trusted service providers who have limited access to your information to help us provide services to you that you have requested. In both cases, these service providers use platforms that YFSOL controls and have signed data protection agreements with us.
Parts of our financial administration and customer service back office are provided by AMS Integrated Outsourcing Solutions, which is based in Quezon City, the Philippines. While AMS Integrated Outsourcing Solutions doesn’t store, log or hold any of your information on its own systems. Instead it uses YFSOL systems and/or third party online services to which YFSOL is subscribed. All client administrative records are held on a highly secure, designated YFSOL-managed database.
Our website, content and marketing is supported by Show and Tell Communications Ltd, which is based in Cork, Ireland (www.showandtell.ie). Show and Tell Communications Ltd manages our email lists using Mailchimp. It has access to three YFSOL email address inboxes so it can service our marketing needs. Show and Tell Communications Ltd doesn’t store, log or hold any of your information on its own systems. Instead it uses YFSOL systems and/or third party online services to which YFSOL is subscribed.
9. Your access
You can request to see what information we hold about you by emailing info@yfsol.com or by using the form at the bottom of the Privacy Policy page on our website. We will respond within 30 working days with an overview of the information we hold.
10. Data retention & deletion
We retain your information for as long as you are a YFSOL client or are subscribed to one of the information services/mailing lists you subscribed to.
We are legally required to hold data on our financial planning clients for up to seven years from the date they stop being a client. After seven years, their information will be deleted at our next data purge.
You can request that we delete the information we hold about you at any point. Please email us at info@yfsol.com or use the form at the bottom of the Privacy Policy page on our website and allow 30 days for this process to be completed from the date of receipt of your email. Please reference “Data Deletion” in your email subject and mark for the attention of Teresa Evans.
During our data purges, physical documents will be shredded. Digital information will be deleted to the best of our abilities from our data drives or rendered unusable to the best of our ability (in cases where data is stored with third parties such as Mailchimp, Google, etc.).
11. Questions?
If you have any questions about Yachting Financial Solutions (Ireland) DAC’s data management and privacy policies, please get in touch. You can email info@yfsol.com or use the form at the bottom of the Privacy Policy page on our website. Please mention “Data Protection” in your email subject and mark it for the attention of Teresa Evans.
Payment for services
We normally derive our income from commission paid to us by the life assurance companies. We may also receive commissions, finder’s and trail fees, and share of fees from banks, fund managers and insurance vehicles and services. Commissions and fees are clearly noted as required on all application paperwork. You agree that we retain commission, finder’s and trail and other fees as part of our remuneration.
Our VPC programme commences with a series of 45-minute conversations prior to any application paperwork being signed. We agree to provide the initial conversations and a client report/roadmap free of charge. However if you proceed to further conversations which do not result in the implementation and continuation of any financial vehicles, we reserve the right to charge at our discretion a fee of USD 2,000 for the VPC process. This fee of USD 2,000 will also apply where the client wishes to choose their own financial vehicles. If subsequent mentoring is required, this will be on a basis of a fee of USD 500/session.
Where we have provided the financial vehicles we will provide free of charge the review/mentoring sessions/client service according to the Silver/Gold/Platinum services levels of the VPC programme.
Any additional services required carry a fee based on an hourly rate of USD 300 (additional mentoring calls USD 500). This includes but is not exclusive to: reviews for submission to the tax office and work undertaken to change policy ownership.
Client Investment payments
Yachting Financial Solutions (Ireland) DAC never handles client investment payments. These are sent directly from the client’s account/credit/debit card to an investment in the client’s name.
Client Fee payments
Where client fees are incurred, you agree to pay any client fees incurred by bank transfer/VISA card within 30 days of receipt of our invoice.
Client paperwork
We will forward you copies of all paperwork relating to your investment for checking and your records. These include Policy documents/application paperwork/reviews/ reports/roadmaps/recommendations/additional instructions. If you have not received these we can provide duplicates on request.
Client Risk
You agree that you are aware that you are participating in a process that includes long-term investments (at least five years) and investments can fall as well as rise. Past performance is not necessarily a guide to future performance. Whilst Yachting Financial Solutions (Ireland) DAC researches as much as possible to ensure that all funds/company recommendations are rock solid, you agree that we cannot be held responsible if a fund/company becomes suspended/goes into liquidation.
Termination of authority
You or we may terminate our authority to act for you at any time without penalty. Notice of this termination must be given in writing and will take effect from the date of receipt. Termination is without prejudice to any transactions already initiated, which will be completed according to these terms of business unless otherwise agreed in writing. You will be liable to pay for any transactions made prior to termination and any fees, which may be outstanding.
Complaints procedure
Our complaints procedure, reflects our constantly evolving commitment to client care and protection in line with industry best practice including reference to but not limited to the Irish Financial Services and Pensions Ombudsman guidelines in Unofficial Consolidation of the consumer protection code 2012 [revised 2015] and any further Irish Financial Services and Pensions Ombudsman updates and amendments. If you have a complaint, in the first instance, please email our compliance officer Teresa Evans: teresa@yfsol.com.
We will supply you with a copy of our formal complaint’s procedure upon request or automatically on receipt of a formal complaint.
If, on completion of our procedure to resolve your complaint, in line with the Irish Financial Services and Pensions Ombudsman guidelines, your complaint is unresolved, you have the option to contact the Financial Services and Pensions Ombudsman of Ireland. www.fspo.ie
Client Consent
You understand and consent to the above terms and conditions and you hereby authorise the transfer of information, as described above, on a confidential basis when warranted between such third parties. You agree that these terms of business will come into effect from the date of your first interaction with Yachting Financial Solutions (Ireland) DAC.