FINANCIAL SERVICES GUIDE

Transcription

1 FINANCIAL SERVICES GUIDE This Financial Services Guide ( FSG ) explains Astute Advisory Services Pty Ltd ( AAS ) financial services offering. It is a legal requirement that you must be provided with an FSG. This FSG contains information on the following topics: Documents you may receive from your adviser The relationship between your adviser and AAS (the Licensee) The financial services your adviser can provide How your adviser and associated entities are remunerated How complaints are resolved Astute Advisory Services Pty Ltd privacy policy Safe money management practices Your advisers profiles Astute Advisory Services Pty Ltd ABN P.O. Box 313 Rockhampton Queensland 4700

2 Other Documents You May Receive Statement of Advice Record of Advice Product Disclosure Statement/Research Summary If your adviser provides personal advice tailored to your personal circumstances and needs, you will receive a Statement of Advice ( SoA ) document. The information contained in the SoA will help you make an informed decision in relation to the advice provided. It also sets out the advice, the reasons for the advice and details about any remuneration payable. If you were previously issued with a AAS SoA, certain circumstances may allow the provision of further advice without the need for a further SoA. Where this is the case, you are entitled to receive a Statement of Additional Advice ( SoAA ) or Record of Further Advice ( RoFA ) before, or within 7 days after the advice was provided. The RoFA can be requested from your adviser and will detail the further advice and the basis of those recommendations. Additionally, in certain circumstances where you are provided advice on a small investment balance or strategy advice only, you may be issued with a Record of Advice ( RoA ). Your adviser is required to provide you with a copy of the RoA in this circumstance, which will outline the advice, the reasons for the advice, and details about any remuneration payable. You will receive a Product Disclosure Statement ( PDS ) and/or a Research Summary if your adviser recommends a financial product or offer to arrange the issue of a financial product on your request. These documents provide you with relevant information about a financial product s features, fees, benefits and risks. The Relationship between Astute Advisory Services (AAS) and Your Adviser Astute Advisory Services (AAS) Your Adviser Services Not Provided by AAS AAS is boutique Australian Financial Services licence holder (AFSL No ), with an independently held licence. Your adviser will either be an employee, director or associate of AAS. As an Authorised Representative of AAS, your adviser will be acting on behalf of AAS when providing the financial services offered in this FSG and is authorised to issue this FSG with their profile attached. As an Australian Financial Services Licensee, AAS is responsible for the advice and financial services provided to you, except for those set out below in Services Not Provided By AAS. AAS is only responsible (together with your adviser) for services offered by your adviser as an AAS Authorised Representative and not in any other capacity including as an accountant or tax agent, such as: Taxation advice and services such as completing tax returns; Accounting and audit services; Self Managed Superannuation Fund compliance and administration services; Business or legal advisory services and referrals; Advice on unlisted or private companies and investments, private development funds, franchises, high yield debentures, direct property, property syndicates, solicitors or other mortgage schemes, derivatives, general insurance, direct international shareholdings or any products that only require disclosure using an information memorandum; or Any other services not provided or authorised by AAS. In all your dealings with your adviser you must satisfy yourself as to who is responsible for the advice or service. If you require further clarification please contact AAS on AAS FSG Version No 1.1 Effective July 1,

3 The Financial Services and Products Provided As an Authorised Representative of AAS, your Adviser can advise and deal in the following areas and/or financial products: Financial Services Services such as: Utilising financial products such as: Wealth Creation Wealth Protection Retirement Planning Social Security Ongoing Advice Banking Services Investment strategies Margin lending Savings plans Personal insurance planning Business insurance planning Personal Superannuation Business Superannuation Benefit eligibility and maximisation Deposit products such as Bank/Cash Management Accounts and Term Deposits, Managed Funds, Master Trusts, wrap accounts, listed securities (shares) and investment loans. Death, permanent disability, trauma & income protection, business overheads and key man insurance. Corporate, personal and Self Managed Super Funds, approved deposit funds and Retirement Savings Accounts, Allocated Pensions, Term Allocated Pensions and complying annuities. Ongoing advice and formal reviews in relation to your financial situation Cash deposit/savings products AAS acts under a referral agreement with My State Financial Ltd (ABN ) and its Queensland subsidiary, The Rock Building Society (ABN ) Approved Products AAS subscribes to independent research providers, in particular Lonsec Research Ltd (ABN ), in order to allow its representatives to select a range of high quality investment products. While there may be other products also suitable to your needs, your adviser will generally only provide financial advice on those products on the AAS Approved Product List ( APL ). Ask your adviser if you would like more information on the APL. The ability of your adviser to recommend some of the products on the APL may be limited due to some additional accreditation requirements of some financial institutions. Where this is the case, additional information is provided in your adviser s profile attached to this FSG. If you have existing products that are not approved by AAS, your adviser may be able to make recommendations on their ongoing appropriateness but is not permitted to make recommendations on the establishment of new products that are not on the AAS APL without prior approval from AAS Compliance Department. AAS FSG Version No 1.1 Effective July 1,

4 AAS and Your Adviser s Remuneration All new clients may receive a complimentary, no obligation introduction to AAS services which excludes any financial advice. The cost of subsequent services will depend on the nature of the service provided. AAS and your adviser may receive remuneration, commission, benefits and other incentives through a combination of any of the methods described below: Fees Before the provision of any advice or service, your adviser will outline for your approval any fees that apply. You may choose to pay these fees directly or have them deducted from the financial product(s) you are invested in. The fees will be based on the following: A flat dollar amount; An hourly rate; or A combination of the above. Further details on the individual advisers remuneration are provided in the attached Your adviser s profile section. Commissions Commissions may be paid by the organisations that issue the financial products recommended and the percentage varies depending on the product: Upfront commission is an amount deducted by the product provider from initial investments. Ongoing commission is a percentage of the value of ongoing investment balances and is calculated at the end of each month the investments are held. Commission on insurance products is based on a percentage of the premium paid. If a direct fee is charged, your adviser will rebate the above commissions. AAS rebates all commissions where these are payable on wealth related (i.e. investment/superannuation) products. Referrals Fund Manager Payments AAS acts under a referral agreement with My State Limited and The Rock Building Society. My State Ltd & The Rock will receive 75% of the first scheduled fee charged for the services agreed between you and AAS. There is no payment received by My State & The Rock for ongoing services, nor will AAS receive any payments should you decide not to proceed with the services provided by My State Ltd / The Rock Building Society. Neither AAS nor its Authorised Representatives receive any incentive or volume based payments from fund managers or other product providers. Alternative Remuneration AAS and your adviser may receive alternative remuneration, such as entertainment and gifts, from financial institutions. In accordance with the Industry Code of Practice, both AAS and your adviser must maintain a register of all material alternative remuneration paid and received. Copies of these registers are available on request within 7 working days. Incentives AAS does not pay any volume or product related incentives to its Authorised Representatives. AAS collects all fees and commissions on behalf of your adviser. Where personal advice is provided, any fees, remuneration, commission, benefits and incentives relating to the advice and the financial products recommended, will be disclosed in writing in your Statement of Advice. For other financial services, you may request details of any remuneration before any financial services are provided. AAS FSG Version No 1.1 Effective July 1,

5 Complaint Resolution Procedures AAS subscribes to the Financial Ombudsman Complaints Resolution Service. If the level of service or quality of advice provided by your Adviser fails to meet your expectations you can contact us by following these steps: Step 1 Step 2 Contact your adviser to see if your complaint can be resolved. If not satisfactorily resolved within 5 business days, please lodge a written complaint to: Attention: Complaints Resolution Manager Astute Advisory Service Pty Ltd Please post to: P.O. Box 313 Rockhampton Qld 4700 Alternatively you can call on and ask to speak to the Complaints Resolution Manager. We aim to promptly resolve all complaints at step 1 or 2. Step 3 If a satisfactory outcome is not reached within 45 days you have the right to make a complaint, free of charge, to the Financial Ombudsman Service Limited ( FOS ) on or <info@fos.org.au> Information about your rights can also be obtained from the Australian Securities and Investments Commission ( ASIC ) on Compensation Arrangements AAS is required by the Corporations Act 2001 to operate a compensation arrangement which is designed to compensate retail clients for losses they suffer as a result of a breach by AAS or its Advisers of the obligations outlined in Chapter 7 of the Corporations Act. To this end AAS has comprehensive Professional Indemnity Insurance in place which covers both AAS and our Advisers (including the conduct of those Advisers who are no longer authorised by AAS but were so at the time of the relevant conduct). AAS FSG Version No 1.1 Effective July 1,

6 Your Privacy Information acquired by AAS in the course of providing services will not be disclosed to other parties without your express consent, except as required by law or professional obligation. If you wish to review your personal information held by AAS please contact us on A copy of our Privacy Policy is available on request. Safe Money Management Practices We recommend you always adhere to the following safe money management practices: Only act on financial product advice received from Authorised Representatives of AAS and always read the relevant Product Disclosure Statement and/or Lonsec Research documents before investing in a financial product. Ensure any cheques you draw can only be used for the purpose intended by always: o Making your cheques for investments payable to the Financial Institution in the format of Trustee Fund Name Your Name ; o Crossing your cheque not negotiable and crossing out or bearer. Make sure you receive written confirmation of your investment from the Financial Institution or Share Registry within 3 weeks of investing. Please also check that the investment was made in the correct name, fund or share. All financial statements should be sent directly to you from the Financial Institution, not via a third party (this includes your Adviser). You should receive a new statement at least once a year and you should check all transactions that have taken place since the previous statement. Do not appoint anyone from your adviser s firm as your Personal Representative/Agent, Power of Attorney or Account Operator as it allows them to redeem your investments. Please note that appointing your investment adviser as an authorised nominee for online broking transactions, does not give them the ability to redeem your investments. Give careful consideration to the establishment of an Enduring Power of Attorney as it authorises an individual to sign on your personal, business or Self Managed Super Fund (SMSF) bank accounts or cheque books. If you have a Self Managed Super Fund (SMSF), and your adviser s firm recommended the investment strategy, placed the investments and/or administers your SMSF, an unrelated partner or accounting firm must audit your fund. Your Instructions You may provide instructions to your adviser by post, e mail, fax or telephone. Contact Details: Astute Advisory Services Pty Ltd P.O. Box 313 Rockhampton Queensland 4700 Phone: Fax: E Mail: aas@astuteadvisory.com.au AAS FSG Version No 1.1 Effective July 1,

7 Schedule of Fees Note that all fees are quoted on a "per task/job" basis and outlined in an Engagement Form document that will generally be provided to you before the work is commenced. The following schedule of fees is intended to provide only a general outline of our standard fee structures. All fees and commissions outlined in this profile are exclusive of GST. Advice Fees Upfront The base fees for financial services provided are calculated on the following table: Financial Planning Task/Service Minimum Fee SoA Fee Detailed research and planning of From $1000 personal insurance SoA Fee Basic wealth management planning From $1000 SoA Fee Transition to retirement / salary From $1500 sacrifice only plan SoA Fee General detailed research, $2,500 planning and modelling of financial needs SoA Fee Detailed Planning and Modelling $3,000 including Insurance SoA Fee Detailed planning and modelling $ 5,000 including complex entities or business Strategy Implementation From $1,000 on a per case basis Portfolio Administration and Reporting On a per case basis SMSF Planning (non accounting services) On a per case basis SMSF Investment strategy $1,000 Pension structuring and advice $2,000 AAS receives all of the fees and commissions paid by you and/or the providers of the underlying products on behalf of its Authorised Representatives. Hourly Fees Hourly fees apply for incidental (one off) advice or where no servicing package has been subscribed to. Service Provider Level Hourly Fee Senior Planner (CFP level) $300 Planner $250 Para Planner $200 Administration / Support $120 Ongoing Service Fees Non Advisory Investment Fees Regular reviews of your financial situation are essential to ensure you stay on track to reach your goals. The cost and services to be provided will be established by mutual agreement. Your investment review fee will be based on the servicing package which you sign up for upon acceptance of our advice. The minimum review servicing package is $ Should you require any additional services outside of any agreement between you and your adviser, an amount based on our regular hourly fees schedule will be applied: Managed funds: Not Applicable. Share transactions: Applied by the servicing broker as per their schedule of fees. No part of this brokerage is passed on to AAS or its Authorised Representatives. AAS FSG Version No 1.1 Effective July 1,

8 Your Advisers' Profiles Omar PALOV ASIC Authorised Representative Number: Omar is an Authorised Representative and Principal of AAS, and receives a salary and a share of the profits of AAS. He has 13 years of experience in the provision of financial planning advice. Omar attained a Diploma of Financial Planning from Deakin University in 2003, is a Specialist SMSF Advisor and has held his post graduate registration as a Certified Financial Planner practitioner since Tricia STEPHENSEN ASIC Authorised Representative Number: Jane RICE (Maroochydore) Tricia is an AAS Authorised Representative Risk Insurance Specialist. She receives a salary from AAS. Tricia completed her Diploma of Financial Planning in ASIC Authorised Representative Number: Jane is an Authorised Representative of AAS. She is remunerated by receiving a salary. She has 10 years of experience in the provision of financial/accounting advice and is an accredited Specialist SMSF Advisor. Jane has completed a Bachelor of Commerce and a Graduate Diploma of Financial Planning. She is a Chartered Accountant. AAS FSG Version No 1.1 Effective July 1,