FINANCIAL SERVICES GUIDE

Transcription

1 FINANCIAL FACT FIND PARKHILL FINANCIAL PLANNING PTY LTD FINANCIAL SERVICES GUIDE Authorised Representative of INTEGRITY FINANCIAL PLANNERS PTY LTD Authorised and issued by Integrity Financial Planners Pty Ltd AFSL Version 17 9 December 2013

2 Why do business with us? Proven track record Parkhill Financial Planning has over 28 years experience in the provision of financial solutions to a wide client base across Australia. Parkhill Financial Planning is one of the longest standing professional insurance and financial planning practices in the country, providing clients with access to sound knowledge and ethics. Industry involvement Parkhill Financial Planning has a strong working relationship with the major insurance and investment companies and is regularly asked to assist with product design and compliance. Martyn O Connor has been instrumental in the development of a national young advisers group with an agenda to assist in the development and continuation of the financial planning industry. Protecting your income As a priority, Parkhill Financial Planning endeavours to ensure that your income will continue in the event that you are unable to work due to an accident or illness. As your income is your greatest asset, the continuation of your income is fundamental to your future financial goals and objectives. Ongoing care and regular reviews The advisers at Parkhill Financial Planning consistently monitor the legislative, investment and insurance marketplace, as changes in these areas can outdate a previously sound financial strategy. In order to ensure that your financial strategy remains as effective as possible, we review your individual strategy periodically. This review is initiated by Parkhill Financial Planning and may be as frequent as your situation requires. Personal and simple advice Parkhill Financial Planning provides professional and appropriate advice to individuals and families to ensure success in the accumulation and protection of their financial wealth. We also provide easy to understand recommendations and portfolios tailored to meet personal requirements. Business advice Parkhill Financial Planning offers professional advice to businesses and directors in the area of Buy/Sell agreements, Key Person insurance and succession planning ensuring that your business will continue to operate smoothly in times of transition. Ongoing training Parkhill Financial Planning is dedicated to maintaining its position as a forerunner in the financial planning industry. We are committed to the continual development of all staff through the Diploma of Financial Services and the Advanced Diploma of Financial Services. We encourage all staff to develop their own professional standards through relevant training. Professional alliances Parkhill Financial Planning is closely associated with Accountants, Solicitors, Finance Brokers and Self Managed Superannuation Fund Auditors to assist in providing a total advisory service. We are also able to work in conjunction with current Advisers to ensure a holistic and strategic outcome. Insurance claims management In the event of a claim, we will work with you closely in order to ensure that your claim is completed in a timely and efficient manner.

3 Purpose of our Financial Services Guide The purpose of this Financial Services Guide (FSG) is to explain to you the services Parkhill Financial Planning provides along with any fees or commissions associated with our services. You may receive other disclosure documents from us. These may include; Statement of Advice This document sets out our understanding of your current circumstances, any financial planning advice and recommendations made to you along with full disclosure of any fees or commissions that may be charged to you. Product Disclosure Statements These documents provide details regarding the financial products that have been recommended to you. They include any fees and charges associated with particular products. About Parkhill Financial Planning and your Adviser Parkhill Financial Planning is a privately owned company. Established 1980, Parkhill Financial Planning provides comprehensive financial planning recommendations and solutions designed to assist in improving your lifestyle by building and protecting wealth and producing income, depending on your particular needs. It is important that you have confidence in your financial wellbeing and in your financial arrangements. Parkhill Financial Planning endeavours to provide you with that confidence, drawing on the expertise of professional advisers. Parkhill Financial Planning acts as an authorised representative of Integrity Financial Planners Pty Ltd (IFP) and is one of a number of financial planning practices operating under their license. Parkhill Financial Planning employs a team of advisers with a range of experience and skills. This ensures we can provide you with ongoing quality advice and services and that we have access to knowledge and skills across a wide range of financial issues. Any advice given to you by Parkhill Financial Planning will be provided by a qualified person who is also an authorised representative of IFP. The following people are currently employed by Parkhill Financial Planning to assist you with financial planning advice: Martyn O Connor - (authorised representative no ) Danielle Coventry - (authorised representative no ) Anne Johnson (authorised representative no ) No other person is authorised to provide you with financial advice on behalf of Parkhill Financial Planning. The Parkhill Group also provides accountancy and taxation advice. IFP has no involvement in Parkhill s accounting practice and takes no responsibility for advice given in this capacity.

4 Services We Provide Parkhill Financial Planning provides clients with: 1. Personal financial advice and recommendations 2. Implementation of financial strategies and placement of financial products 3. Ongoing financial advice and review of financial strategies Parkhill Financial Planning is authorised to provide advice regarding the following financial products and to arrange the placement of these products on your behalf: deposit and payment products such as term deposits and bank accounts government debentures, stocks or bonds sharemarket investments and securities investments in managed funds and managed investment schemes superannuation and rollover funds life insurance products Life, Total & Permanent Disablement (TPD), Trauma and Income Protection margin lending products What else can you expect to receive? Personalised Advice to suit your needs Parkhill Financial Planning will provide tailored advice to meet your individual situation. Parkhill Financial Planning does not use a one size fits all formula for its clients. We will strive to provide the advice that we believe is most appropriate to help you achieve your objectives. And as a smaller group we can adapt our services to meet your particular needs. Parkhill Financial Planning s licensee IFP is privately owned, with no ownership ties to any fund manager or financial institution. As an authorised representative of IFP, Parkhill Financial Planning is not required or influenced through ownership to recommend or direct you toward any particular investments or financial products. To ensure advice is appropriate to your needs, we will ask you for personal information. Of course you have the right not to divulge information but you should carefully consider any the possible consequences of us not having complete knowledge of your circumstances. Clear and documented advice Parkhill Financial Planning is bound by the undertaking of IFP to document advice to clients in a Statement of Advice ( SOA ). Similarly all instructions from clients are to be confirmed in writing. We will not normally act on telephone instruction unless such circumstances are supported by written instructions. When we provide you with ongoing advice, if your circumstances and objectives have not changed substantially, we may not be required to provide a new SOA. Where we do not provide a written SOA, we are required to keep a Record of Advice, which is our notes regarding the advice we provided. These notes are available for you to read, upon your request. Complete advice Parkhill Financial Planning has access to accountants and taxation experts as well as associations with finance, legal and insurance professionals. Whatever your needs are for financial related advice, your Adviser will be able to assist, either directly or through referral to appropriate affiliates. Confidence in the advice of experienced and licensed professionals Parkhill Financial Planning s licensee IFP is responsible for any investment advisory services provided to you by an authorised representative. All Advisers have considerable experience and training. They include people with diverse backgrounds and specialist expertise, including accountants, university lecturers, insurance advisers and investment professionals. The Corporations Act governs activities of investment advisers and only licensees or their representatives may provide financial product advice. IFP holds an Australian Financial Services Licence (number ), issued by the Australian Securities and Investment Commission. Licensing ensures you are advised by an appropriately qualified person, and that advice is properly researched. A copy of IFP s AFS Licence is held in the offices of all representatives, which includes Parkhill Financial Planning, and may be inspected on request.

5 How will I pay for these services? Parkhill Financial Planning will charge you a fee for the services we provide to you. Initial consultation The fee for an initial consultation is $198 including GST unless otherwise agreed prior to the meeting. This will include a discussion of Parkhill s service offering, as well as a discussion & data collection of your financial circumstances and objectives. During this discussion we will agree whether or not to proceed with the development of comprehensive written recommendations. Post initial consultation service fees If it is agreed that we will prepare a written SOA a fee will be charged for preparing this report. The amount charged depends on the degree of complexity of your plan. Typically you will expect to pay between $1,100 and $4,400 (plus GST). Generally, the cost associated with preparation of a SOA is charged on hourly ad hoc basis. If we are engaged on an ad hoc basis or in cases where extensive work is required, the hourly fee for written recommendations and administration work is as follows: Senior Adviser: = $250 plus 10% GST = $275 per hour Associate Adviser: = $200 plus 10% GST = $220 per hour Paraplanner: = $150 plus 10% GST = $165 per hour Administration Support: = $70 plus 10% GST = $77 per hour Implementation of recommendations When you decide to proceed with our recommendations, you may be charged in either of the following forms: Parkhill Financial Planning will normally charge you for a fee of up to 2% plus GST of the value of the funds invested up to a maximum $200,000. The minimum initial investment fee is $275 including GST. You may choose to pay this account personally, or have the amount deducted from your investment. For example on funds of $100,000, the fee will be $2,000 plus 10% GST = $2,200. For Insurance products we will receive commission from the product provider at rates which will be disclosed to you in our SOA. These may be up to 110% of the first year s premium, though normally they will be around 80%. For example on a term life policy paying an initial commission of 80% with a premium of $300 this would equate to $240 plus 10% GST = $264. Ongoing Portfolio Management and Reviews When you decide to engage with Parkhill Financial Planning on an ongoing basis you will be charged in the following manner: Parkhill Financial Planning charges a tiered ongoing fee for portfolio management and reviews which you may choose to pay either personally or it may be deducted on an ongoing basis from your investment. The tiered fee charged is as follows (all fees below include GST): o $1 - $250,000 = 1.10% o $250,001 - $500,000 = 0.93% o $500,001 - $1,000,000 = 0.77% o $1,000,001 - $2,000,000 = 0.60% o $2,000,001 - $4,000,000 = 0.55% o $4,000,001 + = Negotiable (Note: Product providers may pay ongoing commissions to Parkhill Financial Planning. Where practical, any ongoing payments will be reduced to zero and the ongoing management charges deducted from your investment by the manager will be reduced accordingly. This is not always practical. Any such payments will be disclosed in our SOA).

6 Or We will receive ongoing commissions from the product provider or intermediary at rates which will be disclosed to you in our SOA. For investment products these payments generally vary between 0.10% and 1.00% per annum. Therefore using 1.00% as an example on an investment of $20,000 this would equate to $200 per annum. For Insurance products, these payments may be up to 33% of the second and subsequent year s premium per annum. Therefore, on an insurance premium of $300 this would equate to $99 p.a. Who has an Interest in these Services? Product providers or managers may deduct fees from the products recommended by Parkhill Financial Planning. Such fees will be disclosed by the product providers in their Product Disclosure Statements. Fees paid by you for our services and commissions and brokerage paid by product providers or intermediaries, shall be paid to IFP. These amounts shall be paid by IFP to Parkhill Financial Planning or associated entities. Parkhill Financial Planning pays a fee to IFP for the provision of services in its capacity as an Australian Financial Services Licensee. Martyn O Connor is an employee and shareholder of Parkhill Financial Planning Pty Ltd and will benefit from any profits earned. Other Advisers listed in this FSG are employees of Parkhill Financial Planning. They may on occasion receive bonuses based on their contribution to revenues earned by the business. IFP Ltd is a privately owned company. IFP (or associated entities) may receive profit share or volume based remuneration from some product suppliers. This may result in payments to IFP based on the overall level of business or funds placed by IFP in particular products or with particular product providers. Any such interests in recommended products shall be disclosed in the Statement of Advice. IFP may receive other benefits from product suppliers. These may include attendance at functions, conferences and training sessions provided by product suppliers. If applicable such benefits shall be disclosed in the Statement of Advice. IFP maintains a register of Alternative Benefits outlining any such benefits that may be received. We also maintain a register of any potential Conflicts of Interest that we may have. These Registers may be viewed on request.

7 Resolving a Complaint or Concern If you have a concern or wish to lodge a complaint about services provided by IFP or one of its representatives, of which Parkhill Financial Planning is one, we will assess and determine the concern/complaint and attempt to resolve the issue. The procedure to follow is: 1. Contact your adviser about your concerns/complaints. 2. If a concern/complaint is not satisfactorily resolved within 3 days, then you can contact: The Compliance Manager Integrity Financial Planners PO Box 1140, CROYDON, VIC 3136 or phone (03) If IFP are unable to satisfactorily resolve the concern/complaint within 45 days you will be advised by IFP in writing that you may take your concern/complaint to the Financial Ombudsman Service (FOS). FOS will undertake an independent review 4. In determination of your concern/complaint, Parkhill Financial Planning has agreed to be bound by any determination made by FOS. Financial Ombudsman Service GPO Box 3, Melbourne Vic 3001 Phone: Further information regarding the Financial Ombudsman Service is available from IFP currently holds Professional Indemnity insurance for activities conducted in accordance with our AFS License. Professional Indemnity insurance helps reduce the risk that IFP might not have sufficient resources available to compensate clients for losses they may incur as a result of certain breaches of the Corporations Act by IFP or its representative. The limit of indemnity for such insurance is as prescribed under ASIC Regulatory Guide 126. Subject to the terms and conditions of the policy, the Professional Indemnity insurance extends to cover claims made in relation to the conduct of Authorised Representatives and employees of the Licensee including cover for those Authorised Representatives and employees who no longer work for the Licensee (but who did at the time of the relevant conduct). This insurance does not cover any actions by the representative acting in any other capacity (e.g. as your accountant) or acting beyond the scope of IFP s AFS License. Parkhill Financial Planning respects your privacy. A copy of Parkhill Financial Planning s Privacy Statement is available upon request.