Financial Services Guide

Transcription

1 Financial Services Guide FOR YOUR QUADRANT FIRST FINANCIAL PLANNER VERSION 5 ISSUE DATE 1 JULY 2013 It is important that you understand this FSG as it is a legal document. If any part of this document is not clear, speak to your Financial Planner. Level 5, 85 Macquarie Street, Hobart TAS 7000 GPO Box 863, Hobart TAS 7001 Call Fax (03) Authorised for distribution by Quadrant First Pty Ltd Australian Business Number Australian Financial Services Licence Number

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3 Why you are receiving this document? This Financial Services Guide (FSG) outlines the financial planning services your Financial Planner provides. Your Financial Planner is an authorised representative of Quadrant First. This is an important document that will help you decide if you want to use the services offered. It contains information about: Quadrant First and your Financial Planner our advice process and how to provide instructions to your Financial Planner how your Financial Planner, Quadrant First and other persons are remunerated in relation to these services any interests, associations or relationships that can influence the advice we give you other information such as the compensation arrangements that are in place and how we deal with complaints if you are not satisfied with the services provided. This document is the first part of the FSG. You must read this document in conjunction with the Financial Planner Profile, which gives you more details about your Financial Planner. Together these documents form the complete FSG for your Quadrant First Financial Planner. Other documents you may receive When your financial planner provides you with financial planning services you may also receive: a Statement of Advice (SoA) which contains information about the advice provided to you to help you decide whether to act on the advice. a Product Disclosure Statement (PDS) which provides information to help you decide whether to purchase that product. a Service Agreement, which is a contract that outlines the benefits, services and support provided by your Financial Planner for on-going service. About Quadrant First Since 2005, we have provided financial planning services for our clients to meet their financial objectives. We are dedicated to ensuring that Quadrant First Financial Planners provide you with services and strategies suited to your personal circumstances and individual needs. We hold an Australian Financial Services Licence issued by the Australian Securities and Investments Commission. Quadrant First is jointly owned by Quadrant Superannuation Pty Ltd, Statewide Superannuation Plan Pty Ltd, Vision Super Pty Ltd and WA Local Financial Services Pty Ltd (a wholly owned subsidiary of WA Local Government Superannuation Fund Pty Ltd). About your Financial Planner Your Financial Planner acts on behalf of Quadrant First when providing financial services to you. They are authorised to provide these services under our licence as set out in their Financial Planner Profile. To make certain you are provided with quality advice, Quadrant First ensures your Financial Planner: provides advice only where he/she has the appropriate qualifications stays up to date with relevant industry and legal changes to maintain their qualifications has access to extensive resources including technical experts in superannuation and retirement planning is monitored and supervised to ensure they comply with the requirements of the law and Quadrant First s standards. Range of financial planning services Your Financial Planner is able to provide you with access to a broad range of financial services which may include: retirement planning advice superannuation and rollover advice wealth creation advice personal insurance advice strategy and portfolio review services The Financial Planner Profile provided with this FSG includes more information about the financial planning services specifically provided by your Financial Planner. To protect you and your assets Your Financial Planner is restricted to recommending products on Quadrant First s Approved Product List unless they receive special approval from Quadrant First to use other products. Throughout this Financial Services Guide, Quadrant First Pty Ltd is referred to as Quadrant First Financial Advice, Quadrant First we, us, our or any such variations. Quadrant First Financial Services Guide 2

4 Your Financial Planner may discuss with you on several occasions possible strategies and investment options before finalising recommendations. What you will receive when provided with a financial service When your financial planner provides you with personal advice, your financial planner will: work with you to understand your needs, objectives and personal circumstances explain to you the scope of advice being provided and importantly what is not being provided provide you with an SoA which is a record of their recommendations to you and explains the basis for the advice, the cost to you of implementing the advice and any associations which could have influenced the advice provide you with PDS containing information about each product recommended to help you to make an informed decision about whether to purchase that product. When will I receive an SoA? Your Financial Planner may discuss with you on several occasions possible strategies and investment options before finalising recommendations. Once they have finalised their advice, this will be recorded and provided to you in an SoA. You should only implement advice after taking time to read and understand the SoA and ask any questions to your Financial Planner. You may not receive an SoA for any of the following: general advice such as advice provided in seminars and through newsletters which does not consider your personal circumstances further advice if you previously received advice recorded in an SoA, any further advice which is not significantly different to the initial advice will be recorded in a Record of Further Advice; a copy of which you can request by contacting your Financial Planner. You can request a copy of the Record of Further Advice for a period of seven years from when the further advice was first provided to you. execution only An execution only service means that you tell your Financial Planner what financial product you wish to buy. Your Financial Planner does not provide advice to you on whether this product is suitable for your needs, the amount you are investing or the type or the fund you are choosing. How should I communicate my instructions to my Financial Planner? Generally, you need to give your Financial Planner instructions in writing unless another method has been agreed. You can give instructions by using the contact details provided by your Financial Planner. Some products and services may have their own requirements as to how to provide instructions or execute certain transactions. Please refer to the relevant PDS or other disclosure document for further details. 3 Quadrant First Financial Services Guide

5 Fees & Incentives Your Financial Planner will provide you with an estimated cost of providing advice, which you and your Financial Planner will agree on before any work is commenced. What fees are charged for initial advice? Generally, your Financial Planner will provide one-off advice unless we tell you otherwise. You may be charged on either a fixed fee or hourly rate basis for this advice, you will however be advised of any fees prior to the provision of any such advice. What fees are charged for ongoing advice? Your Financial Planner may offer to provide ongoing advice services to review your strategies and investments to ensure the recommendations continue to meet your needs and circumstances. If you choose to receive ongoing services, you may be charged a fee based on the scope of the services you receive and the time taken to provide these services. You will receive annual fee disclosure statements with information about the work done by your Financial Planner and the fees charged and other disclosures required by law. You can opt out of the arrangement at any time and we may ask you to confirm whether you still want to receive these ongoing services from your Financial Planner. If you do not confirm, your Financial Planner may cease providing the ongoing advice services and you will not be charged any further fees. Of course you can request that your Financial Planner recommence providing these services at any time. Does my Financial Planner or Quadrant First receive commissions from product providers? In addition to the fees above, your Financial Planner and/or Quadrant First may also receive commissions from product providers as permitted by the Corporations Act 2001 (Cth) and any other relevant law. An upfront commission is a one-off payment paid by the product provider to your Financial Planner and/or Quadrant First, based on a percentage of the amount of funds you invest or the insurance premium. This is paid at the time you purchase the investment or insurance. Ongoing commissions are monthly payments paid by the product provider to your Financial Planner, your Financial Planner s employer and/or Quadrant First, based on a percentage of the amount of funds you invest or on the insurance premium you pay. These are paid each month for as long as you hold the product and until you appoint another Financial Planner. Where upfront and ongoing commissions are payable, your Financial Planner will disclose the specific amount in a SoA when you receive personal advice. How do I pay for the financial services? Your Financial Planner will provide details on how you can pay fees. The fee may be deducted from your account or investment or payable on receipt of an invoice. Does Quadrant First charge any fees? Quadrant First will not charge you any additional fees. However your Financial Planner or your Financial Planner s employer may pay a fee to Quadrant First for the provision of the various services we provide to them. Your Financial Planner will provide you with an estimated cost of providing advice, which you and your Financial Planner will agree on before any work is commenced. Quadrant First Financial Services Guide 4

6 Conflicts of Interest When your Financial Planner provides personal advice on specific financial products, they will disclose if there is any reason they may face a conflict of interest in doing so. This might include, for example, if they own shares in a company in which they are advising you to invest. You will be advised of any conflict of interest your Financial Planner faces prior to or at the time the advice is provided. If the conflict of interest would prevent your Financial Planner from providing impartial advice in your best interests, your Financial Planner will decline to provide such advice and may arrange for another Financial Planner to do it instead. Quadrant First is jointly owned by Quadrant Superannuation Pty Ltd, Statewide Superannuation Pty Ltd, Vision Super Pty Ltd and WA Local Financial Services Pty Ltd*. These companies products or the products they are associated with are listed on the Approved Product List and your Financial Planner may make recommendations in relation to these products. Their inclusion on the Approved Product List requires that the products satisfactorily meet, and continue to meet, specified investment criteria. Your Financial Planner may be an employee of one of these entities. From time to time Quadrant First or your Financial Planner may receive benefits provided by product providers by way of sponsorship of educational seminars, conferences or training days. Details of benefits above $300 in value will be maintained on a register which you can request to see. Will anyone be paid for referring me to you? If you have been referred to your Financial Planner or us by someone else, they may be paid a fee or benefit in relation to that referral. This is generally a fixed fee payable or a portion of initial agreed fee if you are provided with paid personal advice. If this is applicable details of any arrangement will be provided to you in the SoA. When your Financial Planner provides personal advice on specific financial products, they will disclose certain details of remuneration or other benefits that they receive, or that Quadrant First or another associated person receives as a result of that advice. Privacy statement Your Financial Planner maintains a record of your personal information and any recommendations made to you. If you do not want to disclose your personal details, you have the right not to do so. If you wish to examine your file, you should ask your Financial Planner. No fee will be charged for an access request but Quadrant First may charge you the reasonable costs of giving you any information you have requested. Your Financial Planner may provide you with marketing material prepared by Quadrant First or a range of other financial services providers. If you do not want to receive this material, please contact your Financial Planner. Who else will have access to my personal information? Your Financial Planner and Quadrant First may use your personal information and disclose personal information about you: to industry bodies, Quadrant First employees, agents, contractors or external service providers (who may be located overseas) that provide financial, administrative or other services in connection with the financial planning services provided to you or your investments or financial arrangements. External service providers may include data processors, consultants, business partners, product providers and mail houses to external service providers to provide marketing material to you about products and services they offer. If you do not want your personal information to be used in this way, you may opt out by notifying your Financial Planner. to external service provider to assess your total relationship and product holding where the law requires us to do so if you consent. *WA Local Financial Services is wholly owned by WA Local Government Superannuation Plan Pty Ltd 5 Quadrant First Financial Services Guide

7 Other Information Anti-Money Laundering requirements As a financial services provider, your Financial Planner has an obligation under the Anti-Money Laundering and Counter Terrorism Financing Act 2006 to verify your identity. This means that you will be asked to present identification documents such as passports and driver s licence. Your Financial Planner will retain copies of this information on your file. This information will be held securely. Compensation arrangements Quadrant First confirms that it has arrangements in place to ensure it continues to maintain Professional Indemnity insurance in accordance with S.912B of the Corporations Act In particular our Professional Indemnity insurance, subject to its terms and conditions, provides indemnity up to the sum insured for Quadrant First and our authorised representatives in respect of our authorisations and obligations under our Australian Financial Services Licence. This insurance will continue to provide such coverage for any authorised representatives who have ceased work with Quadrant First for advice provided whilst operating under our licence. As a financial services provider, your Financial Planner has an obligation under the Anti-Money Laundering and Counter Terrorism Financing Act 2006 to verify your identity. Questions you may have if you have a complaint Who can I talk to if I have a complaint about the financial planning services? If you have a complaint about the services provided: 1. Contact your Financial Planner and tell them about your complaint. 2. Your complaint will be acknowledged and you will be given an outline of our complaint handling procedure which detail the steps you can take to have a complaint resolved. 3. If your complaint is not satisfactorily resolved by your Financial Planner within five business days, put your complaint in writing and send it to us at: Complaints Officer Level 5, 85 Macquarie Street Hobart TAS 7000 Phone (03) We will investigate your complaint and aim to resolve it fairly within 14 business days. 4. If you are not satisfied with our handling of your complaint or do not receive a response within 45 days, you may contact the Financial Ombudsmen Service (FOS). FOS is an independent body set up to assist in resolving complaints relating to the Financial Services Industry and provides service free of charge. Contact details for FOS are as follows: Financial Ombudsman Service Limited GPO Box 3 Melbourne VIC 3001 Phone info@fos.org.au Website 5. If your concerns involve unethical conduct, you may consider raising these concerns with any professional organisation that your Financial Planner may be a member of such as the Financial Planning Association of Australia. 6. Alternatively, you can contact the Australian Securities & Investments Commission (ASIC) on to find out which industry complaints scheme can help you settle your complaint. Quadrant First Financial Services Guide 6

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