Financial Services Guide
Version 14 dated 7 June 2019
Important Information about our Licensee
Financial Services Guide
This Financial Services Guide (FSG) is designed to clarify who we are and what we do, and help you decide whether to use our services.
To make things simple, this guide explains:
the services and types of products we’re able to offer you
how we and our associates are paid and any other benefits we may receive
any potential conflicts of interest we may have
how we protect your privacy and handle your personal information
how we resolve disputes, and what you should do if you have one.
Please read through the whole FSG, as it’s full of useful information – and is also worth holding on to for future reference. And of course, if you ever have any questions, please contact us.
Other documents you may receive
In addition to this FSG, if we provide you with financial advice we will also present you with a written Statement of Advice (SOA).
This will describe:
advice and strategies we recommend and the reasons why;
the financial products and services we recommend and the reasons why;
any fees or commissions we will receive; and
any associations we have with financial product providers or other parties that may influence the advice we provide.
After that, any time you receive further financial advice from us, we will either provide you with another SOA or give you (or keep our own) written Record of Advice (ROA). You can request a copy of this by contacting us any time up to seven years from the date of the advice provided. Please refer to the “Contact us” section of this FSG for our contact details.
To help you make an informed decision about a financial product you generally will be given a Product Disclosure Statement (PDS) which outlines the product features and costs in detail. In certain circumstances it is not a requirement that you be given a PDS (including, for example, where you already have one).
Giving us instructions
If you want to make changes to your financial plan or provide other instructions, please contact us. Please refer to the “Contact us” section of this FSG for our contact details.
Generally, you will need to give us instructions in writing (eg fax, email or letter) or another method agreed with us.
We are authorised representatives of GWM Adviser Services Limited ABN 96 002 071 749, Australian Financial Services Licence Number 230692 (“GWM Adviser Services”) of Level 1, 105-153 Miller Street, North Sydney NSW 2060.
GWM Adviser Services is recognised as one of Australia’s leading financial advice networks, with approximately 400 experienced financial planners across Australia managing over $14 billion of investments.
GWM Adviser Services is a professional partner of the Financial Planning Association, the professional body representing qualified financial planners in Australia, and therefore adheres to set standards in terms of ethics, conduct and continuing professional development.
Our associations and relationships
GWM Adviser Services is part of the National Australia Bank Limited (“NAB”) group of companies (“NAB Group”).
As the NAB Group is an issuer of financial products, we are not able to refer to ourselves or our advice as ‘independent’, ‘impartial’ or ‘unbiased’. If you would like further information about independence, conflicts or selecting a financial adviser you can visit ASIC’s Money Smart website (www.moneysmart.gov.au/investing/financial-advice).
GWM Adviser Services Financial Planners are required by law to provide financial advice that meets the obligations set out in the Corporations Act to act in the best interests of each client.
We may recommend financial products issued by companies within the NAB Group or companies in which a shareholding is maintained by a NAB Group member (including MLC Limited).
These include products and services with the following branding:
Pre Select Funds
Private Investment Consulting
Altrinsic Global Advisers
Fairview Equity Partners
Intermede Investment Partners
Redpoint Investment Management
If we recommend a product or service issued by a NAB Group company, they will benefit from our recommendation by receiving product and management fees from you as well as fees paid by fund managers to distribute the fund manager’s product. Please refer to the relevant PDS and/or offer documents for further information.
We generally recommend products that are listed on GWM Adviser Services’ approved product list. These will include NAB Group products. Before any products are added to this list a review process is undertaken and products are required to meet minimum standards. If these products are not appropriate for your circumstances then we may recommend a product outside of this list. At all times, we will ensure that our recommendations are in your best interests. You can view a copy of our approved product list on the Garvan website (garvan.mlc.com.au).
NAB does not guarantee or otherwise accept any liability in respect of the financial advice or services provided by GWM Adviser Services or its authorised representatives.
NAB and its related bodies corporate distribute insurance products issued by MLC Limited ABN 90 000 000 402. MLC Limited is part of the Nippon Life Insurance Group and not a part of the NAB Group.
MLC Limited will pay National Wealth Management Services Limited, a related body corporate of NAB, a distribution allowance as described in the ‘Distribution Allowance’ section of this FSG. If appropriate to your requirements, objectives and circumstances then a GWM Adviser Services adviser may recommend an insurance policy issued by MLC Limited.
Who we are
The Financial Services we offer are provided by Parker Financial Services Pty Ltd, ABN: 88 010 783 285, Corporate Authorised Representative (CAR) No. 242984.
The following financial advisers are authorised to provide the financial services referred to in the ‘What we do’ section of this FSG to you on behalf of GWM Adviser Services:
Authorised Representative No. 242695
Authorised Representative No. 253518
Authorised Representative No. 437099
Authorised Representative No. 343832
Authorised Representative No: 1238889
GWM Adviser Services Limited has authorised us to provide you with this Financial Services Guide.
What we do
We are authorised by GWM Adviser Services to provide financial advice in relation to:
Income & Asset Protection
Retirement & Redundancy Planning
and to provide financial advice and deal in the following financial products:
Basic Deposit Products
Non-basic Deposit Products
Non-cash Payment Facilities
Life Products – Investment Life Insurance
Life Products – Life Risk Insurance
Retirement Savings Accounts
Managed Investment Schemes, including Investor Directed Portfolio Services (IDPS)
Government Debentures, Stocks or Bonds
Standard Margin Lending Facilities
Ronald Parker, Dean Easterby, Paul Cooke, Samuel Furler and Julian Farmer are not authorised by GWM Adviser Services Limited to provide financial product advice in the following financial products:
General Insurance Products
We are not authorised to provide any other financial services or financial products on behalf of GWM Adviser Services.
Where we are unauthorised to provide you with a financial service or financial product that you are interested in, we will advise you of this and refer you to an alternative source of advice.
Address: Level 10, 40 Marcus Clarke Street,
Canberra, ACT, 2600
Phone: (02) 6267 0700
Fax: (02) 6257 8259
Your confidence in our advice
Your satisfaction is very important to us and we have procedures in place to resolve any concerns promptly and fairly.
Our complaints procedure
If you’re unhappy with the advice you receive or other aspects of our service please follow the steps outlined below.
Please let your financial adviser know so we can act on it immediately.
If your adviser has not satisfactorily resolved your complaint, please contact our Advice Dispute Resolution Team on:
Phone: 1800 611 950
In writing to:
Advice Dispute Resolution Team
GWM Adviser Services
Level 2, 105-153 Miller Street
North Sydney NSW 2060
If your complaint isn’t resolved within 45 days or to your satisfaction, then you may refer the matter to the Australian Financial Complaints Authority (AFCA):
Telephone: 1800 931 678 (free call)
In writing to: Australian Financial Complaints Authority
GPO Box 3, Melbourne VIC 3001
AFCA provides fair and independent financial services complaint resolution that’s free to consumers.
Time limits may apply to lodge a complaint with AFCA, so you should act promptly. You can check the AFCA website to find out if a time limit applies or when the time limit relevant to your circumstances expires.
GWM Adviser Services holds professional indemnity insurance that satisfies the requirements of section 912B of the Corporations Act. This insurance also covers the conduct of our advisers who were authorised by GWM Adviser Services at the time of providing the advice but are no longer authorised representatives of GWM Adviser Services at the time of your complaint.
Payments and benefits we receive
You can pay for the services you receive on a fee for advice basis. This allows you to know that you are paying for our advice irrespective of any product you use, clarifies the services you are entitled to, and ensures all recommendations are driven by your needs.
We will agree with you the amount you pay based upon:
a flat dollar fee;
an hourly rate;
the amount you invest; or
a combination of the above.
You can pay in the following ways:
as a fee for advice that will be deducted from your investments as a one-off payment or in instalments;
by direct invoice from us for initial and ongoing advice;
via commission we may receive from a financial product provider when you commence an insurance contract; or
a combination of the above.
If you are not already on a fee for advice package, you can move to this payment at any time.
Other payments we may receive
We will provide you with details of all fees, commissions or other benefits we may receive when we provide advice to you and, where possible, will give actual dollar amounts. If we cannot provide this accurately, we will provide worked-dollar examples.
Even if you don’t receive personal financial advice from us, you can still request the details of any fees, commissions or other benefits we receive in relation to any other financial service we provide you.
Benefits we may receive
Sometimes in the process of providing advice, we may receive benefits from product providers.
We may attend conferences and professional development seminars that have a genuine education or training purpose. GWM Adviser Services Limited, or our employer, may pay for the costs of our travel and accommodation, and events and functions held in conjunction with the conference or seminar.
We keep a register detailing certain non-monetary benefits that we receive e.g. benefits valued between $100 and $300, and those that relate to genuine education or training and technology software or support.
You can view an extract of the register by contacting us. Please be aware that GWM Adviser Services Limited may charge you for the cost of providing this information to you.
GWM Adviser Services Limited receives cash payments from product providers who sponsor and attend training presentations, conferences and/or professional development days. Amounts vary between product providers and we do not directly share in the sponsorship payment; however, we may indirectly benefit as these payments subsidise the costs associated with these training and professional development events.
MLC Limited pays a distribution allowance to National Wealth Management Services Limited, a related body corporate of NAB, in respect of the distribution of MLC Limited’s insurance products by licensees in the NAB Group (including NAB). This amount is not ascertainable at this time and will depend in part on the value of MLC Limited’s insurance portfolio relating to insurance distributed through NAB and its related bodies corporate and the performance of NAB and its related bodies corporate against agreed annual performance criteria.
This allowance is not shared with us and does not represent an additional charge to you.
Referrals from a third party
At present we do not have any referral arrangement in place to pay a third party referrer a referral fee, commission or other benefit. If this changes, we will make you aware of this prior to providing advice, or further advice, to you.
Referrals to a third party
At present we do not have any referral arrangement in place to provide referrals to third parties in return for payment or other benefit. If this changes, we will make you aware of this prior to providing advice, or further advice, to you.
How we charge for our services
All fees and commissions are inclusive of GST and the fees could be greater than those disclosed below in complex cases. In these instances, we will inform you of the exact fee payable promptly in writing.
This meeting is at our expense and there is no obligation on your part.
The cost of preparing a financial plan varies depending on the advice required but will be in the range of $2,200 to $5,500. We will provide you with a quotation specific to your circumstances.
There are no entry fees charged by us.
Implementation fees may be charged to recover costs for implementing our recommendations and advice in certain circumstances. These will be agreed with you prior to commencing any work.
Ad Hoc Fees
Where ad hoc advice is required, a minimum hourly adviser fee of $440 will apply. Where any administrative work is required, we will provide you with a quote prior to commencing any work.
Third Party Fees
There are fees (in addition to our ongoing service fee) charged by third party providers which may be incurred during the course of managing your portfolio and/or implementing our recommendations. The following examples do not represent an exhaustive list of additional fees:
Brokerage charges on the sale and purchase of listed securities;
Accountancy and audit fees;
Government fees, for example, the Supervisory Levy for Self-Managed Superannuation Funds;
Legal fees, for example, where a Family Trust or Self-Managed Superannuation Fund is established; and
Administration and management fees charged by Wrap accounts and Managed Funds.
Ongoing Advice Fees
Our ongoing Client Service Package provides ongoing review of your financial planning and investment strategies.
Our business charges on the basis of a fixed fee which is agreed between you and us. Fixed fees will increase annually by a minimum of Average Weekly Ordinary Time Earnings (AWOTE).
The minimum fixed fee for ongoing service is $9,900 pa while the maximum is $110,000 pa.
In certain circumstances, it may be appropriate to charge on a percentage basis of funds under management. This will be discussed and agreed between you and us.
We rebate all ongoing commission, brokerage and placement fees which we receive on your investment portfolio.
Where we provide a full administration service for entities such as a Family Trust or Self-Managed Superannuation Fund, an additional administration fee per entity, will apply, per calendar year. The fixed fee will be indexed annually in line with AWOTE. Current fees on application.
Where we arrange a life insurance product for you, the relevant insurer will pay an initial commission to us. The commission is calculated as a percentage of the premium paid (and may include health, occupational, frequency and modal loadings and policy fees, but excludes stamp duty).
Annual commission will also be paid when you renew your policy each year.
The rates of initial and ongoing commission will depend on the date the policy is issued and are set out in the table below:
We may receive commission at pre 1 January 2018 rates if:
you increase your cover, add new cover or otherwise amend a policy purchased by you before 1 January 2018; and
that policy amendment results in commission receivable by us, and
that policy amendment is eligible for pre-1 January 2018 commission rates.
Example (all figures include GST):
You purchase the policy for $1000 on 1 December 2019. We may receive an initial commission of up to $700 ($1000 x 77%) in the first year and ongoing commissions of $330 per annum ($1000 x 33%) for as long as you continue to hold the policy.
If you increase your cover on 1 July 2020 for a cost of $500, we may receive an initial commission of up to $330 ($500 x 66%). The ongoing commissions on the additional cover may be up to $165 ($500 x 33%). This is in addition to the ongoing commissions of $330 per annum when the policy was purchased. Total ongoing commissions payable to us may be up to $495 ($1500 x 33%).
Please note that the initial and ongoing commissions on life insurance products are paid to us by the product provider and are not an additional cost to you.
How we manage your personal information
Collecting and using your personal information
We need to collect and use your personal information (which may include your sensitive information, such as health information) for a variety of purposes, including to provide you with the financial services you have requested (including answering your requests and complaints, varying products and services and managing your relevant product portfolios) and to contact you about other products and services that may be relevant to you. It is also necessary for us to collect personal information in order to prevent or investigate any fraud or crime, or any suspected fraud or crime.
We’ll collect your personal information from you directly whenever we can. Sometimes we collect your personal information from other sources or third parties such as your Accountant. We do this only if it’s necessary to do so, for example where:
we can’t get hold of you and we rely on publicly available information to update your contact details;
we need information from an insurer about an insurance application you make through us;
at your request, we exchange information with your legal or financial advisers or other representatives.
You may not be aware that we have done so. If we collect information that can be used to identify you, we will take reasonable steps to notify you of that collection.
We may collect information about you because we are required or authorised by law to collect it. There are laws that affect financial institutions, including company and tax law, which require us to collect personal information. For example, we require personal information to verify your identity under Commonwealth Anti-Money Laundering law.
What happens if you don’t provide your information to us?
If you don’t provide your information to us, we may not be able to:
provide you with the product or service you want;
manage or administer your product or service;
verify your identity or protect against fraud; or
let you know about other products or services that might better meet your financial and lifestyle needs.
Protecting your privacy
Protecting your privacy is essential to our business. Your file, containing your profile, personal objectives, financial circumstances and our recommendations, is kept securely.
Disclosing your personal information
We may share your personal information (which may include your sensitive information, such as health information where we have your consent) with third parties for any purposes for which we use your information. This may include to the following types of third parties:
those involved in providing, managing or administering the products or services you have requested, including other advisers, paraplanners and organisations who work with us, including GWM Adviser Services and other members of the NAB Group, depending on the financial services and products you have requested;
insurance providers, superannuation trustees and product providers related to the financial services you have requested;
professional associations and organisations that help us operate our business, such as those that provide administrative, financial, accounting, insurance, research, legal, strategic advice, auditing, computer or other business services, including our Licensee GWM Adviser Services and other members of the NAB Group;
your representatives, service providers, or other organisations, such as your accountant, solicitor, tax agent, stockbroker or bank;
organisations involved in a business restructure or a transfer of all or part of the assets of our business; and
government and regulatory authorities and other organisations when required or authorised by law (in some instances these bodies may share it with relevant foreign authorities)
where you have given your consent.
We may also store your information in cloud or other types of networked or electronic storage. As electronic or networked storage can be accessed from various countries via an internet connection, it is not always practicable to know in which country your information may be held. If your information is stored in this way, disclosures may occur in countries other than those listed.
Overseas organisations may be required to disclose information we share with them under a foreign law. In those instances, we will not be responsible for that disclosure.
Sharing with MLC Limited
NAB distributes MLC Limited’s life insurance products. MLC Limited is no longer part of the NAB Group of companies. NAB may exchange personal information with MLC Limited or their service providers in order to administer and manage your life insurance products that are issued by them. We may also need to share information with MLC Limited so as to ensure:
your insurance premiums are correctly calculated;
insurance claims and benefits are paid;
NAB and MLC Limited can both tell you about our respective marketing and products offers (including ensuring customers who hold MLC Limited products are excluded from NAB Group campaigns marketing MLC Limited products);
Consent to marketing activity
We presume you consent to being contacted by us (including GWM Adviser Services and other members of the NAB Group) about suitable products and services via the contact details you have provided. We may continue to contact you for these reasons until you withdraw your consent. You can do this at any time by contacting us (see the ‘Contact us’ section of this FSG). We will process your request as soon as practicable.
Gaining access to your personal information
Correcting your Information
For more information about your privacy, you can also visit the Office of the Australian Information Commissioner’s website at www.oaic.gov.au