Financial Services Guide
Version 2 dated 1 July 2020
Parker Wealth Management Pty Ltd
This Financial Services Guide (FSG) is authorised for distribution by Parker Wealth Management.
Parker Financial Services Pty Ltd
(ASIC# 242984 ABN 88 010 783 285)
Dean Easterby (ASIC# 253518)
Paul Cooke (ASIC# 437099)
Julian Farmer (ASIC# 1238889)
Samuel Furler (ASIC# 343832)
Authorised Representatives act on behalf of Parker Wealth Management who is responsible for the services that they provide.
Canberra House, Level 10
40 Marcus Clarke St
Canberra ACT 2600
Purpose of this FSG
This FSG will help you decide whether to use the services that we* offer. It contains information about:
The services we offer and their cost
Any conflicts of interest which may impact the services
How we are remunerated
How we deal with complaints if you are not satisfied with our services.
* In this document ‘we’ refers to the Authorised Representatives listed above.
Parker Wealth Management
Parker Wealth Management holds an Australian Financial Services Licence. It is required to comply with the obligations of the Corporations Act and the conditions of its licence.
This includes the need to have adequate compensation arrangements in place with a Professional Indemnity insurer for the financial services that it and its current and past representatives provide.
We are authorised to provide personal advice and dealing services in the following areas:
Superannuation and SMSF
Personal risk insurance
The financial advice process
We recognise that the objectives and personal circumstances of each client are different.
Where we provide personal advice, we will listen to you to understand your objectives and circumstances. We will also ask questions to make sure we provide advice which is in your best interests.
When we first provide personal advice to you it will be explained thoroughly and documented in a Statement of Advice which you can take away and read.
The SoA will explain the basis for our advice, the main risks associated with the advice, the cost to you of implementing the advice, the benefits we receive and any conflicts of interest which may influence the advice.
At all times you are able to contact us and ask questions about our advice and the products we recommend.
For administration platforms, managed funds and personal risk insurance products we will provide you with a Product Disclosure Statement. This contains information to help you understand the product being recommended.
You can provide instructions to us in writing, via phone or via email. In some cases, we may require you to provide signed instructions.
We may provide further advice to you to keep your plan up to date for changes in your circumstances, changes in the law and changes in the economy and products.
If we provide further advice it will be documented in a Record of Advice which we retain on file. You can request a copy of the RoA document at any time up to 7 years after the advice is provided.
All fees are payable to Parker Financial Services.
The Advice Preparation fee includes meeting with you, the time we take to determine our advice and the production of the SoA. It is based on the scope and complexity of advice provided to you. We will agree the fee with you before providing you with advice.
If you decide to proceed with our advice, we may charge an Implementation fee for the time we spend assisting you with implementation. We will let you know what the fee will be in the SoA.
Our annual Advice fee depends on the further advice services that we provide to you. We will typically charge a fixed fee which is agreed with you at the commencement of each year. The fees can be deducted monthly from your account or paid by invoice half yearly in advance.
In some situations, we may pay a fee to external parties who have referred you to us. The referral arrangements and any payments will be disclosed in full when we provide you with an SoA.
Parker Financial Services may receive a one-off stamping fee or placement fees where you invest in some listed investments (eg. bank issued hybrids, IPO’s or managed funds). These fees will be paid by the issuer of the investment and will typically be a set percentage of the investment amount. In most cases we will rebate these payments to you or apply a credit.
We may receive commissions and other benefits from some product providers. The commission or benefit will vary depending on the recommended product and will be documented in the SoA or RoA.
Parker Financial Services receives a one-off upfront commission when you take out an insurance policy we recommend. We also receive a monthly commission payment for as long as you continue to hold the policy.
Parker Financial Services may receive a monthly commission payment from some investment providers. This will be based on your account balance and will continue to be paid for as long as you hold the investment. These commissions will be rebated to you and are not an additional cost to you.
We may receive other benefits from product providers such as training, meals and entertainment. Details of any benefits received above $100 will be maintained on a register which is available to you on request.
The directors and owners of the practice are remunerated through the profits that the practice makes.
Employees of the practice are paid a salary. They may also receive a performance bonus which is based on a number of criteria including the profits that the practice makes.
Conflicts of Interest
Your financial adviser may recommend investments in shares that they hold or may hold in the future. You will be advised where a conflict of interest may exist and how the conflict will be managed.
Making a Complaint
We endeavour to provide you with the best advice and service at all times. If you are not satisfied with our services, then we encourage you to contact us. Please call us or put your complaint in writing to our office.
If you are not satisfied with our response you can refer it to the Australian Financial Complaints Authority. You can contact AFCA on 1800 931 678 or via their website www.afca.org.au. This service is provided to you free of charge.
We are committed to protecting your privacy.