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enquiries@planningforlife.com.au
(03) 8841 3111

Financial Service Guide (FSG)

Version 11 October 2017
Version 11 October 2017

Important Information

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. Of course, if you ever have any questions, please contact us.

Other Documents you may receive
In addition to this Financial Services Guide, when we provide you financial advice we will also present you with a written Statement of Advice (SOA).This will describe the strategies, products and services we recommend and outline any fees or commissions we will receive and any associations we have with financial product providers or other parties that have not already been disclosed in this Financial Services Guide.If you receive further financial advice from us, we will present you with either another Statement of Advice 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 a 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 (e.g. fax, email or letter) or another method as agreed with us.

About our Licensee

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 over 450 experienced financial planners across Australia managing over $14 billion of investments.

GWM Adviser Services Limited 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”). GWM Adviser Services is a wholly owned subsidiary within the NAB Group. 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.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:

  • NAB, National
  • MLC
  • JANA / JCIS
  • JB Were
  • Plum
  • Pre Select Funds
  • Private Investment Consulting
  • WealthHub Securities
  • Altrinsic Global Advisers
  • Antares Capital
  • Fairview Equity Partners
  • Intermede Investment Partners
  • Presima Inc
  • 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. In some categories these may be all 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.

GWM Adviser Services maintains a relationship with the following insurance providers (AIA, Zurich, Colonial First State, and One Path) which pay GWM Adviser Services a licensee commission payment as described in the ‘Commissions received by our Licensee from product providers’ section of this FSG.

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 the FSG. If appropriate to your requirements, objectives and circumstances then a GWM Adviser Services adviser may recommend a risk insurance policy issued by one of these insurers, or an insurance policy issued by MLC Limited.

About us

Who we are
The Financial Services we offer are provided by Planning for Life Australia Pty Ltd, ACN 601 002 082, as trustee for Planning for Life Australia Unit Trust, ABN 65 355 305 143 trading as Planning for Life, Authorised Representative No 464366.

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:

Rhonda McKenzie,

Authorised Representative
No. 242679

Rachel Martin,

Authorised Representative
No. 242618

Ben Beveridge,

Authorised Representative
No. 1253630

Michael Roberts,

Authorised Representative
No. 1250298

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 Limited to provide financial advice in relation to:

  • Wealth Accumulation
  • Income & Asset Protection
  • Tax Strategies
  • Superannuation
  • Retirement & Redundancy Planning
  • Estate Planning
  • Government Benefits
  • Debt Management

And  to provide 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
  • Superannuation
  • Retirement Savings Accounts
  • Managed Investment Schemes, including Investor Directed Portfolio Services        (IDPS)
  • Derivatives
  • Government Debentures, Stocks or Bonds
  • Securities
  • Standard Margin Lending Facilities

We are limited to the product range of an approved panel of risk insurance providers for Life Risk Insurance Product recommendations.

Planning for Life Pty Ltd is 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.

Contact us

For more information on anything you have read in this FSG, to obtain a copy of our privacy policy or if there is anything else we can help you with, please contact us at:

First Floor, 141A Beverley Street,

Doncaster East, VIC 3109

phone:       (03) 8841 3111

fax:            (03) 9842 1333

e: enquiries@planningforlife.com.au

www.planningforlife.com.au

Privacy Notification

How we manage your personal information
We are grateful for the trust and confidence you have in us to safeguard your privacy. This notification covers us and tells you how we collect your information, what we use it for and who we share it with.  It also points out some key features of our Privacy Policy. For a copy of our Privacy Policy, please ask us.

If you would like more information about our Licensee GWM Adviser Services (and other members of the NAB Group), please also refer to the National Australia Bank   Privacy Policy available at www.nab.com.au/privacy).

Collecting 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 information;
  • 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 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 provide 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:

  • other 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;
  • 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); and
  • where you have given your consent.

We run our business in Australia. In order to provide you with our services however, we may share your information with organisations outside Australia (for example information technology service providers). You can view a list of the countries in which those overseas organisations are located in our Privacy Policy.

We may also store your information in the 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);

Some of the information exchanged will be stored and visible within NAB Group customer databases; with some of these databases being accessible to MLC Limited for a transition period. All information stored in these databases is subject to NAB’s privacy policy as well as NAB Group’s security procedures and controls.

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
You can gain access to your personal information that we hold about you. This is subject to some exceptions allowed by law. We will give you reasons if we deny access. You can find out how to access your information by reading our Privacy Policy, available by contacting us.

Correcting your information
You can ask us to correct information we hold about you. You can find out how to correct your information by reading our Privacy Policy or by contacting us.

Complaints
If you have a complaint about a privacy issue, please tell us about it. You can find out how to make a complaint and how we will deal with these complaints, by reading our Privacy Policy (by contacting us) or by referring to the ‘Your confidence in our advice’ section of this FSG.

Further information
If you have any questions or comments about our Privacy Policy and procedures, please contact us by using the contact details set out in the ‘Contact US’ section of this FSG.

For more information about your privacy, you can also visit the Office of the Australian Information Commissioner’s website at www.oaic.gov.au

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:

Email: advice_complaints@mlc.com.au

In writing:

Advice Resolutions Team

GWM Adviser Services Limited

Level 2, 105 – 153 Miller Street

North Sydney, NSW 2059

Phone: 1800 611 950

If your complaint isn’t resolved within 45 days or to your satisfaction, then you may refer the matter to the Financial Ombudsman Service (FOS), an independant complaints handling body. We are a member of FOS. FOS provides a free, accessible, fair and independent dispute resolutionservice to consumers. You can contact FOS on:

Email: info@fos.org.au

In writing:

Financial Ombudsman Service

GPO Box 3

Melbourne VIC 3001

The Manager

Website: fos.org.au

Phone: 1800 367 287

GWM Adviser Services Limited holds professional indemnity insurance that satisfies the requirements (Section 912B) of the Corporations Act. This insurance also covers the conduct of our advisers who were authorised by us at the time of providing your 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 loan product; 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, our advisers may receive benefits from product providers.

Conferences
 We may attend conferences subsidised in whole or part by product providers. Eligibility to attend may be based on business revenue targets as well as achieving our internal quality standards and accreditations. GWM Adviser Services Limited may also receive sponsorship payments from product providers to subsidise our own conferences and professional development events.

Non-monetary benefits
 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.

Commissions received by our Licensee from product providers

GWM Adviser Services has ongoing commission arrangements with a number of risk insurance providers. Where you acquire a risk insurance policy issued by AIA, Zurich, Colonial First State One Path and Macquarie the insurer may pay GWM Adviser Services a commission payment which based on total in-force premium and lapse rates for risk insurance policies recommended by all advisers within GWM Adviser Services adviser network. The payments received by GWM Adviser Services may be up to 2% of the premium amounts paid by policy holders to the relevant insurer. As this amount is calculated in the future, we cannot provide an exact amount at this time; however, as an example, if as a result of services provided to you by GWM Adviser Services, a participating insurance provider receives $5,000 in premium, then  GWM Adviser Services will receive up to $100 as a commission (2% of the premiums held).

The above payments are not shared with your adviser. These payments do not represent an additional charge to you and your adviser will disclose in your Statement of Advice insurance products for which these arrangements may apply.

Distribution Allowance

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 your adviser and does not represent an additional charge to you.

Referrals
 If you have been referred to us or we refer you to someone else, we may have arrangements in place to or receive a referral fee, commission, or other benefit.

This is generally:

  • a fixed fee;
  • a proportion of any initial and/or ongoing fees or commissions; or
  • a combination of both

Details of any arrangement will be provided in our advice to you.

How we charge for our services

All commissions and fees are inclusive of GST.  Fees could be greater than those disclosed above in complex cases.  In these instances, we will inform you of the exact fee payable promptly in writing.

Initial consultation At no cost to you.
Advice preparation If you elect to pay us a fee for advice the following fees will apply. The fees will depend on the size of the investment portfolio and the complexity of the advice:

The minimum fee charged is $2,200 while the maximum fee is $8,250.

For example, complex advice that contains multiple goals, strategies and/or tax structures, including but not limited to self-managed superannuation funds and family trusts, are charged closer to the maximum. Less complex advice that addresses limited goals, strategies and tax structures is likely to be charged closer to the minimum.

Ongoing fee for advice If you elect to pay a fee for the ongoing review of your financial planning strategy, the ongoing fee is based on the complexity of ongoing advice and the services provided.  The minimum fee is $1,750 while the maximum is $8,250.

 

Borrowed funds – if we recommend you acquire investments using borrowed funds then your ongoing fee will be a minimum of $1,750 and a maximum of $8,250.

 

The ongoing advice fee will be based on the level of service needed and the complexity of the advice. Complex advice requirements include the use of trusts and ownership structures, overseas assets or incomes, executive options or multiple investment entities. The frequency of the review will also impact on the fee charged.

Ad hoc advice Where you do not wish to participate in an ongoing service fee arrangement but require ongoing advice on an ad hoc basis, an hourly fee of between $165 and $330 may apply.
Execution only service Where we provide a financial service to facilitate buyimg or selling of a specific financial product as instructed by you, a one-off minimum of $250 and a maximum of $500 fee may apply.
Insurance products The relevant insurer will pay initial commission between 0% and 130% and ongoing commission between 0% and 33% of the annual premium for as long as you hold the product.

Commissions are paid to us by the product provider and are not a direct cost to you.

Pre-existing arrangements For existing clients already in an established commission arrangement, we may receive commission on investment products held. The relevant product issuer will pay initial commission between 0% and 5.5% and ongoing commission between 0% and 0.88% of the value of your investments for as long as you hold the product. Commissions are paid to us by the product provider and are not a direct cost to you.