25 April 2020 v2.1
This Financial Services Guide describes our financial planning and advisory services to assist you to decide whether to use our services. It describes how we are remunerated, our professional indemnity insurance and how we handle any complaints you may have.
We may give you other documents when providing our services. These may include:
• Statements of Advice – If we provide you with advice about your personal circumstances, we will set out our advice in a Statement of Advice (or in some cases, a shorter document called a Record of Advice). This will also tell you how we will be remunerated for the advice we give you. When we provide further advice to you, we may not give you a Statement of Advice, however we will record the advice and you can ask us for a copy of the advice by calling us.
• Product Disclosure Statements – If we recommend that you acquire a financial product, we will also provide you with a Product Disclosure Statement containing information about the product’s features and risks.
Ballast Financial Planning Pty Ltd are an authorised representative of Australian Financial Services (AFS) licensee AD Advisory Services Pty Ltd, AFSL No. 237058.
Our high quality financial planning and advisory services can assist you to:
• Identify your financial and investment objectives, taking into account your current financial position and personal circumstances;
• Help you to develop financial goals and investment strategies;
• Advise you how to implement your investment strategies; and
• Recommend and arrange financial products that are suitable for your needs.
We provide advice in the following areas:
• Cash Management – budgeting, debt management
• Superannuation – consolidating or optimising superannuation, finding lost superannuation
• Life Insurance – personal or business succession
• Investment – full financial plan, one off investment
• Retirement – transition to retirement, social security advice, aged care planning
• Retirement planning – income and investments
• Standard Margin Lending
• Estate Planning
The financial products we can arrange for you include:
• Managed investment schemes
• Deposit and payment products
• Investor directed portfolio services
• Government debentures, stocks and bonds
• Standard Margin Lending
• Retirement savings accounts
• Life risk and investment products
Your Adviser may only be authorised to provide advice in some of the above areas. Please note that only products approved by our AFS License holder may be recommended by your Adviser.
If you hold a specific product which is under a class of product not covered by our AFS License holder, your Adviser may be able to review and possibly advise you on this product even though it is not on our Approved Product List (APL). However, your Adviser will not be able to deal in, write or arrange further business on this product if it:
• is not on our APL;
• is part of any arrangement where your Adviser can make changes to your portfolio before obtaining your consent unless they are specifically authorised to do so; or
• is a product on which your Advisor is not authorised to provide advice.
Our AFS License holder researches a broad range of products and select those that are worthy of recommendation to our clients. We also review the performance of those products periodically to ensure they remain competitive and will meet your ongoing needs.
We act for you when giving advice and arranging financial products.
Your Adviser may also conduct separate business activities such as accounting, mortgage advice and other services not provided under our AFS Licence. We are only responsible for the financial products and services described in this FSG and on our APL. Your Adviser must declare whether they are a registered (tax) Adviser and the tax (financial) advice service they are authorised to provide.
HOW CAN YOU DEAL WITH US?
You can deal with us in person, by phone or email. It is important that you provide us with complete and accurate information about your circumstances and you take the time to check any assumptions we make and the basis for our advice. If you don’t our advice may not be appropriate for your needs.
Naturally, your circumstances may change over time. When this happens, our initial advice and recommendations may no longer be appropriate for you. We can periodically review your financial position, personal circumstances, financial goals and investment strategies to decide whether those strategies and goals and the financial products you hold are appropriate. Or, you can contact us for a review when your circumstances change.
HOW WE ARE PAID
Both we, and your Adviser receive remuneration from:
• service and advice fees paid by you;
• remuneration and other payments paid by product providers; and
• other benefits.
All fees and remunerations must be paid to our AFS License holder, who may retain a percentage of these payments.
These are then forward on to us and our Adviser to receive their share of the fee or remuneration.
No fee or remuneration is allowed to be paid to us or your Adviser directly or by way of direct debt to our or your Adviser’s account.
The amount of any fees and charges, any initial and ongoing commissions for the products you purchased as a result of our recommendation to you will be detailed in your Statement of Advice (SoA).
Remuneration and other payments paid by product providers
If you implement a financial product through us, we may receive payments in the form of initial remuneration and/or ongoing remuneration from the financial product providers. These remunerations are included in the fees and premiums you pay for the product.
This is not an additional cost to you.
Financial planning and investment services
Our fees for financial planning and investment services depend on the type of services we provide to you.
• Initial advice fee – For our initial review and advice, we charge a fee of between $480 to $4,800 incl GST, depending on the complexity of your situation.
• Implementation fee – For implementing our recommendations, we charge a fee of between $175 per person to $550 per person incl GST, depending on the extent of the work required.
• Ongoing advice fee – If you ask us to provide ongoing review and advice services, we will charge between $75 per month – $1,100 per month depending on the ongoing services provided to you:
• Share transactions – If we recommend you buy or sell shares, we will charge a fee of 0.5% of the value of the trade for all Australian Equities and a fee of 1% or (Minimum $800HKD, $70USD, $90EUR, $80GBP) for all International Equities when we arrange it for you (in addition to the brokerage charged by your stockbroker).
Life Insurance services
If we arrange life insurance for you, we will receive a commission from the insurer with whom we place your insurance. The amount is a percentage of the premium (excluding taxes and statutory charges) and is included in the premium quoted to you. We will tell you the amounts that we will receive (or if we do not know, the way our remuneration will be calculated) when we advise you about your insurance requirements. This commission is included in the premium for the policy.
No remuneration is payable on group insurance policies held within your superannuation that commenced after 1 July 2013. For group insurance policies within superannuation that commenced prior to 1 July 2013, remunerations may be received. Remunerations may also be received in relation to retail insurance policies held within superannuation irrespective of the date of commencement.
If we advise on insurance within a superannuation fund, we will charge you a fee of between $480 – $2,800 incl GST, depending on the type of insurance. This fee is payable in addition to the premium.
At the end of the financial year, we / our AFS licensee may receive a profit share commission from various insurers depending on the performance and profitability of the portfolio we place with the insurer(s).
Some product issuers may give us, your Adviser or our licensee other benefits such as training seminars or sponsor sporting events. These benefits may change from year to year.
We will maintain a register to record any alternative forms of remuneration or benefits that we may receive that exceed a value of between $100-$300.
WHO WE PAY?
We will ask you to agree that we, and our Advisers, receive a share of the fees you pay, or the commissions received, for our services to you.
Our Advisers are paid an annual salary.
If you were referred to us, we may pay the person who referred you up to 10% – 30% incl GST of the remuneration we receive for providing services to you. We can tell you the amount that we will pay when we know what it is. We pay these fees from the commissions received, or fees charged to you. These referral fees do not represent an additional cost to you, nor do they affect the performance of your investment or product, or the premiums you pay.
CONFLICTS OF INTEREST
Bateau Asset Management Pty Ltd is also a Corporate Authorised Representative of AD Advisory Services Pty Ltd. This entity is the Investment Manager for Bateau Global Opportunities Fund. Both Ballast Financial Planning Pty Ltd and Bateau Asset Management Pty Ltd currently have the same shareholder.
We may provide advice on investments we hold in our own personal portfolios.
Where we recommend a product or a service operated by a related company or our AFS licensee, or we arrange for you to participate in an initial Public Offer (IPO) underwritten by a related company of our AFS licensee, or an associated business relationship we, your Adviser or our AFS licensee may receive a fee for that product or service. When applicable, your Adviser will refer to this in any advice document provided to you.
We may refer you to Ballast Accountants Pty Ltd if you need help with Accountancy/Tax services. One of our directors is also a director / shareholder of Ballast Accountants. We / receive $0 if our clients use their services.
We operate under license an online portfolio administration service Ballast Superannuation Management from which we earn fees. We may offer this service to you if you require portfolio administration services and we will charge a fee for this service.
Within the group of companies of our AFS Licensee there are common directorships. Directors receive an annual remuneration for the provision of their services to the relevant company.
OUR PROFESSIONAL INDEMNITY INSURANCE
Our AFS licensee has professional indemnity insurance in place which covers us for any errors or mistakes relating to our financial planning services. This insurance meets the requirements of the Corporations Act and covers the services provided by our Advisers, our authorised representatives and/or referrers after they cease working with us provided we notify the insurer of the claim when it arises and this is done within the relevant policy period.
WHAT TO DO IF YOU HAVE A COMPLAINT?
If you wish to complain about our services, you can either discuss the matter with your Adviser or contact our Complaints Officer on 1300 853 764. We will acknowledge receipt of your complaint immediately, and attempt to resolve it within 45 days.
Our AFS licensee is a member of the Australian Financial Complaints Authority, an external dispute resolution scheme. If you are not satisfied with the manner in which we handle your complaint, you are entitled to take your complaint to them. Their contact details are found on the website at www.afca.org.au or free call 1800 931 678. You can access this scheme for free and any decision they make is binding on us, but not on you.
HOW CAN YOU CONTACT US?
We can be contacted at:
Ballast Financial Planning Pty Ltd
ABN: 68 160 842 133
AR No. 1261619
9/233 Berrigan Drive, Jandakot WA 6164
Ph: 08 9417 4727
Authorised Representative/Advisor— Tara Roberts
AR No. 1269564
Ph: 08 9417 4727
Our AFS licensee—AD Advisory Services Pty Ltd
ABN: 68 005 830 802
AFS Licence No: 237058
Level 9, 488 Queen Street, Brisbane, QLD 4000
Ph: 1300 853 764
HOW WE PROTECT YOUR PRIVACY?
If you don’t provide us with full information, we can’t properly advise or assist you with your financial service’s needs.
If you request us to provide you with services or monitor your accounts via the internet while you are in the European Union (EU) you will need to provide us with written consent to do so, as you may have different rights while in the EU.
If your Adviser leaves us and starts providing financial services under another AFS License, your information may be transferred to the new licensee. You will be advised of any such transfer prior to it taking place and you will be given the opportunity to remain with one of our or our AFS Licensees Advisers if you prefer to do so.
We, our Advisers or our AFS Licensee may disclose your information to recipients in the United States of America for the purposed of required transaction notifications (E.g. Form W-8 BEN). We, our Advisers or our AFS Licensee may also store your information in the internet ‘cloud’ and external data storage providers or other companies to backup and ad-hoc store our electronic data. Therefore, your information may be disclosed to recipients in overseas countries. We, our Advisers or our AFS Licensee, will not be accountable for any recipient’s breach of Australian privacy laws and you will not be able to seek redress under those laws.
ANTI-MONEY LAUNDERING AND COUNTER TERRORISM
As a financial service provider, we and our AFS license have an obligation under the Anti‐Money Laundering and Counter Terrorism Finance Act 2006 (Cth) to verify your identity and the source of any funds. This means that we will ask you to present identification documents to meet assessment requirements such as your passport or driver’s license and other documents, if applicable. We will also retain copies of this information. In connection with providing our services to you, we may disclose the information you have provided to our AFS licensee, Regulators, other professionals such as financial institutions, insurance providers, superannuation trustees, product issuers and our service providers.