Financial Services Guide

Introduction

The purpose of this Financial Services Guide (FSG) is to provide you with important information before a financial service is provided to you, so you can make an informed decision about using our services. Please take the time to read it and keep it safely with your other documents.

This FSG is issued on 31st July 2023, by:

BWG Financial Planning PTY LTD

[Advisor AR Number 296128]

admin@bwgfp.com.au

This FSG explains the products and services provided by The Licensee, your Adviser’s relationship with The Licensee, other important information about remuneration received for services, and how we handle any complaints.

The Licensee and your adviser

When you engage with a financial adviser in Australia, to provide financial advice they need to either hold their own Australian Financial Services License (AFSL) or be authorised to provide advice through a licensee.

The Licensee provides a range of services and support to its advisers such as technical, software, educational and administrative resources to assist them in providing you advice.

Your adviser

Your adviser will provide you with an Adviser Profile when they provide you with this FSG. Their Adviser Profile is an important document that sets out the services they can provide you and exactly what types of financial advice and other services we have authorised them to provide.

It will also contain details of their Authorised Representative number to enable you to find out details about them from the MoneySmart Financial Adviser Register.

Our financial services

The Licensee is licensed under the Corporations Act 2001 (Cth) to provide financial product advice and to deal in a range of financial products within the following classes of financial products:

• Basic and non-basic deposit products
• Debentures, stocks and or bonds issued or proposed to be issued by a government.
• Life products including investment life insurance products as well as any products issued by a Registered Life Insurance Company
• Interests in managed investment schemes including investor directed portfolio services.
• Retirement savings accounts (“RSA”) products

(within the meaning of the Retirement Savings Account Act 1997)

• Superannuation, including Self-Managed Superannuation Funds
• Securities
• Standard margin lending facilities
• Managed Discretionary Accounts

Refer to the Adviser Profile for the specific authorisations we have granted your adviser.

Absence of Independence

We are unable to call ourselves independent. The law prevents most advisers from using such words as independent, unbiased, or impartial.

If, for example, an adviser gets paid a commission to help a client arrange insurance or work within a functional restriction such as an Approved Product List, they are prohibited from calling themselves independent. Most advisers who receive insurance commissions charge their clients little (if anything) for the advice and service. Advisers within The Licensee receive these commissions.

So, although we always put your interests before ours when giving advice we cannot (by law) call ourselves independent, unbiased, or impartial.

How does your adviser provide you advice?

If your adviser provides you with personal advice that takes into account your objectives, financial situation or needs, you will receive a Statement of Advice (SoA).

The SoA will contain the advice, the basis on which it is given and more specific information about remuneration and any associations that may have influenced the provision of the advice by your adviser and other relevant persons. If you receive further financial advice from your adviser, they will produce either another Statement of Advice or Record of Advice (RoA).

You can request a copy of these by contacting your financial adviser any time up to seven years from the date the advice was provided.

If your adviser recommends specific investment, insurance, or other financial products to you, they must provide you with a relevant product disclosure statement (PDS) and/or product brochures that includes information to enable you to make an informed decision about a financial product, such as its key benefits, risks and costs associated with the product. Whenever you are provided with such documents you should read them carefully and, in their entirety, and consult your adviser if you have any questions.

You are not obliged to act on your adviser’s advice, but if you do decide to follow their recommendations, they will help you complete the relevant documents to implement your financial strategy.

What do we and your adviser expect from you?

For your adviser to be able to provide you with advice that is appropriate to your circumstances you need to:

• Provide them with accurate information about your financial needs, circumstances and goals
• Read all supporting documents such as PDSs provided to ensure that you make informed financial decisions
• Inform your adviser of any changes that may influence the type and nature of advice they would provide and that is relevant to your current circumstances and future objectives
• Keep them informed of your current contact details at all times

You may choose to not provide your adviser with some information. In such circumstances, you will need to consider the appropriateness of advice provided to you before you act upon the advice. You should carefully read any warnings contained in your advice document.

Before providing advice, your adviser requires that you agree on the subject matter of the advice to be provided. For example, you may seek advice on just superannuation, or just insurance, rather than a comprehensive strategic financial plan. This will generally be agreed to and documented in the ‘Fact Find’ document or a service agreement.

When you decide to act on advice provided to you, your formal consent to proceed with the advice is required. Generally, your adviser will require that you sign an Authority to Proceed (ATP). In signing an ATP, you will be confirming that you understand both the advice you have received, and the benefits, risks and costs associated with the products or services recommended to you.

As a financial services provider, we and your adviser have an obligation under the Anti-Money Laundering and Counter Terrorism Financing Act to verify your identity and the source of any funds. This means that your adviser will ask you to present identification documents such as a passport or driver’s license. They and we will also retain copies of this information. This information will be held securely.

We and your adviser cannot provide you with services if you are unwilling to provide this information.

How can you give instructions to your adviser about your financial products?

You may specify how you would like to give us instructions. For example, you may nominate to instruct us to act by telephone, fax, email or other.

How are we and your adviser paid for the services provided?

Your adviser may provide an introductory or initial meeting free of charge.

After the first meeting, your adviser will discuss the fees and charges that will be applicable to your individual circumstances.

Due to the varying nature of individual client situations, the fee your adviser charges for plan preparation, implementation, and ongoing access to support and review services will vary. Your adviser will structure and disclose this on an individual basis.

There are different styles of fees that your adviser may charge you and they will discuss the most appropriate method with you, prior to you proceeding with obtaining and implementing their advice.

Fee for Service

This fee is an agreed rate on an estimation of your adviser’s timed costs and effort.

Hourly Rate

Your adviser may charge an hourly rate for services, and this will be discussed with you prior to proceeding.

Ongoing Fee Arrangements

If your adviser has an ongoing fee arrangement with you which exceeds 12 months, then you will receive a Fee Disclosure Statement (FDS) from them annually.

Your FDS will set out the fees you have paid, the services that they were contracted to provide and what they did provide (and or what you accessed) over that period in addition to fees and services for the following 12 months.

Your adviser will also send you a renewal notice requesting your consent to continue to provide services to you. You must provide your consent within the appropriate timeframe in order for your adviser to continue to provide services to you.

Important

Your adviser can provide you with advice on how to manage your finances, but you are responsible for making your own financial decisions.

It is important that you keep your login details confidential to protect your personal information and financial assets. You should not share your login details with your adviser.

Combination of Fees and Commissions

Full disclosure of all remuneration will be contained in the Statement of Advice that your adviser will prepare for you. However, you will not be charged unless you have agreed to engage their services. You can pay in the following ways:

• Deductions from your investment as a one-off and/or ongoing payment or in instalments
• Direct invoice for initial and ongoing advice
• Commission we (and therefore your adviser) may receive from a financial product provider when you commence an insurance contract
• A combination of the above

Superannuation and investment products

Your adviser may receive adviser service fees, or ongoing fees for the advice and services provided to you. Investment and superannuation product providers generally, deduct their costs from the investments. Some products or platforms have additional fees.

Life insurance products

Your adviser may receive up-front commission of up to 60% (exclusive of GST) of your first annual insurance premium for arranging your cover. In addition, your adviser may receive, after the first year, an ongoing annual commission of up to 20% (exclusive of GST) of your annual insurance premium. Note that where commissions are the same for initial upfront and ongoing annual commission (i.e. level commissions) the above commission caps do not apply.

These commission payments are made by the relevant product issuers and are not an additional cost to you. However, your adviser may charge a fee for the initial advice and ongoing adviser services. Insurers can deduct premiums directly from you or from your superannuation account balance.

If you do not continue with a purchased life insurance product for a full 24 months, the commission received by The Licensee and the adviser is returned to the insurance company, in full or part, and you may then be invoiced for this amount.

Services NOT provided

Your adviser, in their capacity as an Authorised Representative of Synchron Advice Pty Ltd (AFSL 243313), is not authorised for the following services:

• Self-Managed Super Fund administration and/ or audit, including the preparation of annual financial statements
• Accounting and tax agent services
• Arranging or transacting on mortgages or other loans
• Paying bills on your behalf and or control of your bank accounts

While your adviser may provide services through a related entity, in cases where they do, it is not under any authority issued by Synchron Advice Pty Ltd. The client acknowledges that Synchron Advice Pty Ltd accepts no liability for any such services that may be provided.

What other payments and benefits may The Licensee, and your adviser receive?

Sometimes in the process of providing advice and other financial services, The Licensee or your adviser may receive benefits from product providers such as sponsorship of events, subsidised educational conferences, rebates, bonuses, preferred product rates or other fees.

Non-monetary benefits

These benefits are discretionary in nature and relate to future events. It is therefore not possible to provide an estimated dollar value on these benefits at this point in time. Advisers may receive benefits from associated Licensee companies or product providers such as:

• Educational conferences and seminars
• IT software or support
• Non-monetary benefits such as business lunches, tickets to sporting and cultural events, or other minor benefits. However, these benefits cannot be accepted on a frequent or regular basis or over the value of $300.

Each adviser must keep a register of benefits received. If you would like to see a copy of our registers, you can contact us or your adviser directly.

How will I know what is payable?

All fees and charges will be discussed and agreed between you and your adviser prior to providing and implementing their services. Any remuneration paid to The Licensee, or your adviser for advice, or by a product provider that relates to a financial product recommendation, will be disclosed in the advice document provided to you. Unless otherwise noted, all fees are inclusive of GST.

How are fees paid to The Licensee and your adviser?

The Licensee initially receives all fees from clients and product providers and distributes them to financial advisers and their practices after our fees and other expenses are deducted. The Licensee generally retains a percentage of fees paid under its arrangements with advisers.

Referral fees

We or your adviser may pay a referral fee to a third party for referrals. Further information about referral fees, including our reasonable estimate of the amount of any fees payable and how it is calculated is available from your adviser or us on request and may be included in a Statement of Advice that your adviser will supply to you.

How do we protect your privacy?

The Licensee is committed to protecting your privacy. The purpose of our Privacy Policy is to ensure that you understand the ways in which we collect, maintain use, and disclose your personal information and how we comply with the Australian Privacy Principles.

We and your adviser maintain a record of your personal profile that includes details of your investment objectives, financial situation and needs.

We and your adviser also maintain records of any recommendations made to you. If you wish to examine your file, you should ask your adviser (or us) so arrangements can be made for you to do so.

We are committed to implementing and promoting a privacy policy which will ensure the privacy and security of your personal information. Our Privacy Policy is available on request.

What if I have a complaint?

We are committed to ensuring that your adviser provides you with quality advice. This commitment extends to providing accessible complaint resolution mechanisms should you be dissatisfied with the service you receive.

If you have any complaint about the service provided to you, you should take the following steps:

• Contact your adviser and tell your adviser about your complaint. Most issues occur through miscommunication, and it is your adviser’s responsibility to ensure you understand what is happening, including the strategies, products, and services they provide you. We encourage you to contact your adviser first.
• We will acknowledge your complaint within 24 hours.
• If your complaint is not satisfactorily resolved within 5 days please contact The Licensee by phone, mail or email and we will work to resolve the matter within 30 calendar days from initial complaint.
• You can also lodge your complaint directly with The Licensee by emailing complaints@wtfglimited.com
• If you are dissatisfied with the outcome, you have the right to lodge a complaint with the Australian Financial Complaints Authority, an approved external dispute resolution scheme, of which The Licensee is a member.

Australian Financial Complaints Authority GPO Box 3, Melbourne VIC 3001 Telephone: 1800 931 678

Email: info@afca.org.au

Website: www.afca.org.au

The Australian Securities & Investments Commission (ASIC) also has a free call Info line on 1300 300 630 that you may use to make a complaint or obtain information about your rights.

What kind of compensation arrangements do we have?

The Licensee confirms that it has arrangements in place to ensure it continues to maintain Professional Indemnity insurance in accordance with s912B of the Corporations Act 2001. This insurance also covers the conduct of financial advisers who were authorised by us but are no longer so.