Financial Services Guide
20 April 2020
Financial Services Guide
This Financial Services Guide (FSG) is issued with the authority of TWD Licensee Services Pty Ltd ABN 88 605 064 480 Australian Financial Services Licence No.475964 (TWD Licensee Services). It is designed to clarify who we are and what we do, and help you decide whether to use our services.
This FSG must be read in conjunction with an Adviser Profile as it forms part of this FSG. The Adviser Profile provides detailed information about your financial adviser, such as their contact details, education and professional qualifications, and the types of financial products they can advise and deal in. This guide is only complete when you also have an Adviser Profile.
This FSG contains information about us and:
• Fees and charges and how you can pay for our services;
• The advice and services your financial adviser can provide;
• Details on how you may instruct your adviser;
• Who will be responsible for providing the financial services;
• Documents you may receive;
• How TWD Licensee Services Pty Ltd and your financial adviser is paid for the financial planning services provided to you;
• Any associations or relationships that could create a potential conflict of interest;
• Details of who to contact should you not be satisfied with our advice and services;
• Compensation arrangements we have in place; and
We hold an Australian Financial Services Licence No.475964 (AFSL) issued by the Australian Securities and Investment Commission (ASIC). TWD Licensee Services Pty Ltd is responsible for the advice and conduct of your financial adviser as set out in this FSG. TWD Licensee Services Pty Ltd provides your adviser with research, training, compliance, technical and operational support.
Our associated business, TWD Australia Pty Ltd (ACN 627 192 321), is a Corporate Authorised Representative (CAR), (ASIC number 1266864) of TWD Licensee Services Pty Ltd and is authorised to provide financial services on behalf of TWD Licensee Services Pty Ltd.
TWD Australia Pty Ltd provides a range of financial advice and assistance to help people grow, manage and protect their wealth. Your adviser provides expert professional advice to help you achieve what you want out of life. The Adviser Profile provided with this guide has specific information about your adviser.
Other documents you may receive
In addition to this FSG, 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, advantages, risks and disadvantages of the advice, disclose any fees and/or commissions we will receive and any associations we have with financial product providers (or other parties) that may influence our advice.
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.
We will also provide you with a Product Disclosure Statement (PDS) or offer document for all financial products we recommend, where applicable, to help you make informed decisions.
If you enter into an ongoing fee arrangement that exceeds 12 months, then you will receive a Fee Disclosure Statement from us annually setting out the fees you have paid to us,
the services that we contracted to provide and what we did provide to you over that period. Additionally, every two years we will send you a Renewal Notice requesting your consent for us to continue to provide services to you.
Financial Services & Products
TWD Licensee Services Pty Ltd is licensed to advise on and deal in the following classes of financial products to both retail and wholesale clients:
• Basic Deposit Products
• Non-basic Deposit Products
• 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
What Advice Is Available to You?
We can provide you with advice and services in relation to the following areas:
• Wealth Accumulation
• Life and disability insurance
• Income Protection
• Trauma Insurance
• Business Insurance
• Super vs non-super
• Budgeting & Cash flow management
• Income Streams
• Aged Care
• Tax Strategies
• Retirement & Redundancy Planning
• Dollar cost averaging
• Non-super investing
• Borrowing to invest
• Margin Lending
• Portfolio construction
• Estate Planning
• Structuring Advice – Trusts, Companies & Small Business
• Self-Managed Superannuation
• Government Benefits
• Debt Management
• Charitable Giving & Philanthropy
We maintain an Approved Product List (APL). Subject to attaining required accreditation, your financial adviser can recommend any product on the APL. There may be instances where your financial adviser will need to consider products outside of the APL. In these cases, your adviser may apply
to obtain licensee approval.
What we need from you
It is important that you provide us with accurate and complete information about your personal and financial circumstances, goals and objectives so that we can provide advice that is in your best interests.
We also need you to inform your financial adviser if there are any changes that may influence your future objectives and/or may have an impact on your financial plan.
You have the right not to provide us with the above information. However, if you do not, the advice you receive may not be appropriate to your objectives, financial situation and needs.
You should carefully consider any verbal warnings and read the information and warnings contained in advice documents before making any decision relating to a financial product or advice.
As a financial services provider, we have an obligation under the Anti-Money Laundering and Counter Terrorism Finance Act to verify your identity and the source of any funds. This means that we will ask you to present identification documents such as passports and driver’s licence. We will also retain copies of this information. We assure you that this information will be held securely. We cannot provide you with services if you are unwilling to provide this information.
If you enter into an ongoing service agreement you must opt-in every two years for us to continue to provide services to you.
What information do you maintain in my file and can I examine my file?
We maintain a record of your personal profile including details of your objectives, financial situation and goals. We also maintain records of any recommendations made to you. If at any time you wish to examine your personal information, you can contact your financial adviser.
Giving us your instructions?
You can give us instructions or information verbally or in writing, for example by mail, telephone or email. In some situations, we will require your instructions to be in writing.
In an attempt to expedite the financial planning process, we may ask our clients to sign documents electronically in certain circumstances. We will firstly ask for your consent however if you change your mind at any time, please contact our office. Please Note: It is very important that you keep us informed of any change in your e-mail address. Please contact us as soon as possible regarding such changes.
How are we paid for the services we provide you?
Your financial adviser can be paid by fees for superannuation and investment products, or commissions for retail insurance products, or a combination of both. Your financial adviser will discuss & agree both the rate & method of payment with you before any financial services are provided.
Where you receive personal advice, your SOA or ROA will detail all remuneration & other benefits associated with the advice.
All fees & commissions disclosed in the SOA or ROA are payable to TWD Licensee Services. Your financial adviser’s practice pays TWD Licensee Services a monthly service fee. In return, TWD Licensee Services pays 100% of all fees & commissions it receives to your financial adviser’s practice.
Further details relating to TWD Australia’s range of amounts of fees and commissions are set out below.
All fees and commissions received by TWD Licensee Services are subject to GST.
How you are charged for advice
Our initial meeting is free of charge. After the first meeting, your financial adviser will discuss the fees and charges that will be applicable to your individual circumstances.
Advice & Service Fees
We only charge a fee where we believe we can add significant value to our client’s affairs. The fee is always quoted in advance and is based on the time and complexity of all the work that we are assigned to undertake as part of our relationship.
First year fees for the cost of research, strategy development, advice preparation and implementation generally range from $3,300 to $22,000 depending on complexity.
The fees for providing our ongoing professional services to you will also depend on complexity but generally range between $2,750 and $33,000.
Legacy Investment Arrangements
For existing clients already in an established commission arrangement, we may receive commission on investment products or margin lending products held. For investment products the relevant product issuer will pay initial commission between 0% and 5.5% and ongoing commission between 0% and 1.1% of the value of your investments for as long as you hold the product. For margin loans the relevant product issuer will pay an ongoing commission between 0% and 0.88% of the outstanding loan balance. Commissions are paid to us by the product provider and are not an additional cost to you.
Legacy Retail Insurance Product Commissions
We no longer receive upfront or ongoing commissions for our insurance advice. However, if we are the servicing adviser, we may receive ongoing annual commission of up to 33% (exclusive of GST) of your annual insurance premium on legacy products. These commission payments are made by the relevant product issuers and are not an additional cost to you.
TWD Australia Pty Ltd may rebate all commissions in respect of the services or products you acquire or hold.
What other benefits can we receive?
TWD Licensee Services Pty Ltd and/or its advisers may receive non-monetary benefits from product providers and other similar parties where:
• The amount is less than $300 and identical or similar benefits are not given on a frequent basis;
• The benefit has a genuine education or training purpose (including attendance to conferences) and is relevant to providing financial product advice; and/ or
• The benefit consists of the provision of information technology software or support and is related to the provision of financial product advice in relation to the financial products issued or sold by the benefit provider.
Any benefit that is material to our advice to you will be disclosed in your SOA or ROA. Payments or benefits received are disclosed in a register. A copy of the register is available upon request.
Do any relationships exist which might influence the service or advice I receive?
TWD Licensee Services Pty Ltd is not owned by any Fund Manager, Insurance Issuer or financial institution.
TWD Asset Management Pty Ltd (TWD Invest) is a Corporate Authorised Representative of TWD Licensee Services and a related entity to TWD Australia Pty Ltd. TWD Australia Pty Ltd pays TWD Invest fees for providing portfolio management and administration services to the Practice.
TWD Licensee Services has an arrangement with CommSec. CommSec transaction costs are approximately 0.15% or a minimum of $29.95 on each transaction. This includes a CommSec brokerage fee of 0.09% or a minimum of $19.95; and a TWD Invest execution fee of 0.06% or a minimum of $10.00.
TWD Licensee Services has an arrangement with Desktop Broker/Bell Direct. Desktop Broker/Bell Direct share transaction costs are approximately 0.15% of the value of the trade or a minimum of $28.00 on each transaction. This includes a Desktop Broker/Bell Direct brokerage fee of 0.077% (or a minimum of $18.00) and a TWD Invest execution fee of 0.073% (or a minimum of $10.05).
What Should You Do If You Have A Complaint?
Your satisfaction is very important to us and we have procedures in place to resolve any concerns promptly and fairly.
If you are unhappy with the advice you receive, or other aspects of our service please contact your financial adviser & tell them about your complaint. If your complaint is not satisfactorily resolved within 3 working days, please contact our Complaints Manager so we can act on it immediately.
You can let us know about your complaint by telephone, email or letter using the contact details below.
Phone: 1300 893 000
Postal address: PO Box 539, West Perth WA 6872
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), an independent complaints-handling body. We are a member of the AFCA. AFCA provides a free, accessible, fair and independent dispute resolution service to consumers.
You may lodge a complaint with the Australian Financial Complaints Authority:
Phone:1800 931 678
Mail: Australian Financial Complaints Authority GPO Box 3 Melbourne VIC 3001
TWD Licensee Services Pty Ltd holds professional indemnity insurance that satisfies the requirements of the Corporations Act. This insurance also covers the conduct of advisers who were authorised by TWD Licensee Services Pty Ltd at the time of providing the advice but are no longer representatives at the time of your complaint.
Your adviser is required to maintain physical or electronic records of documentation for any financial advice given to you, including information that personally identifies you and/or contains information about you.
These records are required to be retained for at least seven (7) years. If you want to access your personal information at any time, please let us know.
You have the right to not to provide personal information to your adviser. However, in this case, your adviser will warn you about the possible consequences and how this may impact on the quality of the advice provided. Additionally, your adviser may also decline information to proceed.
This Policy is located at: www.twd.com.au/privacy-policy/
TWD Licensee Services Pty Ltd
Address: Level 3/682 Murray Street, West Perth WA 6005
Website: www.twd.com.auEmail: firstname.lastname@example.org
Phone: 08 6363 5300
Fax: 08 6313 4290