Financial Services Guide
Version 21 (Updated 18 October 2018)
The purpose of this document...
This Financial Services Guide (FSG) is an important document that provides you with information about the financial services offered by Westmount Securities Pty Ltd (Westmount). We are required by law to provide you with certain information before we provide a financial service to you.
This FSG is designed to help you decide whether to use our financial services and explains...
> The financial services we are authorised to provide you.
> The documents you may receive from your adviser.
> Remuneration and fees that we or other relevant persons may receive in relation to the services.
> Any potential conflicts of interest we may have.
> Our internal and external dispute resolution procedures and how you can access them.
> The compensation arrangements we have in place.
If you need more information about anything covered in this document, please contact us.
Please note that throughout this FSG, Westmount Securities Pty Ltd is referred to as 'Westmount', 'we', 'us', 'our' or any variations and all rates and amount included throughout are inclusive of GST.
STATEMENT OF ADVICE (SoA)
You may also receive an SoA if your adviser provides you with any personal advice about a product or service which takes into account your financial objectives, circumstances, needs and requirements. The SoA will contain the following important information...
> The advice given.
> The basis on which the advice and recommendations are given.
> Information about fees and commissions that may be received.
> Any associations or relationships that may have influenced the provision of advice.
RECORD OF ADVICE (RoA)
If your adviser has previously provided you with an SoA and then provides you with related additional advice, which takes into account your relevant personal circumstances, you may receive written confirmation of that advice in the form of an RoA. A new SoA will only be provided if your circumstances have changes significantly or you are receiving advice in relation to a different type of financial product.
PRODUCT DISCLOSURE STATEMENT (PDS)
Should your Adviser make a recommendation to you about a particular financial service product or offer to arrange the issue of a financial service product on your behalf, you will receive a PDS prepared by the product provider. This will contain information that will assist you in making an informed decision about that product. this will contain information about the risks, costs and details of other fees and charges, which may apply, including commission payments to financial advisers.
Your questions answered...
Who will be responsible for providing the financial services?
Westmount is the holder of an Australian Financial Services Licence (No 225715) and is a Registered Tax (Financial Adviser) (No 24813729). Westmount is independently owned and operated, and all Advisers are salaried employees, holding a minimum qualification of 'Diploma in Financial Services'. Additional information about your Adviser, including experience, education and qualifications will be provided to you on meeting with your Adviser.
What financial services and products is Westmount authorised to provide?
Westmount is authorised under its Australian Financial Services Licence to offer services to you in the following areas:
Retirement & Pension Planning / Personal & Corporate Superannuation / Self Managed Superannuation (SMSF) / Strategic Asset Allocation & Investment Selection / Income Distribution Strategies / Financial Mentoring & Goal Setting / Cash Flow Management / Investment Strategies / Margin Lending & Geared Investments / Estate Planning / General Tax Planning / Risk Insurance
Who will be my Adviser?
Once you meet with your Adviser, you will be given another FSG that will include your Adviser's profile.
Who will be my support staff?
In addition to ongoing access to your Adviser, as a valued client, you will also be supported by at least two Client Service Officers.
What fees do Westmount charge?
Our fee structure aims to remove potential conflicts of interest, providing a transparent and easy to understand beginning to the client/adviser relationship in this important area.
There are three key aspects to our fee structure; initial advice, implementation and ongoing advice. All fees stated below are GST inclusive, and can either be deducted from your investments, superannuation or pension fund, or billed directly to you...
1. If required, an initial one-off fee of $2,090 for the preparation of a comprehensive Statement of Advice.
2. Should you decide to proceed with our recommendations, and depending on the complexity of your affairs, a one-off implementation fee of $990 may apply to cover administration costs/time (eg superannuation roll-overs, in-specie transfers etc).
3. For ongoing advice and support, we currently apply a minimum, dollar based indexed monthly fee of $250 per client, increasing to a maximum of 1.10% pa of funds under management less insurance commission rebates (where applicable).
4. We’re flexible. We recognise that younger clients, or those experiencing financial hardship, often require advice but cannot afford to engage the services of a Financial Adviser. Please discuss your situation with us to see if you are eligible for a discounted fee arrangement.
Does Westmount accept insurance commissions?
Yes. We generally retain insurance commissions at present, using the proceeds to lower our ongoing advice fees outlined above.
Will Westmount receive other benefits?
No. We do not accept alternative forms of remuneration, commonly referred to as 'soft-dollar' commissions (e.g. conventions, discounted loans, gifts, awards etc) from product providers. A Public Register of alternative remuneration received by us is available on request.
When will I receive specific details about fees?
The basis and amount of all fees will be fully set out in your SoA and explained by your Adviser prior to engagement.
Will any third parties be paid for referring my business?
No. We do not currently have any third party referral arrangements.
Will advice be given that is suitable to my needs and circumstances?
Yes. We are obliged by law to have a reasonable basis for personal advice we provide, but to do so we will need to ascertain your individual financial objectives, circumstances, needs and requirements before we can recommend any financial products or services to you.
To assist us in providing appropriate advice designed to your individual needs we ask that you provide accurate information about your personal situation and keep us informed of any changes to your circumstances.
You have the right not to divulge any information should you wish to do so. In that case we will warn you about possible consequences of not providing your full personal information including limitations on the advice which can be provided. You should always read the information in your SoA carefully before making any decision relating to a financial product.
What should you know about the risks of any recommended financial products or strategies?
Please be aware that there are inherent risks associated with investing in financial markets, which may adversely affect the value of your investment. We will explain to you and fully outline in the SoA any significant risks of the financial products and strategies that are recommended to you. If you feel that you need further clarification, please ask us.
How does Westmount handle your personal information?
We will not use or disclose personal information collected unless where the Australian Privacy Principles authorise the use or disclosure where required by law such as relating to public health and safety, in connection with certain operations by or on behalf of an enforcement body, as required under the Corporations Act 2001, or the Anti-Money Laundering and Counter-Terrorism Financial Act 2006.
How does Westmount deal with the Anti-Money Laundering/Counter-Terrorism Financial Act 2006 ('AML/CTF Act')?
Westmount has no obligation under the AML/CTF Act to verify your identity before we can provide you with any financial services. We will let you know what documentation you will need to present to satisfy the customer identification requirements of the AML/CTF Act.
What information does Westmount maintain on your file and can you examine it?
We maintain a record of your personal profile, which includes details of your financial objectives, circumstances, needs and requirements. We also maintain records of any recommendations made to you, instructions from you to us and SoAs provided to you. If you wish to examine your file, this can be arranged at no cost.
What should you do if you have a complaint?
If you have a complaint about any service provided by us, you should take the following steps:
Contact the Westmount Complaints Resolution Officer to discuss your complaint. Most companies will usually problems quickly at this stage. We do not charge fees for time spent handling complaints.
Our contact details are:
Phone: (08) 9382 8885 / Fax: (08) 9381 4008 / Email: email@example.com
Mail: Complaints Resolution Officer, Westmount Securities Pty Ltd, PO Box 1941, Subiaco WA 6904
If the complaint cannot be resolved to your satisfaction within 45 days, you have the right to present your complaint to the independent complaint handling service that Westmount is member of, which is the Financial Ombudsman Service (FOS).
The contact details for FOS are:
Phone: 1300 780 808 / Fax: (03) 9613 6399 / Email: firstname.lastname@example.org
Mail: GPO Box 3, Melbourne VIC 3001
If your concerns involve ethical conduct you may wish to consider raising this with the Financial Planning Association of Australia (FPA).
Our contact details for the FPA are:
Phone: 1300 626 393 / Fax: (02) 9220 4580
Mail: The Investigations Manager, PO Box 109, Collins St West, Melbourne VIC 8007
What compensation arrangements does Westmount have in place?
We are required by the Corporations Act 2001 (Cth) to operate a compensation arrangement, which is designed to compensate retail clients for losses they suffer as a result of a breach, by Westmount or its Advisers, of the obligations outlined in Chapter 7 of the Corporations Act.
To this end Westmount has comprehensive Professional indemnity Insurance in place, which covers both Westmount and its Advisers (including the conduct of those Advisers who are no longer authorised by Westmount but were so at the time of the relevant conduct).
Please contact your Adviser or Westmount directly if you have any questions about this FSG or the financial services we provide. You should retain this FSG in a safe place for future reference.
Westmount Securities Pty Ltd / ABN 42 090 595 289 / Australian Financial Services Licence #225715
Office: Ground Floor, A2/435 Roberts Rd Subiaco WA 6008
Phone: (08) 9382 8885
Fax: (08) 9381 4008