FSG

Financial Services Guide

This Financial Services Guide (FSG) is an important document, which we are required to provide to you under the conditions of our Australian Financial Services Licence.

It is important that you take the time to read the document carefully, as it is designed to assist you to make a fully informed decision about whether you would like to use the services we offer.

We are committed to having open and honest communication with you throughout your financial advice journey, this will enable us to give sound financial advice at the start and have a successful ongoing relationship.

If you need clarification on any part of the document, please do not hesitate to contact us.

Here is Some Information About Us

North West Financial Services (Qld) Pty Ltd (NWFS) commenced in November 1998, as Irwin Financial Services. Initially, we provided Financing Solutions and in February 1999, we were authorised to provide Investment Advice. The clientele appreciated our services, which led to merges with likeminded practices and to the name change on the 25th September 2002.

NWFS is a Queensland based company. We have a dedicated Administration and Office Manager, a qualified adviser with more than 34 years of experience and clients all over Australia, as well as overseas, who are using our experience to create wealth, prepare for retirement and/or enjoying a comfortable retirement.

NWFS is committed to strict industry and ethical guidelines, hence providing exceptional service to our clients. NWFS is a holistic and strategic financial planning provider, which provides support service throughout your financial relationship with us.

North West Financial Services (Qld) Pty Ltd, “Duty of Care” and the “Client’s Best Interests” are our priority. North West Financial Services (Qld) Pty Ltd is owned by –

  • Financial Adviser,
  • Accountant,
  • Staff, and
  • NWFS Clients (ALL NWFS Shareholders/Owners are NWFS Clients)

North West Financial Services (Qld) Pty Ltd is a current Principal Practice Member of the Association of Independently Owned Financial Professionals (AIOFP).

Lack of Independence

As North West Financial Services (Qld) Pty Ltd or our representatives may receive insurance commissions, we are deemed not to be independent.

Some Information about Financial Services Licensing

The intent of the Financial Services Industry Legislation is to provide the General Public with protection and confidence in the industry. Therefore, a Financial Services Business must attain the legislative requirements to allow for the provision of financial services and advice.

Once an Australian Financial Services License (AFSL) has been attained, to provide financial services and advice, the Financial Services Business must adhere to the legislative requirements and regulations, to continue providing the financial services and advice.

To acquire and maintain an AFSL, a Financial Services Business will need to demonstrate competency and access to the aspects detailed below:

  • Professional Indemnity Insurance • Qualified Adviser/s
  • Dispute Resolution System • Adviser Supervision
  • Compliance Tracking Systems  • Adviser Police & Credit Checks
  • Maintain Government Licensing • Adviser CPD Training
  • Secure Client Data Storage • Maintain Industry Association Membership
  • AFSL Permitted Services • Adequate Resources (Technology, Staff)
  • Risk Profiling System • Investment Research

Once the Financial Services Business has satisfied the assessment of the above, they will be granted an AFSL.

North West Financial Services (Qld) Pty Ltd elected to acquire an AFSL, which was issued on the 4th August 2006 – AFSL No. 302318.

North West Financial Services (Qld) Pty Ltd also elected to acquire an Australian Credit Licence (ACL), which was issued on the 26th November 2010 – ACL No. 302318.

Please understand, North West Financial Services (Qld) Pty Ltd will not provide advice on classes of financial investments and products, other than those itemised in North West Financial Services (Qld) Pty Ltd Australian Financial Services License.

Some Information About What May Influence the Advice You Receive

Your adviser may hold an interest in a financial product. Any significant interest/ownership will be recorded in a register of financial product holding and where appropriate, this holding will be disclosed to you in the SOA or ROA.

IF, North West Financial Services (Qld) Pty Ltd and/or its representatives were to receive Cash or a Non-Cash Benefit from a third party with a value greater than $300, details of this benefit will be maintained on a register.

North West Financial Services (Qld) Pty Ltd does not have any Referral or Institutional Financial Arrangements and/or Agreements.

Your Confidence in our Advice and Service

North West Financial Services (Qld) Pty Ltd is committed to providing quality advice and service to our clients. This commitment extends to providing accessible complaint resolution mechanisms for our clients. If you have any complaint about the Advice and/or Service provided to you, you should take the following steps:

  1. Contact your adviser and tell your adviser about your complaint.
  2. If your complaint is not satisfactorily resolved within 7 days, please put your complaint in writing and send it to North West Financial Services (Qld) Pty Ltd, PO Box 2094, KEPERRA QLD 4054. We will try and resolve your complaint quickly and fairly.
  3. If we cannot reach a satisfactory resolution, you can raise your concerns with the Australian Financial Complaints Authority (AFCA) on 1800 931 678. North West Financial Services (Qld) Pty Ltd Financial Services is a member of this complaints resolution service. The Australian Securities & Investments Commission (ASIC) also has a freecall Infoline on 1300 300 630 which you may use to make a complaint or obtain information about your rights.

AFCA provides fair and independent financial services complaint resolution that is free to consumers. Time limits may apply to lodge a complaint with AFCA, so you should act promptly. You can check the AFCA website to find out if a time limit applies or when the time limit relevant to your circumstances expires.

North West Financial Services (Qld) Pty Ltd holds professional indemnity insurance that satisfies the requirements of Section 912B of the Corporations Act. This insurance also covers the conduct of our advisers who were authorised by North West Financial Services (Qld) Pty Ltd at the time of providing the advice, but are no longer authorised representatives of North West Financial Services (Qld) Pty Ltd at the time of your complaint.

Some Information About the Compensation Arrangements

North West Financial Services (Qld) Pty Ltd confirms it has arrangements in place to ensure it continues to maintain Professional Indemnity insurance.

In particular, our Professional Indemnity insurance subject to its terms and conditions, provides indemnity up to the Sum Insured for North West Financial Services (Qld) Pty Ltd and our authorised representatives / representatives / employees, in respect of our authorisations and obligations under our Australian Financial Services Licence.

This insurance will continue to provide such coverage for any authorised representative / representative / employee who has ceased work with North West Financial Services (Qld) Pty Ltd, for work done whilst engaged with North West Financial Services (Qld) Pty Ltd.

Some Information About Your Adviser

Shayne French began in the Financial Industry on the 24th April 1987 and has been employed in numerous roles with various organisations. The natural progression for Shayne was to become a Financial Adviser, which he achieved on the 6th February 1999.

In the twelve years prior, the experience Shayne gained while working in different positions within the institutions and private practices, equipped him well to assist clients in the functionality of the concepts, strategies and the advice provided. Shayne’s current profile is below:

North West Financial Services (Qld) Pty Ltd

  • Director
  • Authorised Representative (AR No. 263353)

Industry Designations

  • Financial Adviser
  • Certified Financial Strategist (CFS)
  • Tax Practitioner Board – Tax Adviser

Industry Qualifications

  • Diploma of Financial Services (Financial Planning)
  • Advanced Diploma of Financial Services (Financial Planning)
  • Certificate IV Diploma of Financial Services (Finance/Mortgage Broking)

Industry Membership

  • Association of Independently Owned Financial Professionals (AIOFP)
  • Tax and Super Australia (TSA)  
  • TAI Practitioners and Advisers Limited (TAI PAL) – subsidiary of TSA
  • Finance Brokers Association of Australia (FBAA)

Industry Registrations

  • Financial Adviser Registry (FAR)
  • Tax Practitioners Board (TPB)

Advice and Services Shayne can provide

  • Deposit and Payment Products
  • Debentures, Stocks and Bonds issued or proposed for issue by a government
  • Life Investment or Life Risk Products
  • Interests in Managed Investments, including Investor Direct Portfolio Services (IDPS)
  • Listed Securities
  • Superannuation and Roll Over Products
  • Retirement Savings Accounts
  • Self-Managed Super Funds (SMSF)
  • Margin Lending Facilities

Contact Information

  • Phone – 1300 881 223
  • Mobile – 0448 434 941
  • Email – shayne@nwfs.com.au or info@nwfs.com.au
  • Address – 67 Aberdeen Place, UPPER KEDRON Qld 4055
  • Postal Address – P O Box 2094, KEPERRA Qld 4054

Some Information About the Services

In the summary below, we offer a range of financial solutions, strategies and services, to assist you along your portfolio and investment journey:

  • Budgeting and Cash Flow Management Systems
  • Debt Management Strategies
  • Financial Advice and Planning 
  • Investment and Wealth Accumulation Strategies
  • Superannuation Strategies (including Self-Managed Superannuation Funds)
  • Pre-Retirement Assessment and Preparation Strategies
  • Life and Disability Insurance (including Investment Life Insurance)
  • Tax Planning Strategies (including Tax Effective Investments)
  • Retirement Planning Strategy
  • Centrelink Benefits Advice and Assistance
  • Assistance with Aged Care
  • Portfolio Review Services
  • Portfolio Support Services
  • The abovementioned services and documentation can be provided electronically.

Some Information About the Advice Process

As you can see, there are quite a number of services and in most cases, it is important to ensure they are completed as required. Therefore, North West Financial Services (Qld) Pty Ltd adopts a comprehensive advice process, to construct and ensure the advice provided is suited to your needs and financial circumstances. The overview of this process is detailed below:

  • The First Appointment to Meet, Greet and Discover
  • The Exchange of Information and possible agreement about the next step
  • Development of Strategies after a thorough analysis of the financial position
  • The Plan Presentation of the strategies and recommendations (SoA)    
  • Implementation of the Plan
  • Review of the Plan Implementation
  • The Plan Monitoring, Maintenance, and Management (Review Service)

Some Information About the Initial Services and Establishment Fees

As mentioned in the previous section, the process commences with the first appointment and then we follow the steps. The fees (GST Inclusive) for these services are detailed below:

  • Initial Portfolio Consultation – $330   
  • Fact Finder Consultation – $330
  • Plan Preparation Authority, Risk Profiling and Letter of Engagement – $110 
  • Statement of Advice (SoA) Construction – Limited $1,980 to Holistic $3,300
  • Statement of Advice (SoA) Consultation – $330 
  • Implementation of SoA / Recommendations – Limited $1,100 to Holistic $2,200
  • Post Implementation Consultation – $330
  • Existing Portfolio Review or Specific Reason Consultation – $1,100

Some Information About the Services Fees

Now we have covered the services North West Financial Services (Qld) Pty Ltd can provide, it is appropriate to discuss the numerous ways you have available, for paying the service fee/s. We will also explain the different methods, which will demonstrate the flexibility you may gain, with possibly combining some methods. Once you have a clear understanding of this process, you can select the most suitable and appropriate fee payment method.

Please find detailed below the different methods of fee payments and a brief explanation:

ALL Fees for Service

ALL Fees received by North West Financial Services (Qld) Pty Ltd, in respect to any service provided to a client, must be fully disclosed to the client, prior to any transaction/s being completed. Failure to disclose ANY Fees to a client is a Reportable Breach to ASIC. The hourly rate for an Adviser is $330 and for the administration staff it is $110 (Both are GST Inclusive).

Initial Consultation and Establishment Fees

Please refer to the previous section titled – “About the Advice Process”. This section provides a full list of services provided and the fee for each service.

Annual Services and Support Fees

Please refer to the previous section titled – “About the Annual Service and Support”. This section provides a full list of services provided and the fee for each service, including packaged fee arrangements.

Combination of Fee Methods

As mentioned earlier, a Full Disclosure of ALL fees will be contained in the Statement of Advice (SoA). Should the SoA have one or more recommendations, which provides an avenue to pay your service fees, you may elect to use these facilities, instead of paying from your day-to-day budget, or your savings (e.g. Cash at Bank). Please be assured, the NWFS fee will be the same, regardless of the method/s of payment.

The simple reality is – you ultimately have control to agree and approve the amount of the fee, and which account or facility it is paid from – so it will be obvious and very visible!

Fee Consent Forms

If you elect to pay your service fees from the recommended facility/s, you will be required to complete a “Consent Form” to allow the facility provider, to pay your fees. You will need to complete this form, regardless of the services and fee arrangement you have selected to receive from North West Financial Services (Qld) Pty Ltd. The Legislation will require you to renew the Consent Form each year, to ensure you will continue to receive the services you have selected.

Fee Disclosure Statements (FDS)

Depending upon the services and fee arrangement you select, if the arrangement exceeds 12 months, then you will receive a Fee Disclosure Statement, from North West Financial Services (Qld) Pty Ltd. Should you renew this arrangement each year, the FDS will be provided each year, which will set out the fees you have paid to NWFS, the services NWFS contracted to provide, and the services that were provided over that period. It will also include an estimate of services and fees for the next twelve months.

Listed Share Trading Fees

In general, our share market service fee will range from $110 to 0.55% (GST Inclusive) of the trade value.

More Information on the Services Fees

Consultation / Portfolio Review Service Fee

In reviewing the North West Financial Services (Qld) Pty Ltd fees, please keep in mind, the portfolio review service fee will cost a minimum $550 to a maximum $1,450 (GST Inclusive), unless included in a service package.

Insurance Commissions

As we all know, the purpose of Insurance is to protect us against loss. To have the required protection costs money and it needs to be affordable. Therefore, should the insurable event occur, the pain of paying the premiums is less painful, when the insurance pay outs are received.  If insurance covers are recommended by North West Financial Services (Qld) Pty Ltd, we may receive a commission.

Insurance companies may provide two commission payments – “Up Front Commission” to cover the establishment costs and the “Annual Servicing Commission”, which covers the review costs. North West Financial Services (Qld) Pty Ltd will receive the same commissions from ALL providers, therefore the selection process will be from the insurance company who offers the most appropriate cover, at the most affordable premium.  

Depending upon the insurance recommendation, North West Financial Services (Qld) Pty Ltd may receive an Up Front Commission of 0% to 66% (GST Inclusive) of the initial premium, and the Annual Servicing Commission of 0% to 33% (GST Inclusive) of the renewal premium. It is prudent to review your insurance covers regularly, to ensure the covers are still appropriate, for your protection requirements.

As a number of NWFS Clients have elected to use Insurance Commissions to pay all or part of the Adviser Service Fees, NWFS is currently receiving these payments from:

  • AIA
  • Asteron Life (Now owned by TAL)
  • BT Life
  • CommInsure (Now owned by AIA)
  • MLC Life
  • One Path (Formerly ING)
  • Tower Australia Life (TAL)
  • Zurich

NWFS is not limited to the above-mentioned Insurance Companies and may recommend an alternative Insurance Company/s to you, should the offering be more appropriate for your insurance protection requirements.

You have a right to request for further information in relation to the remuneration and the range of amounts or rates of remuneration received by the licensee and/or authorised representative.

Some Information About the Annual Services and Support

The one certainty of any financial plan is that circumstances will continue to change. These changes may be external ones such as changes in investment markets or the economy, or changes in your personal circumstances, such as your family situation or your health.

North West Financial Services (Qld) Pty Ltd goal is to develop and manage our clients’ assets, as well as their income, to achieve their personal goals without adversely affecting their current lifestyle. We are committed to facilitating high quality advice and continued excellence in our service to you.

An important part of what we do is to keep you accountable to your wealth and to make sure you stay on track to what you wanted to achieve. Obviously, the client’s participation and engagement in their own portfolio is essential for its performance.

Keeping this in mind, Financial Planning should not be viewed as a one-off event, but as a continual process of Monitoring, Maintenance, and Management. It is therefore imperative that your wealth and risk management strategies are reviewed regularly and adjusted as needed.

As such, we recommend you engage NWFS for “Annual Services and Support” and possibly select one of our Annual Service Packages. These service options will be provided to you should we advance to the implementation stage.

Clients who prefer regular contact may appreciate the package offerings. However, you will have the choice in respect to what services you wish to receive, when you want them and how you wish to pay for them.

Some Information About the Risks for Investments and Strategies

We will explain to you any significant risks of investments and strategies that we recommend to you. If we do not do so, you should ask us for further clarification.

Some Information About the Your File with Us

We maintain a record of your personal profile that includes details of your investment objectives, financial situation and needs. We also maintain records of any recommendations made to you. If you wish to examine your file, you should ask us, and we will make arrangements for you to do so. A Recored of Advice (RoA) may be provided instead of an SoA, and you have the right to request a copy of the RoA at any time.

Some Information About the Privacy Policy

North West Financial Services (Qld) Pty Ltd is committed to implementing and promoting a privacy policy, which will ensure the privacy and security of your personal information. Please refer to our website www.nwfs.com.au for a copy of our privacy policy.

Some Information About Clients Giving Instructions to NWFS

You may specify how you would like to give North West Financial Services (Qld) Pty Ltd any instructions in respect of your portfolio. For example, by telephone, email or other means. But in all cases, NWFS must receive a written confirmation of these instructions.

You also have the right not to divulge this information to North West Financial Services (Qld) Pty Ltd. If you do not wish to do so, we are required to warn you about the possible consequences of NWFS not having your full personal information. You should read the warnings carefully.

You may also specify how you would like to Invest, all or part of your portfolio, and give NWFS instructions to do so. NWFS can facilitate this instruction on the basis of “EXECUTION ONLY”, however, NWFS will also provide you with a warning about the possible consequences of your instructions. You should read the warnings carefully.

Some Information About Your Contribution

As mentioned earlier, an important part of what we do is to keep you accountable to your wealth and to make sure you stay on track to what you wanted to achieve. Obviously, the client’s participation and engagement in their own portfolio is essential for its performance.

To allow North West Financial Services (Qld) Pty Ltd to provide the most appropriate recommendations, it is imperative you provide accurate information, when requested. This will also ensure the advice provided will be in your “Best Interests”.

Understandably, should any relevant circumstances change, it would be in your best interests, to inform North West Financial Services (Qld) Pty Ltd, to allow for the appropriate action to be taken. If North West Financial Services (Qld) Pty Ltd does not receive the new information, the recommendations may no longer be consistent with your objectives.

As a financial service 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 in an Australian based storage facility, as per the NWFS Privacy Policy.

We are committed to having open and honest communication with you throughout your financial advice journey, this will enable us to give sound financial advice at the start and have a successful ongoing relationship.

If you need clarification on any part of the document, please do not hesitate to contact us.