Finsure Finance & Insurance Pty Ltd is licensed to assist you with finance under the National Consumer Credit Protection Act 2009 (“The Act”). This Act regulates the activities of lending, leasing and finance broking.
|Address||101 Greville St, Prahran|
|Phone||1800 670 368|
|Australian credit license number||Credit and investments Ombudsman|
|Internal Complaints Officer contact details||1800 138 422, www.cio.org.au|
|External Dispute Resolution Scheme details||1800 138 422, www.cio.org.au|
The Money Lab is an Authorised representative of Finsure Finance and Insurance. You are provided with the individual credit representatives details with which you are dealing on or before your first meeting with us, if you believe you did not receive this for any reason or would like another copy then please contact our office at any time to request this and we will provide it to you right away.
|Address||101 Greville St, Prahran|
|Phone||1800 670 368|
|External Dispute Resolution Scheme details||1800 138 422, www.cio.org.au|
The Credit Representative (or the business for which the Credit Representative acts) will receive the commissions referred to in this document.
We will assist you in making the choice of a loan or lease that is suitable for your purposes.
We will provide you with information on a broad range of finance providers and loan products. Once you have chosen a loan or lease that is suitable for you, we will assist in obtaining approval for the finance. We source finance products from a panel of finance providers. Our Current Top 6 providers to which our Representatives introduced borrowers are:
Commonwealth Bank Australia
National Australia Bank
St George Bank
Westpac Banking Corporation
Information will be required from you
Under the Act, we are obliged to make sure that any loan, or principal increase to a loan, or lease that we assist you to obtain is not unsuitable for you. We will need to ask you a series of questions to make this assessment. The law requires us to:
make reasonable enquiries about your borrowing objectives and requirements;
make reasonable enquiries about your financial situation; and
take reasonable steps to verify the details of your financial situation.
Credit will be unsuitable if, at the time of making the assessment, it is likely that, at the time the recommended loan or lease is made:
you cannot afford to repay the loan or lease or can afford to repay it only with substantial hardship; or
the loan or lease does not meet your borrowing objectives and/or requirements.
For these reasons, we must ask you to provide us with a significant amount of information, much of which
we will need to verify. It is therefore very important that the information you provide to us is accurate and
If we provide you with credit assistance, we are required to provide you, upon your request, a copy of our preliminary credit assessment for up to seven years after the date of the assistance.
Information provided by us
We do not provide financial or legal advice. It is important to understand your legal obligations under a proposed loan or lease and the financial consequences imposed by the debt. If you have any doubts, you should obtain independent financial and legal advice before you enter into any finance contract. We do not make any representations about the current value of any real estate you finance through us, or the future prospects of its value. You should always rely upon your own enquiries.
Fees payable by you
We may charge you for our services if you apply for a home loan, an investment property loan, a personal loan or a lease. If a fee is to be charged, this will be disclosed to you in a Credit Quote which will be provided to you before applying for finance.
You may need to pay fees to the finance provider as part of the application process. These will be detailed in a Credit Proposal Disclosure Document that we will provide to you before applying for finance.
Commissions received by us
We may receive commissions from the finance provider that provides your loan or lease. These are not fees payable by you. Further details of the commission earned by us will be provided in the Credit Proposal Disclosure Document that we will provide to you before applying for finance. We may receive additional commissions or bonuses from finance providers relating to the volume of finance that we arrange. Such payments are dependent upon a number of factors and cannot be quantified at this point.
Commissions and fees payable by us
We hope that you are delighted with our services. However, if you have any complaints, you can raise these directly with the representative with whom you are dealing. If you are not satisfied with the response that you receive, you may contact our Compliance Manager, by telephoning 1300 769 415, or writing to Level 24, 52 Martin Place, Sydney NSW 2000.
When we receive a complaint, we attempt to resolve it as quickly as possible, subject to a full investigation of all the circumstances involved.
Our external dispute resolution scheme
If you are not satisfied with the outcome of your complaint, you may refer the matter to the Credit & Investments Ombudsman, an ASIC-approved External Dispute Resolution Scheme. External dispute resolution is a service provided at no cost to you, giving you access to an independent mechanism for the resolution of specific complaints or disputes.
Privacy disclosure statement
We are collecting personal and financial information about you to provide you with our broking services.
The information you provide will be held by us and our Credit Representative
We may use credit information and any other information you provide to arrange or provide finance and
We may exchange the information with the following types of entities:
Persons who provide finance or other products to you, or to whom an application has been made for
Financial consultants, accountants, lawyers and advisers
Any industry body, tribunal, court or otherwise in connection with any complaint regarding our
Any person where we are required by law to do so
Any of our associates, related entities or contractors
Your referees, such as your employer, to verify information you have provided
Any person considering acquiring an interest in our business or assets
Any organisation providing online verification of your identity
We will not disclose your information to overseas entities.
You may gain access to the personal information that we hold about you by contacting us.
how you may access or seek correction of the information we hold about you, how we manage that
If you do not provide the information we may be unable to assist in arranging finance or providing other services.
If you have any questions about this Credit Guide or about any other aspect of our services, please do not hesitate to ask us at any time. We are here to assist you.
Financial Services Guide
Expert Wealth Management Pty Ltd Trading as Money Lab is a privately owned specialised financial advisory firm providing strategic, tailored solutions for the unique objectives, timeliness and financial circumstances of our clients.
As a client of EXPERT WEALTH MANAGEMENT Trading as The Money Lab Wealth we will work with you to develop, implement and maintain a comprehensive financial strategy to meet your personal and business objectives. This will assist you and your family in preserving and growing your wealth, protecting against risks and reaching your chosen goals and objectives.
About this document
This guide contains important information about:
The licensee of your Adviser,
The services your Adviser offers you
How we and our associates are paid
Any potential conflict of interest we may have
How we handle your personal information
Our internal and external dispute resolution procedures and how you can access them
The Australian Securities and Investments Commission (ASIC) is the government regulator for the finance industry. By law, entities who hold an Australian Financial Securities Licence are required to produce a Guide to those services (Financial Services Guide) when providing advice. The Advice Exchange Pty Ltd (ABN 55 107 629 194) (The Advice Exchange) takes its legal and compliance obligations seriously by ensuring that clients understand their role and rights when receiving financial advice and has prepared this Financial Services Guide (FSG) and authorised its distribution.
Click here to download our Financial Services Guide (FSG).
Please take a moment to read this FSG which explains who we are and our relationship with you before we provide you with financial advice. If you have any questions after reading this brochure, please contact your Adviser (who is an Authorised Representative of The Advice Exchange) or the Principal Office of The Advice Exchange email@example.com.
The term Authorised Representative means a person whom The Advice Exchange has authorized to provide financial services (that is, provide advice and deal in financial products) on our behalf under our Australian Financial Services Licence. Throughout this document our Authorised Representatives are described as “Your Adviser” or “Advisers”.
The Advice Exchange
Our Advisers offer you a comprehensive range of financial advice, from wealth creation to self managed superannuation to retirement planning. The Advice Exchange will tailor financial advice to achieve your specific, agreed financial goals. Starting with an analysis of your current financial position, we will utilise specialised financial research to develop and implement financial strategies, designed specifically to achieve your goals.
Your Adviser – James Davis:
James Davis (1008864) and Expert Wealth Management Pty Ltd trading as Money Lab (CAR 1233055) are authorised representatives of Boston Reed Pty Ltd ABN 89 091 004 885 Australian Financial Services Licensee Licence Number 225738. Boston Reed Pty Ltd is not responsible for credit advice which is provided under the credit licence of [insert ACL name & ACL no.]
Authorised Representative: 1008864
Position: Financial Planner of Expert Wealth Management Pty Ltd T/AS Money Lab.
The Advice Exchange’s Licence
The Advice Exchange holds the Australian Financial Services Licence No. 278937.
The Advice Exchange is a wholly owned subsidiary of Advice Exchange Solutions Pty Ltd, which is owned by advisers, directors and staff.
We are licensed to provide financial product advice and deal in the following financial products:
Deposit and payment products
Managed Investment Schemes, including investor directed portfolio services and MDA services
Retirement Savings Accounts
Standard Margin Lending
The Advice Exchange is therefore responsible for financial we provide on behalf of The Advice Exchange. Our primary responsibility, and that of your Adviser, is to you.
All Authorised Representatives of The Advice Exchange are selected for their financial expertise, supported by ongoing professional development and technical and strategic training, to ensure we deliver a service that is appropriate to your needs.
Financial Planning Services
Your Adviser is authorised to provide the full range of services available under our licence. However, the type of services you receive will depend on your individual objectives, financial situation and needs. You can select from the wide range of financial services offered by The Advice Exchange:
Financial planning services:
Tax effective investments
Superannuation and rollover advice
Personal risk insurance
Business risk insurance
Business succession & transition planning
Centrelink financial planning advice
Retirement planning advice
Managed portfolio services
Portfolio review and ongoing service
We only recommend products to you after considering their suitability for your individual objectives, financial situation and needs.
Our managed portfolio services refer to tailor-made investment strategies combining several different products. You may also arrange a series of regular advisory consultations to review and discuss your ongoing financial situation.
The Advice Exchange offers both personal and general advisory services. Before providing personal advice, your Adviser will want to ensure that the advice is appropriate to your needs. To do so, your Adviser will need accurate information from you about your current financial position and your financial goals and objectives.
You have the right not to disclose this information, however if you decline to do so the advice provided may be based in incomplete or inaccurate information in this case, or if general advice only is provided, you should carefully consider the appropriateness of the advice having regard to your personal circumstances before acting on this advice.
This advice may not be suitable to you because it contains general advice which does not take into consideration any of your personal circumstances. All strategies and information provided on this website are general advice only. Please arrange an appointment to seek personal financial and taxation advice prior to acting on this information.
The Advice Process
The Advice Exchange seeks to deliver professional advice in a very special way. We help you to pinpoint the things you want to do now and in the future. Quite simply, we put people first.
The advice process begins with an initial consultation. This involves getting an accurate picture of where you are now, identifying your goals and looking at broad strategies to help you reach those goals. Your adviser is required by law to record and verify details about your objectives, financial situation and needs. You are entitled to tell us a much or as little as you choose, however should you choose not to provide full disclosure we will be required to take the following actions:
Where the service relates to financial products, we will warn you about possible consequences of the
advice limitations so that you can make up your own mind if you will proceed.
After our initial consultation, you then will need to decide whether you wish to engage our services
which may include advice, implementation or other services designed to meet your individual needs.
Any advice we provide will be presented in a Statement of Advice (SOA) in the first instance. Once you
have a chance to review our recommendations, we may mutually decide to undertake some fine tuning
to make sure you are absolutely comfortable with our advice.
It is important for you to understand and accept the various risks inherent within the investments
and strategies recommended before you proceed with implementation. You should be prepared
to seek clarification from your adviser until such time that you understand any implications of the
An important part of our service is managing the implementation process to ensure that your personal
strategies are set-up and working.
The final stage of the process is to ensure your strategies continue to meet your changing needs and
circumstances, taking into consideration financial markets, product developments and any legislative
changes by undertaking regular portfolio and strategic reviews.
Statement of Advice (SOA) Document
Because each client has individual needs which affect the structure and detail of their financial situation, the disclosure of all benefits, commission or fees specific to your arrangements will be provided to you in the Statement of Advice (SOA) document. This document will confirm the financial advice being given and the basis on which that advice / assistance has been developed. It will also include a disclosure of all benefits and potential conflicts of interest that you need to be aware of in order to make an informed decision.
The financial benefits listed later in the FSG cover the types of rewards and remunerations that The Advice Exchange, its advisers and associates may receive as a result of the financial planning service provided to you. Specific benefits and amounts can only be calculated once recommendations are made.
The SOA will include all the information presented to you in regards to the advice being provided to enable you to make the choice to implement the advice or not. A fee may be charged for the preparation of the SOA, however, this will be agreed with you beforehand. It is important that you read and understand your SOA document. If you have ny questions, please let us know before you proceed.
Record of Advice
If we provide further financial advice to you, and that further advice is related to the advice we provided to you in a Statement of Advice and your personal circumstances have not changed, a Record of Advice (ROA) will be used. The ROA will be added to your file and you may request a copy at any time up to 7 years from the date we gave that further advice to you. You can request the ROA by contacting your Adviser or The Advice Exchange in writing or by telephone or by email.
Other Important Information
The advice and information in an SOA or ROA is only current for a period of 60 days. After this time, the recommendations should not be implemented as legislation, economic conditions or your personal circumstances may have changed. Please consult your Adviser if you wish to implement any of these recommendations after 60 days from the date of the SOA or ROA.
Whilst every effort has been made to include relevant tax, Centrelink and legal considerations, you are advised to discuss your annual tax liability and tax implications with your tax adviser, any Centrelink implications (if applicable) with Centrelink and any legal issues with your solicitor. Estimates and issues raised therein are intended as a guide only.
All representations made, facts presented and opinions are made by or on behalf of The Advice Exchange in good faith but The Advice Exchange and its associated companies shall not be liable for damages or in any other way for errors of fact and opinions except in any case where liability cannot be excluded pursuant to any
Your SOA or ROA is prepared solely for use of the person/persons, to whom it has been addressed and we (your Adviser, The Advice Exchange and / or its associated companies) do not accept any liability whatsoever to third parties. It is based on our understanding of your personal objectives, financial situation and needs.
Product Disclosure Statement
If we recommend a financial product, you will be provided with a Product Disclosure Statement (PDS). The purpose of the PDS is to assist you in making an informed decision whether or not the product is appropriate for you. It contains information about the financial product such as its significant features, benefits, fees and risks. It is therefore imperative that you read and understand any PDS provided by your Adviser before you make any decisions relating to a financial product recommendation.
To help ensure that you have peace of mind we suggest that you take advantage of our ongoing service offering. This service is customised to suit your particular needs and will often include an annual review of your portfolio as well as regular reports on investment performance. The review service is designed to ensure that your investment continues to meet your goals within any legislative changes, market changes and/or changes to your personal circumstances or requirement. Fees are charged for our review service and will be detailed in the SOA and Service Agreement. We are happy to discuss the scope of the services you require and the associated fees. The amount of any fees charged will be agreed prior to the provision of any services as per the
range shown below.
Payment for Services
Fees are generally payable after the service has been provided, however upfront payment may apply in certain circumstances. Ongoing service fees, which are payable in advance, will be agreed between us.
For investment, we do not charge commission on initial advice/assistance or product placement. Where we recommend a product that does not allow us to waive this payment, we will reduce any fee payable by you to us by the same amount.
For insurance (personal life risk) products, we will receive up-front commission ranging between 30%-125% based on the annual premium, from product providers or other parties with which The Advice Exchange has a relationship. This commission is not charged separately to you. It is paid to us by product providers and is a one-off up-front payment.
We will also receive an ongoing commission (often called a trail commission) for insurance ranging between 10%-50% paid by the product provider out of the revenue the product provider earns. This commission is not charged separately to you. It is paid to us by product providers and is payable for the length of time you remain invested in the product or the length of time the product remains in force. The structure of these fees will be disclosed by us in relation to your individual circumstances.
All fees and commissions are fully disclosed in our initial advice and service agreements. Any changes to these fees and commissions are disclosed to you at the time of any further advice/assistance, review of Service Agreements and in additional product material.
We charge a pre-agreed hourly fee for our initial Advice and we will prepare written recommendations in the form of a Statement of Advice. This agreed fee will be determined by the complexities of the individual client’s affairs. This fee will also cover the implementation of our recommendations should the client proceed with our
Ongoing Investment Management and Strategic Advice Fee.
We charge a transparent, pre-agreed asset based fee for ongoing investment management deducted from the portfolio on a monthly basis. We do not charge brokerage or transaction fees nor do we accept commissions. Our ongoing Investment Management and Strategic Advice Fee are expressed as a percentage of Funds Under
Our ongoing service includes:
Ongoing strategic advice
Frequent review and management of your investment portfolio
Unlimited access to your Adviser
Online access to your portfolios
Client seminars and briefings including new investment opportunities
The actual ongoing fee charged will depend on the complexities of affairs and the amount of funds under management and will range between 0.01% and 1.00% or a fixed annual fee between $500 and $100,000.
From time to time we may receive payment or sponsorship to subsidise the cost of conferences, training or professional development for our representatives. Product issuers receive a range of benefits including being recognised as a sponsor, attendance at conferences and the right to give speaking/training presentations to
You may specify how you would like to give us instructions, for example, by email, telephone, fax or other means. This instruction and any changes to these instructions should be provided in writing to us. If we provide you with a transaction-related related telephone advice, you may request a record of the transaction-related advice at that time or up to 90 days after this advice.
Benefits, remuneration and commission arrangements
Expert Wealth Management Pty Ltd, The Advice Exchange, your Adviser, and any referrers or associates may receive a benefit, commission or fee as a result of the provision of financial services to you. The type of benefit and the amount received will vary depending on the type of Financial Service you require. Gross commission and fees are paid to The Advice Exchange by Fund Managers. Generally, 100% of these funds are then paid to The Advice Exchange (Melbourne) Pty Ltd, who pay a fixed fee to remain part of The Advice Exchange.
Remuneration of Expert Wealth Management Pty Ltd T/AS The Money Lab Wealth is based on the fees and commissions they are able to generate through their activities as representatives. If your Adviser is a shareholder in the entity that employs them, they may receive dividends dependent on the total revenue derived by the employer. If your Adviser is an employee he/she may be paid a salary, and/or a combination of salary and bonus, or other incentive calculated by reference to the total remuneration generated for their employer. Full details of remuneration and other payments are disclosed to you at the time of any advice.
All representatives are required to keep a Register of Alternative Remuneration which shows any payment other than cash which may be received by them from fund managers / product providers. This register is available for inspection with 7 days notice.
You should be aware that where you have been referred to The Advice Exchange, or where you are referred by us to another service provider, the referring party may receive a referral fee, commission or non-monetary benefit as a consequence of the products or services you purchase. Complete details of any such fee will be disclosed at the time of your advice e.g. in your SOA. We will also disclose details of any sharing of payments that may apply between The Advice Exchange and us.
The Advice Exchange has a number of arrangements in place whereby The Advice Exchange receives a marketing allowance from financial product manufacturers or service providers when we use their products or services. This may involve an annual payment to The Advice Exchange and/or a payment calculated by reference to funds under management. In the interests of transparency, we disclose that The Advice Exchange currently receives marketing allowance payments from the following companies:
DKN Financial Group will pay The Advice Exchange a sum equal to 0.06% pa based on the balance of total funds held in the DKN investment platform. For example, if you invested $10,000 for 12 months, The Advice Exchange would receive $6.
OnePath/ING will pay to The Advice Exchange a sum equal to 0.20% pa based on the total balance of funds held in OneAnswer platform. A further amount of up to a maximum of 0.10% pa will be paid by OnePath to The Advice Exchange if you invest in the OneAnswer Select or OneAnswer Frontier investment platforms. Cash,
term deposits, mortgage funds, direct shares and capital guaranteed asset classes are excluded from this arrangement. For example, if you invested $10,000 for 12 months, The Advice Exchange would receive up to $30.
Colonial First State will pay The Advice Exchange a sum equal to 0.20% pa based on the balance of funds held in Colonial First Choice, and 0.25% pa based on the balance of funds invested in Colonial FirstWrap. For example, if you invested $10,000 for 12 months, The Advice Exchange would receive up to $25.
This payment does not impact on the cost of delivery of product or service to you and is used wholly to defray the costs of professional development training. Also, the inclusion of a product or service on our recommended list is not dependent on support in the form of a marketing allowance or other payments or benefits. Details of
any such payments will also be disclosed to you when our advice includes these products.
The Advice Exchange is not owned by any financial institution or product provider. However, The Advice Exchange, and related entities comprising shareholders of The Advice Exchange, have entered into a Deed with Macquarie Bank Limited (Macquarie) whereby Macquarie has an option of first and last refusal in the event of a change in control of The Advice Exchange or its related entities.
Entities related to The Advice Exchange hold shares in several of its corporate authorised representatives.
This means that The Advice Exchange may, by way of dividends, indirectly benefit from the advice fees and/or commissions derived by your Adviser.
Your Adviser, or entities related to your Adviser, also hold shares in The Advice Exchange Solutions Pty Ltd, the parent company of the Advice Exchange, and may therefore benefit from the revenue derived by The Advice Exchange from by way of dividends.
Your Adviser, or entities related to your Adviser, also hold an interest in The Adviser Productivity Trust, a discretionary trust into which a portion of the revenue derived by The Advice Exchange is transferred, and then distributed to advisers of The Advice Exchange at the sole discretion of the trustee.
The Advice Exchange Privacy Statement
Professional Indemnity Insurance
We have appropriate Professional Indemnity Insurance in place. This Insurance will cover claims relating to advice provided by your Adviser whilst an authorized representative of The Advice Exchange cover claims in relation to the conduct of authorised representatives who are no longer authorised by The Advice Exchange (but who were at the time of the relevant conduct).
In the event that you have a complaint about the service provided by The Advice Exchange or your Adviser you should:
Write a letter of complaint to the Complaints Manager, The Advice Exchange firstname.lastname@example.org.
Outline in your written complaint the specific areas of service, which have not met with your satisfaction.
Detail in your letter, as simply as possible, all the facts relating to your complaint and how you believe
The Advice Exchange can investigate and resolve this matter to your satisfaction.
The Advice Exchange will investigate your complaint and will make every effort to ensure you receive a
fair and prompt reply. The Advice Exchange will endeavour to resolve your complaint within 30 business
days. We will keep you informed of what is happening to your complaint if this investigation cannot be
resolved within this time.
If we are unable to resolve your complaint within 30 business days, we may ask you for an extension of time in order to do so. However if you have not received a satisfactory outcome from us within 30 business days, you have the right to take your complaint to the Financial Ombudsman Service (FOS), our external dispute
resolution scheme. FOS provides free advice and assistance to customers not satisfied with the responses provided by member companies to their complaints. FOS may undertake an independent external investigation of the complaint or enquiry. Member companies like The Advice Exchange are bound by any decisions made by FOS. FOS can be contacted as follows:
|Address:||GPO Box 3, Melbourne Vic 3001|
|Phone:||Call 1300 78 08 08|
|Fax:||Call 03 9613 6399|
|Website:||You can write to the Financial Ombudsman Service, GPO Box 3, Melbourne VIC 3001 or
telephone toll free 1300 780 808.
You may choose to phone the ASIC toll free Infoline on 1300 300 630. Infoline consultants will talk to you about your rights as well as how to make a complaint which is suspected to be a breach of the law.
It should be noted that we might also undertake work in other capacities than those as a representative of The Advice Exchange Pty Ltd. This may be as a result of having direct associations with other entities. This work is not associated with The Advice Exchange Pty Ltd, and nor is The Advice Exchange responsible for this work.
To discuss your financial goals, please call your Adviser’s office for an appointment on 1300 134 085. Financial Services Guide version: 24112015