The distribution of this Website Disclosure Information is authorised by the Licensee.

Purpose of Website Disclosure Information (WDI)

The purpose of this WDI is to inform you of our services and fees and assist you when deciding whether to use those services.

This WDI includes information about:

• the financial services and products we provide;
• the advice and documents you may receive;
• your privacy and how we collect your personal information;
• what to do if you have a complaint;
• the significant relationships and associations we have;
• the remuneration and other benefits that may be received by us or other relevant persons in connection to the financial services we provide to you; and
• fees and charges for our services.

Financial services we provide

The Licensee authorises us to provide financial services including financial product advice (general and personal advice) and deal in financial products including:

• basic deposit products;
• non-basic deposit products;
• non-cash payment products;
• managed investment schemes, including Investor Directed Portfolio Services (IDPS);
• government debentures, stocks or bonds;
• securities;
• superannuation, including self-managed superannuation funds;
• foreign exchange contracts;
• standard margin lending facilities;
• retirement savings accounts;
• investment life insurance products, including funeral bonds, endowment policies, allocated pensions and annuities; and
• life risk insurance products, including term life, total and permanent disability, trauma and income protection.

How can you provide us with instructions?

You can give us instructions in writing, by phone, email or any other means that we agree with you from time to time.

Documents you may receive

In addition to this WDI, you will receive other important documents. Please refer to the following definitions for a description of the documents you are likely to receive:

Statement of Advice (SOA)

If we give personal financial advice to you, we will provide you with a SOA. We must give the SOA to you the first time we provide you with personal advice about financial products or where there has been a significant change in your circumstances.

We provide personal advice when we take your personal circumstances into account when providing the advice. Personal advice can be given on your complete financial situation or on limited areas you require advice on – we will discuss the scope of the advice before we start work.

We must give you the SOA before we provide any services to implement our recommendations.  We have legal and ethical obligations to ensure that the advice and recommendations we provide to you are in your best interests.

The SOA will include the following information:

• our advice and the grounds for our recommendations;
• information about fees and commissions that may be received by us for the advice; and
• any associations, relationships or interests that may influence the advice we provide.

Where the personal financial product advice relates only to a basic deposit product an SOA will not be provided.

Advice (ROA)

We may also record our advice through preparing a record of advice in some circumstances instead of providing you with another SOA. If you have not been provided with a copy of the ROA, you may request a copy of it free of charge at any time within seven years after the advice was provided to you, by contacting us.

Client Service Agreement

The Client Service Agreement will be tailored to your specific requirements and outlines the benefits, services and support we will provide you.  It will contain terms and conditions for our fees and costs for providing and implementing our advice.

Fee Disclosure Statement (FDS)

If we enter into an ongoing fee arrangement with you, we will provide you with an annual FDS. The FDS contains information about the services you were entitled to receive, the services we provided you and the fees you paid in the previous 12 months.  The FDS also contains information about the services you are entitled to receive and an estimate of fees to be paid in the next 12 months.

You can renew your ongoing fee arrangement by signing and returning the FDS to us.

Product Disclosure Statement (PDS)

If we make a recommendation on certain financial products (other than securities) or arrange the issue of a financial product, you will receive a PDS. The PDS outlines the key features, significant benefits, risks and fees associated with the financial product.

Fees and charges

We will charge you a fee for personal advice and dealing services we provide to you.  All fees are inclusive of GST.

Fixed One-off fees

We may charge a one-off fee for providing and implementing a discrete piece of advice or processing a transaction for you.

Our fixed fee for personal advice is generally in the range of $3,300 to $7,700, depending on the amount of work required. We will provide an explanation of how we calculate the fee before we provide advice to you.

Our fee for implementation of advice generally in the range of $550 to $3,300 depending on the amount of work required.

Hourly One-off fees

In certain limited circumstances we may agree to charge an hourly rate based on the number of hours work done.  Our hourly rate is $440.  We will provide an estimate of the number of hours and the total fee payable before we provide the service or advice to you.

If our advice is in relation to life insurance products, we can be remunerated by commissions paid by life insurers, by an agreed fixed fee, or by a combination of both.

Ongoing fees

If you enter into an ongoing service arrangement with us, we will charge you a yearly fee based on the services you are entitled to receive.

Our annual fee is a fixed fee generally in the range of $3,850 to $13,200.  It can be paid by direct invoice or in monthly instalments from your superannuation or investment cash account(s).

Fee disclosure

Details of these fees and benefits will be provided to you in an engagement letter or services agreement before we provide advice and will be included in the SOA or ROA provided to you.

If you enter into an ongoing service arrangement with us, you will also receive an annual fee disclosure statement.

Please contact us if you require any further information about how we or our advisers are remunerated.

Associations

We are required to disclose any associations or relationships between us, our related entities and product issuers that could reasonably be capable of influencing the financial services we provide to you.

No such associations or relationships exist. If such associations or relationships do come into existence, we will disclose them to you in writing.

Commission and other benefits

We may receive commissions from life insurance companies.

Initial commission

We may receive commission of:

• up to 66% of the first year’s premium for new policies implemented from 1 January 2020
• up to 77% of the first year’s premium for policies implemented between 1 January 2019 and 31 December 2019
• up to 88% of the first year’s premium for policies implemented between 1 January 2018 and 31 December 2018

Where you change the level of cover on a policy and your premium increases as a result, we may receive commission on the increase in the premium (e.g. if your premium was $1,000 and it is now $1,200, we would receive “initial” commission on the additional $200). This commission is capped at the percentage applicable in the year that you implemented the policy – e.g. if you commenced a policy in June 2018 and increase the cover now, we may receive up to 88% of the increase in premium.

We may also receive “initial” commission on the increase to the premium of existing policies that were implemented prior to 1 January 2018 (where that increase is a result of action by you).

Ongoing commission

We receive ongoing commission calculated as a percentage of the premium paid to the insurer.

Ongoing commission on policies entered into after 1 January 2018 is capped at a maximum of 22% of the commission.

Provisional Financial Advisers

Our advisers may supervise a provisional financial adviser completing his or her professional year. If a provisional financial adviser works on your advice, his or her supervisor will inform you of matters relating to the provisional financial adviser in accordance with the Corporations Act 2001 (Cth).

A provisional financial adviser’s supervisor is responsible for any personal advice provided by the provisional financial adviser to you.

Privacy

Australian Privacy Principles apply to how we collect and use personal information.  The information you provide to us for the purposes of obtaining financial product advice must only be used to:

• fully understand your financial planning needs;
• provide you with information, products or services that you might reasonably expect or request;
• manage rights under any laws applying to the services provided; and
• conduct research and marketing which includes direct marketing (although you have the right to specifically instruct us not to use your personal information for these purposes).

For details of how we collect and use your personal information, please refer to our privacy policy which is available on our website.

Complaints

We are fully committed to providing quality financial services.

If you have a complaint about the services we provide to you, please follow the steps outlined below. Our dispute resolution system is free of charge. We are a member of the Australian Financial Complaints Authority (AFCA) complaints resolution scheme.

Step 1

Contact the Complaint Officer and provide the details of your complaint. Our contact details are:

Complaints Officer, Goldsborough Financial Services, 160 Greenhill Road, Parkside SA 5061 or 08 8378 4000.

We will endeavour to acknowledge receipt of your complaint within one business day (or as soon as practicable). 

We will endeavour to resolve your complaint quickly and fairly, within 30 days of receipt of your initial complaint. In some circumstances, for example where the complaint involves particularly complex issues, it may take longer than 30 days to resolve a complaint. If we determine that it will take us longer than 30 days to resolve a complaint we will write to you to explaining the delay.

We will provide a written response informing you of the final outcome of your complaint and your rights to escalate the complaint if you are not satisfied with our final decision.

Step 2

If you are not satisfied with our final response to your complaint, or we have not resolved your complaint within 30 days, you may lodge your complaint with AFCA (provided that the complaint is within AFCA’s terms of reference). AFCA is an independent complaints resolution body which is available to you free of charge.

Please note that AFCA will not initiate its process until we have had prior opportunity to respond to your complaint.