Aurum Planning Pty Ltd – Financial Services Guide (FSG)
Version 11 (dated 9 October 2019)
Aurum Planning Pty Ltd | ABN 19 141 418 555 | AFSL No: 344139
is wholly owned by Twilight Financial Planning Pty Ltd | ACN 604 991 406 as Trustee for The Twilight Trust | ABN 65 560 364 462.
Twilight Financial Planning Pty Ltd and its advisers are Authorised Representatives of Aurum Planning Pty Ltd (Aurum).
Aurum Planning Pty Ltd is responsible for the advice provided and services offered to clients by their Authorised Representatives.
Purpose of this FSG
This Financial Services Guide (FSG) is an important document. It provides you with information about Aurum Planning Pty Ltd (Aurum) to help you decide whether to use the financial services we offer. This FSG also provides information about:
– who we are and how we can be contacted
– the financial products and services we can offer
– how we, and any other relevant parties, are paid
– our relationships and how these could influence the advice we give you
– how complaints against us are handled, and
Who are we?
Aurum Planning Pty Ltd is a boutique financial planning business providing comprehensive advice and products to a wide range of clients including individuals, companies, partnerships and trustees of Self Managed Superannuation Funds.
Who are our advisers?
Authorised Representatives of Aurum Planning Pty Ltd are:
|Shawn Baker||No: 1263172|
|Margaret Barnesby-Johnson MappFin||No: 258161|
|Brendan Downes Bcomm||No: 239381|
|Stuart Fulton CFP, DipFP||No: 230509|
|Simon Phillips SA Fin||No: 239470|
|Andrew Prince CFP, DipFP||No: 230507|
|Kathryn Wilson DipFP||No: 1272109|
|The Trustee for the Twilight Trust CAR||No: 1008542|
We are authorised to provide advice and deal in the following:
What are our authorisations?
- Deposit and payment products
- Debentures, stocks or bonds issued or proposed to be issued by a government
- Life Investment or life risk products
- Interests in managed schemes, including investor directed portfolio services
- Managed Discretionary Account (MDA) services
- Retirement savings accounts
- Standard Margin Lending facility
To the extent that we authorise an Aurum Planning Pty Ltd representative to do so, the representative can help you to apply for all the financial products referred to in this FSG and can also give you financial product advice in relation to them.
All our advisers are registered with the Tax Practitioners Board as Tax (Financial) Advisers and can provide tax advice regarding the strategies and financial products that are recommended to you.
What do we expect from you?
Under the Future of Financial Advice Reforms we are obligated to act in your best interest and this requires us to collect information about your financial situation, needs and objectives, make inquiries into the information provided and investigate appropriate products and strategies to help you meet your needs and objectives.
We expect that you will provide us with accurate information so that we have a reasonable basis on which to provide you with advice. We expect that where appropriate you will inform your adviser of any changes that may influence your future objectives.
You have the right not to divulge this information to us, if you do not wish to do so. In that case, we are required to warn you about the possible consequences of us not having your full personal information. You should read the warnings carefully.
From time to time where your adviser cannot recommend any appropriate products or where the adviser feels your best interest will not be served by him/her, your adviser has a right to refuse the provision of advice or services.
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. We will not provide you with services if you are unwilling to provide this information.
What advice documents will we give to you?
Whenever we provide you with any advice which takes into account your objectives, financial situation and needs we will provide you with a Statement of Advice (SOA).
The Statement of Advice will include the advice, the basis on which it is given and information about fees, commissions and associations which may have influenced the provision of the advice.
On an ongoing basis, if there have been no significant changes in your personal circumstances or the basis of the advice has not significantly changed since your last SOA was provided, a Record of Advice (ROA) may be provided instead of an SOA.
If you have not already been provided with a copy of the ROA at any time you have the right to make a face to face, phone or email request for a copy of your ROA, which will be provided in a timely manner.
In the event we make a recommendation to acquire a particular financial product (other than securities) or offer to issue or arrange the issue of a financial product, we will also provide you with a Product Disclosure Statement containing information about the particular product which will assist you in making an informed decision in relation to the acquisition of that product.
How can you give us instructions?
You can give us instructions face to face, by telephone or email.
How are we paid for the services we provide?
Aurum Planning Pty Ltd charges a Fee for Service, which may be payable for the preparation of initial and ongoing advice and advice services.
Initial Consultation – Our initial consultation is provided without cost or obligation.
During this first consultation, your adviser will discuss the fees and charges that will be applicable to your individual circumstances.
The actual Fee will be based on your requirements and the complexity of your financial circumstances.
All fees charged will be fully detailed in your Letter of Engagement and/or your Statement of Advice.
All fees will be agreed with you prior to you becoming liable for them.
All fees are inclusive of GST.
The costs of our services may be determined by any of the following:
A Flat Hourly Rate* of $440.00 per hour;
An Agreed Fee;
A direct equities share trading ‘brokerage’ fee
A combination of the above.
*Flat Hourly Rate – where appropriate your adviser may agree to work with you to accomplish a single goal or objective. We will provide you with an estimate of the total cost based on our time prior to commencing this work.
Upfront and Ongoing Fees
Your adviser may charge a Statement of Advice (SOA) ‘plan preparation’ fee of up to $3,300 (GST Inclusive). This fee is payable upon presentation of our invoice.
In addition we charge an ‘Agreed’ ongoing fee as long as you remain a client.
Risk Insurance Commissions
If you purchase or retain a risk insurance policy on our recommendation, we may receive brokerage payments from the Insurer who issues the policy. Insurers currently offer brokerage payments up to 77% of the first year’s premium and up to 22% for subsequent years over the life of the policy.
Preparation of Statement of Advice and Ongoing Advice – Fee example
You have agreed with your adviser based on your personal circumstances that the cost for the provision and presentation of your Statement of Advice will be the maximum $3,300 (including GST) and that the cost for ongoing advice services will be $6,000 per annum (including GST) payable monthly. Your total costs in year one are $9,300 and your annual costs for year two onward (as long as you remain a client) is $6,000.
Flat Hourly Rate – Fee example
You have agreed with your adviser that he/she completes a ‘once-off’ advice project estimated at 2 hours work. The fee would be $880 (inclusive of GST).
Risk Insurance – Fee example
If you decide to buy a life insurance product I recommend to you, Aurum Planning Pty Ltd will receive an upfront commission of between 0% and 77% (including GST) of the first years annual premium and then an annual ongoing commission of between 0% and 22%. For example, for an insurance product with an annual premium of $2,000 where the issuer pays an upfront commission of 60% and ongoing commission of 10%, Aurum will receive $1,200 upfront and $200 ongoing for as long as you hold the product.
Direct Equities Share Trading – Fee example
For the management and completion of Direct Share Trades we charge a Brokerage Fee of up to 1.1% (with a minumum of $110 or as agreed with your adviser). For example on our advice and your authority we have placed a share trade on your behalf up to the value of $20,000. Our brokerage fee will be $220 (including GST).
Conflict of Interest
Do any relationships exist which might influence the service or advice you receive from Aurum?
Margaret Barnesby-Johnson, Andrew Prince and Stuart Fulton are directors/shareholders of Twilight Financial Planning Pty Ltd and have been appointed as authorised representatives of Aurum Planning Pty Ltd and therefore will be entitled to dividends payable from Aurum Planning Pty Ltd.
Non-monetary benefits (commonly known as Soft Dollar Benefits)
All our advisers are salaried employees of Aurum Planning Pty Ltd and may from time to time receive a non-monetary benefit from product providers by way of sponsorship of educational seminars, conferences or training days. Each adviser may receive benefits of up to a maximum value of $300 in any 12 month period. Details of all benefits received with a value between $100 and $300 will be maintained on a Register.
You can ask us for further information in relation to the remuneration, the range of amounts or rates of remuneration, and soft dollar benefits received by Aurum Planning Pty Ltd and our Authorised Representatives.
Aurum may make or receive Referrals to any third party.
We may refer you to:
Theng & Associates
Twilight Financial Planning is a minority shareholder in the accounting practice Theng & Associates. Your adviser may refer you to Theng & Associates for accounting services.
If any referral is made or received we will disclose to you in our ‘Referral Agreement’ or ‘Advice Document’ any commissions or other benefits that is attributable to the referral.
What information do we maintain in your file?
We will only collect and hold personal information that is relevant to, and reasonably necessary for, the financial and other services we provide to you. In addition, we only collect sensitive information if you consent, or in specific circumstances set down in the Australian Privacy Principles.
The kind of information we will be likely to collect and hold includes your name, address and contact details, tax file number, personal medical information, your date of birth and details about your financial circumstances, goals and strategies.
We will also take reasonable steps to protect your personal information from misuse, interference and loss, and from unauthorised access, modification and disclosure.
Can you examine your file?
Yes. If you require access to the personal information we hold about you, please send us an email to firstname.lastname@example.org. Your request should specify the information to which you require access.
We will not charge you for requesting access to your personal information. We may, however, charge you the costs associated with meeting your request for access, for example photocopying and postage costs.
We are committed to protecting your privacy. When we request personal information, we will explain why we need
it, how it will be used and who we share it with. Understanding and meeting our customers’ financial needs over the course of their lifetime is a central part of our business. To do this effectively, we need to collect certain personal information. We may collect personal information directly from you, your employer, your financial adviser or anyone authorised by you or acting on your behalf.
We collect, hold, use and disclose customers’ personal information so we can establish, manage, administer the products and services provided by us, and comply with legal and regulatory obligations. It’s your choice whether to provide your personal information. However, if you don’t, we might be unable to fulfil your request for a specific product or service or be unable to identify you to protect you against fraud.
What should you do if you have a complaint?
We are committed to providing quality advice to our clients. This commitment extends to providing accessible complaint resolution mechanisms for our clients.
If you have any complaint about the service provided to you, you should take the following steps:
- Contact your adviser and tell your adviser about your complaint.
- If your complaint is not satisfactorily resolved within 7 days please contact Aurum Planning Pty Ltd on (08) 9367 7166 or put your complaint in writing and send it to us at, Aurum Planning Pty Ltd PO Box 951, SOUTH PERTH WA 6951, or email email@example.com – we will try to resolve your complaint quickly and fairly.
- If we cannot reach a satisfactory resolution, you can raise your concerns with the Australian Financial Complaints Authority (AFCA)* on 1800 931 678 or in writing to Australian Financial Complaints Authority, GPO Box 3, Melbourne VIC 3001. Aurum Planning Pty Ltd 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.
*The Australian Financial Complaints Authority or ‘AFCA’ is a new (since 01 November 2018) external dispute resolution (EDR) scheme to deal with complaints from consumers in the financial system. AFCA replaces the three existing EDR schemes of the Financial Ombudsman Service (FOS), The Credit and Investments Ombudsman (CIO) and Superannuation Complaints Tribunal (SCT) so that consumers have access to a single EDR scheme.
What kind of compensation arrangements are in place and are these arrangements complying?
Aurum Planning Pty Ltd confirms that it has arrangements in place to ensure it continues to maintain Professional Indemnity insurance in accordance with s.912B of the Corporations Act 2001 (as amended). In particular our Professional Indemnity insurance, subject to its terms and conditions, provides indemnity up to the Sum Insured for Aurum Planning 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 Aurum Planning Pty Ltd for work done whilst engaged with us.
|How to Contact us|
|(08) 9367 7166
Suite 5, Level 4, 85 South Perth Esplanade, South Perth WA 6151
PO Box 951, South Perth WA 6951