Financial Services Guide
Introduction to Insight Investment Partners
Insight Investment Partners was established in November 2009 to offer direct investment financial planning. We offer capabilities in SMSF, Superannuation, Shares and Funds Management, Property and Lending, Risk Insurance, Estate Planning and Currency Transfers and Management.
Our service extends from simple home budgets to complex family estate structures. Insight Investment Partners is privately owned and holds its own investment advisory license registered with ASIC with AFSL No 368175.
Your adviser is a representative of, and acts on behalf of, Insight Investment Partners Pty Ltd. Insight Investment Partners does not act as a representative of any other licensee in relation to the services or products we provide.
Introduction to Financial Services Guide
This Financial Services Guide (FSG) is an important document. You should read it carefully and make sure you understand it.
This FSG is dated 5th August, 2014 and is provided to you by Insight Investment Partners Pty Ltd A.C.N. 136 879 484 (Insight Investment Partners, we, our, us) to inform you of the financial services we are able to provide and to assist you in deciding whether to use any of the services offered in this FSG. This FSG replaces all prior versions.
An important aspect of our FSG and indeed our relationship is to let you know from the beginning that you have the right to ask us about the types of advice we provide, any charges or fees we may apply and what you can do if you have a complaint about our services.
This FSG is intended to inform you of certain basic matters relating to our relationship prior to us providing you with a financial service. The matters covered by the FSG include:
- Who we are?
- How we can be contacted?
- How to instruct your adviser?
- Details of our Professional
- Indemnity Insurance
- What financial services we are authorised to provide?
- Details of our internal and external dispute resolution procedures
- The remuneration and other benefits received by us (the Licensee) and by your adviser?
It is intended that this FSG should assist you in determining whether to use any of the services described in this FSG. Should we provide you with personal financial product advice and you are a retail client you will be entitled to and will receive a Statement of Advice (SOA). The SOA will contain the advice, the basis on which it is given and information about commissions, fees or charges and any associations that may have influenced the provision of such advice. You should only ever implement advice after reading and understanding your SOA.
Where further advice is provided we may not provide an SOA where the relevant circumstances and basis for advice have not changed from the original SOA, however we will provide upon request what is known as a Record of Advice (ROA). You can request this at any time from your adviser or by emailing or writing to us.
In the event we make a recommendation to you to acquire a particular financial product (other than listed securities) or offer to issue or arrange the issue of a financial product, we must also provide a Product Disclosure Statement (PDS) containing information about that particular product. The PDS will enable you to make an informed decision on the acquisition of that product.
How can we be contacted?
|Dean O’Neill||Christopher Fellas|
|Address:||Suite 401||Phone||+612 9181 3431|
|Drummoyne, NSW email@example.com|
Who will be responsible for providing advice?
Your adviser will be acting on behalf of Insight Investment Partners. Insight Investment Partners is therefore responsible to you for any advisory services your adviser provides.
What advisory services are available?
Our AFSL authorises us to provide general and/or personal financial product advice and to deal (apply for, acquire, vary or dispose) in relation to:
- Deposit Products
- Securities and Shares (Domestic and International)
- Foreign Exchange Contracts
- Derivatives Products (including CFD’s & Futures Contracts)
- Managed Investment Schemes including IDPS
- Life products including investment life insurance and life risk insurance
- Retirement Savings Accounts
- Managed Discretionary Accounts (Wholesale clients only)
- Government Debentures, Stocks or Bonds
- Standard Margin Lending Facilities
- Retail and wholesale clients
How do I pay for these services?
Insight Investment Partners and your adviser may be paid by various methods they may include the following:
Financial Planning Advice Fees
- A flat dollar amount known as a fee for service will be charged from $500 -$10,000 (inc GST).
- A percentage amount of your investment :
- Securities will be charged from 0.11% to 1.1% (inc GST)
- Derivatives will be charged from $5.00 to $25 per lot (inc GST)
- An hourly rate will be charged from $75 to $250 per hour (inc GST)
- A combination of some or all of the above
Types of Fees
- Statement of Advice Fee will be charged from $500 -$10,000 (inc GST)
- Review Fee will be charged from $75 to $250 per hour (inc GST)
Other Fees (based on hourly rate) Commission & Brokerage
Insight Investment Partners may receive upfront commissions from product issuers where you decide to buy a product your adviser recommends. This upfront commission may vary from 0% to 5% of the amount invested.
For example: for an investment of $100,000 in a product whose manager pays Insight Investment Partners pays 3%. Insight Investment Partners would receive $3,300 (inc GST). Should any upfront fee be paid this will offset or reduce the cost to you for providing such advice. In addition to upfront commissions Insight Investment Partners may receive ongoing commission of less than 1% per annum of the value of the investment.
Insight Investment Partners will be rebated up to 100% of any brokerage fees charged for the execution of share trades (Securities will be charged from 0.1% to 1.1% (inc GST) and Derivatives will be charged from $5.00 to $25 (inc GST)).
For example: An investment of $100,000 in direct shares using a brokerage rate of 1% would equate to $1,100 (inc GST) being paid to the share broker and of this 100% or in this case $1,100 (inc GST) is further paid to Insight Investment Partners by the share broker.
Insight Investment Partners will be rebated up to 90% of any brokerage fees charged for the execution of derivatives or currency contracts with our nominated brokers. For example: An investment of $100,000 in futures account using a brokerage rate of $25 per lot and you transacted 10 lots would equate to $250 (inc GST) being paid to the derivatives broker and of this 80% or in this case $20 (inc GST) is further paid to Insight Investment Partners by the derivatives broker.
Our employees and directors are remunerated by way of salary and commission and other employee benefits. They may also be eligible for a discretionary bonus related to business objectives. Certain employees, directors and representatives may also receive 0% to 75% of all fees and commissions generated from their clients depending on the level of salary and the aggregate revenue that they earn for Insight Investment Partners.
Such payments are discretionary and are generally made in the form of monetary benefits and are paid quarterly or annually. Our advisers may be entitled to 0% to 90% of the revenue generated by the services rendered to you. More details in relation to your advice and the commissions paid will be disclosed in your SOA and/or by request.
In some circumstances remuneration and commissions can only be determined at the time we first provide you with personal financial product advice. Where this is the case, actual remuneration, commission or other benefits will be disclosed to you in a SOA.
Do any relationships or associations exist that might influence my adviser in providing financial services to me?
Insight Investment Partners does not accept payments from product suppliers.
Your adviser may receive invitations to sporting events, dinners or may receive small gifts like hampers. The value of such gifts will not exceed $3,000 per annum per adviser.
All remuneration relating to a product will be disclosed in your Statement of Advice (SoA).
Will I get advice suitable to my needs?
Yes, however to do so your adviser will need to ascertain your individual financial objectives, financial circumstances, needs and requirements before providing any advice on financial products or service.
You have the right not to divulge this information to us if you do not wish to do so. In that case your adviser is required to warn you about the possible consequences of not providing your full personal information.
What should I know about any risks of the financial products or strategies you recommend?
We will explain to you any significant risk of financial products and strategies that are recommended to you. If you feel you need further explanation please ask your adviser.
What information do you maintain in my file and can I examine my file?
Can I tell you how I wish to instruct you to buy or sell my investments?
You can give instructions to us in any of the following ways:
- by telephone (note your telephone calls to us may be recorded);
- in writing (including email, note you must confirm with us that such instructions have in fact been received by us as electronic communications may fail or not be received in a timely manner); and
- electronically via direct entry into trading systems that we provide access to you.
Before transacting you will need to have opened an account with our preferred third party service providers. For shares and options trades, we have appointed market participants to provide execution and clearing services for:
- transactions in securities and other financial products executed through the ASX;
- for transactions in all derivatives (such as Exchange Traded Options) executed through ASX;
- settlement services for transactions executed by, or on behalf of our clients; sponsorship services; and
- nominee and other custody services.
In the event that you require the above services to be provided, you will also need to become a client of our preferred service provider. Insight Investment Partners will arrange for its clients to be provided with the service provider’s FSG and other documents which provide further information about the services provided.
Please note that a PDS is not required for investments in securities. You should ensure that you understand the risks and procedures before investing in securities. You will receive your contract notes from the service provider. You should contact the service provider if you do not receive a contract note or it there are any discrepancies immediately. In arranging for a third party to provide these services to you, Insight Investment Partners will act as your agent, not as the agent of the third party.
For Contracts For Difference, Insight Investment Partners will arrange for its clients to be provided with the FSG, PDS and other disclosure and documents which provide further information about the services provided by our preferred third party product issuer. You will receive your daily statement from the product issuer. Insight Investment Partners will act as your agent, not as the agent of the product issuer.
For Wealth Management products, Insight Investment Partners follows the six steps of the financial planning process, which are as follows:
- Gathering financial data - such as details of your income and expenses, debt level etc.
- Identifying goals and objectives.
- Identifying any financial problems or deficiencies between where you are now financially and where you want to be.
- Preparing your financial plan. This will identify recommended investments and will address your attitude to risk.
- Implementing your financial plan.
- Reviewing and revising your plan as to ensure it stays up-to-date and relevant to the economic climate and your changing lifestyle.
Insight Investment Partners will arrange for its clients to be provided with the Financial Services Guide, PDS and other disclosure documents which provide further information about the services provided by our preferred third party product issuer. You should also be aware that you are entitled to receive an SOA whenever we provide you with personal advice, which takes into account your objectives, financial situation and needs. This Statement of Advice will contain the advice, the basis on which it is given and information about fees, commissions, business relationships and associations which may have influenced the provision of the advice.
If our representative provides further advice to you, and that further advice is related to the advice we have provided to you in a previous Statement of Advice and we do not give that further advice in writing you may request a copy of the record of that further advice at any time up to 7 years from the date our representative gave the further advice to you. You can request the record of the advice by contacting the representative or us in writing or by telephone or by email.
For financial products (other than securities), we must also provide you with a PDS containing information about the particular product, which will enable you to make an informed decision in relation to the acquisition of that product.
Insight Investment Partners holds a professional indemnity insurance policy, which satisfies the requirements for compensation arrangements under section 912B of the corporations act. Subject to the terms and conditions, the policy provides cover for claims concerning professional services provided by Insight Investment Partners.
The policy provides coverage in the aggregate of up to $5,000,000 with an excess of $10,000 to cover claims regarding professional indemnity, directors and officers liability, crime (fraud) and the conduct of representatives/employees who no longer work for us (but who did at the time of the relevant conduct).
If you have a complaint
We are committed to meeting if not exceeding our clients’ expectations whenever possible. As much as we all dislike receiving complaints, we recognise that dissatisfied clients have a right to complain and to have their complaint handled quickly and directly. Clients who take the time to complain may well still have confidence in us and want to continue dealing with us.
Complaints are not a nuisance or a cost, they are an opportunity to obtain feedback from clients about their product or service experience. Complaints are, in fact, a valuable and important part of ongoing business relationships. They provide a flag to potential problems and difficulties, and a repetition of complaints can indicate a recurring systemic problem that needs immediate attention. They enable us to provide solutions to problems, rather than have remedies imposed by an external body.
What can I do if I have a complaint about the provision of financial services to me?
Insight Investment Partners is a member (no. 23609) of the Financial Ombudsman Service (FOS). 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 satisfied in five business days, please email or write your complaint to firstname.lastname@example.org
- If your complaint is not satisfactorily resolved within 45 business days you have the right to contact the Financial Ombudsman Service (FOS) they can be contacted on:
Financial Ombudsman Service Toll Free Telephone: 1300 78 08 08
GPO Box 3, Melbourne Vic 3001 Fax: (03) 9613 6399
Website: www.fos.org.au Email: email@example.com
- The Australian Securities and Investment Commission (ASIC) also has a free call info line on 1300 300 630 which you may use to obtain information about your rights.
Details of any potential conflict of interest
Neither Insight Investment Partners, nor any of our related bodies corporate, nor any of our authorised representatives, have any ownership links with any financial product issuer that could be expected to influence us. Conflicts of interest may occur from time to time. You have the right to be advised of any material interest that could reasonably be expected to be capable of influencing the recommendation of a financial product to you. Accordingly, you should be aware that:
- Insight Investment Partners’ client advisers are remunerated wholly or in part on a share of brokerage or commission basis
- If you have been referred to us by a third party, that person may receive a share of brokerage charged to you
- Insight Investment Partners, its directors, representatives and employees may have material interests in companies from time to time. These may be companies we have raised capital for, provided advice to or produced research on.
Should a conflict occur, you will be advised either verbally by your Client Adviser or this will be outlined in a SOA or ROA. Should you have any concerns or would like to discuss this matter further please contact us.
Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
As a financial service provider, Insight Investment Partners has an obligation under the Anti-Money Laundering and Counter- Terrorism Financing Act to verify your identity and any source of funds. This means that we will ask you to present identification documents such as passport and driver’s license. We will also retain copies of this information. We assure you that this information will be held securely. We cannot provide you with services if you do not provide such identification.
Types of information collected and held
“Personal information” about you is information or an opinion about you or which is reasonably identifiable as you, whether or not the information or opinion is true and whether or not the information is recorded in a material form.
The types of personal information that we collect and hold include your:
- name and date of birth
- identification (e.g. driver’s license, passport)
- home address, telephone number and email address
- employment details
- tax file number
- bank account, superannuation and insurance details
- other financial and investment information
- family details (e.g. name of your spouse and children)
- health information.
We may collect information that is considered “sensitive information” under the laws, such as:
- any illnesses or health conditions that you may suffer
- your family health history
- details of your criminal record (if any)
- your membership of a professional or trade association.
How we collect and hold personal information
Insight Investment Partners generally only collects your personal information where you have knowingly and voluntarily provided it to us. This may occur in the following circumstances:
- you complete a Fact Find or client information sheet
- you provide information to us verbally when you meet with us or over the telephone or via email correspondence with us
- you submit your details to us via our website
- your provide us with identification for identification checks
- you email or call us to enquire about our services.
We may collect some of your personal information from third parties, such as:
- your previous or other advisors from time to time
- by conducting public searches (e.g. with ASIC)
- issuers with whom you have purchased products from time to time.
We may hold your personal information in hard copy files and/or electronic files.
We take reasonable steps to ensure that all personal information that we collect is kept secure in accordance with industry standard physical, electronic and managerial procedures. In respect of personal information collected online or stored electronically (including in the cloud) in particular, you acknowledge that no security system is impenetrable and that the security of such networks and systems can never be guaranteed. We also cannot guarantee that the information you supply will not be intercepted while being transmitted over the internet. Accordingly, any personal information which is transmitted to us is transmitted at your own risk.
Purpose for which we collect, hold, use and disclose personal information
Insight Investment Partners (including our authorised representatives) will use and disclose your personal information only for the purpose (the “primary purpose”) for which you provide it to us, which may include:
- to provide you with the most appropriate products and services;
- to provide you with marketing communications and/or with relevant or interesting updates that may be relevant to you;
- to provide your information to a financial institution or issuer of financial products where you have agreed to invest or whose products you have agreed to purchase;
- to refer you to a specialist adviser;
- to respond to any query or complaint that you may make; and
- for internal administration and quality control purposes.
We may also use and disclose your personal information if required or authorised by law or a court/tribunal order, or to satisfy certain regulatory requirements.
We will never sell your personal information. If any Insight Investment Partners is acquired or merged with another entity or entities, your personal information may be shared with such other entity – subject always to the primary purpose for which your personal information was provided to us.
Access to and correction of Personal Information
Insight Investment Partners will take reasonable steps to ensure that any personal information we collect is up-to-date, complete and accurate, and any personal information that we use or disclose is up-to-date, complete, accurate and relevant.
You may request access to your personal information and you may seek the correction of such information by contacting our Privacy Officer at firstname.lastname@example.org, on (02) 9181 3431 or at Suite 401, 19 Roseby Street, Drummoyne NSW Australia 2047.
Complaints about a privacy breach
If you believe that we have breached theAustralian Privacy Principles, you may direct your complaint to our Privacy Officer who will review your complaint and liaise with you directly to resolve your complaint.
Insight Investment Partners does not disclose personal information overseas.
Policy last updated August 2014