Adviser Profile PART 2

Transcription

1 Adviser Profile PART 2 Date created 01 / 07 / 2013 GUIDE TO OUR RELATIONSHIP WITH YOU AND OTHERS This document is Part 2 of the combined Financial Services Guide (FSG) and Credit Guide (CG). It sets out specific details about me, as an Authorised Representative and Credit Representative of Magnitude Financial Planning (trading name of Magnitude Group Pty Ltd ABN Australian Financial Services Licence (221557) and Australian Credit Licence (221557) ( Magnitude ). I am authorised by Magnitude to provide the financial services and consumer credit services described in Part 1 of the FSG and CG. This document is Part 2 and should be read together with Part 1. I have been authorised by Magnitude to distribute this FSG and CG. WHO IS YOUR FINANCIAL ADVISER Your Financial Adviser is Jim Koumides In this document, the terms I, me, us, we and our refer to Jim Koumides and GK Financial Services Group Pty Ltd. The term 'Representatives' refers generally to Magnitude's Authorised Representatives and Credit Representatives. I am an Authorised Representative and Credit Representative of Magnitude and am authorised by Magnitude to provide financial services, including credit services, as described in this document. My Authorised Representative number is My Credit Representative number is WHAT EXPERIENCE DOES YOUR FINANCIAL ADVISER HAVE? With more than a decade of experience in the financial services industry, Jim is well regarded for his expertise and strategic advice relating to effective wealth management solutions, equities and structured investments, and asset protection, at both an individual and entity level. An experienced leader in the Financial Services and banking Industry in Australia, Jim has worked in the corporate, government and private sectors in roles encompassing Private, Retail and Business Banking, Financial Planning and Private Wealth Management. Ranked the Top Financial Adviser in 2000 by Westpac, Jim went on to head Westpac s 26-strong team of practice development managers, responsible for the technical and business coaching of advisers. In this role, Jim led and coached a supporting network of over 550 Financial Planners for Westpac. In subsequent senior leadership roles with Westpac, Jim was awarded the David Williams Fellowship as part of BT s preeminent Executive Development Program. Jim now specialises in the financial planning needs of individuals with a passion for wealth creation in a practice that consistently achieves some of the highest compliance ratings in the industry. WHAT QUALIFICATIONS AND PROFESSIONAL MEMBERSHIPS DOES YOUR FINANCIAL ADVISER HAVE? Jim Koumides holds a Bachelor of Economics (with Golden Key Honours) and a Graduate Diploma in Applied Finance and Investment. Jim is a member of the Financial Planning Association of Australia and a Fellow of the Financial Services Association of Australia. Jim has been awarded membership to the Golden Key International Honour Society for Academic Excellence. (Monash University Chapter) Page 1 of 8

2 DOES YOUR FINANCIAL ADVISER HAVE ANY ASSOCIATIONS OR RELATIONSHIPS? I have an association with GK Financial Services Group P/L (ABN ) as a director. Fees and commissions are paid to GK Financial Services Group P/L by Magnitude for distribution to me. GK Financial Services Group P/L is also an Authorised Representative and a Credit Representative of Magnitude and is not a related company of Magnitude. GK Financial Services Group P/L s Authorised Representative number is and Credit Representative Number is WHAT AREAS IS YOUR FINANCIAL ADVISER AUTHORISED TO PROVIDE ADVICE ON? I am authorised to provide the following financial services: Managed Investments Superannuation Personal Insurance Shares Strategic advice about consumer credit and consumer credit referrals Self Managed Superannuation Funds Investment Advice only (including advice to establish an SMSF) Margin Lending ARE THERE ANY SERVICES YOUR FINANCIAL ADVISER IS NOT AUTHORISED BY MAGNITUDE TO PROVIDE? I am not authorised to provide advice or services in the following areas: Finance broking WHAT IS YOUR FINANCIAL ADVISER'S FEE STRUCTURE? As part of detailed financial planning there are costs to you at various stages of the process. Before making any recommendations, I will discuss and agree the fees with you. Advice fees are payable by you at the following stages: 1_ Recommendation: For having a personalised financial plan (Statement of Advice SoA ) prepared, a plan preparation fee (up to $10,000) is payable. The actual fee will depend on the complexity of your situation and the time it takes to prepare personal financial advice for you. 2_ Implementation: I may charge a placement fee and/or implementation fee to implement the recommendations in your financial plan. These are payable when you decide to proceed with the implementation of any one or more recommendations that I provide to you. The actual fee will depend on the complexity of your situation and the amount of funds invested, but will not exceed: (a) 3% of the initial funds invested; or (b) the maximum of entry fees or contribution fees specified in the Product Disclosure Statement (PDS) for the recommended product whichever is the greater. EXAMPLE: Where you invest $10,000 in a product which has an implementation fee of 3% (including GST), the placement fee and/or implementation fee will be $300 (including GST). Page 2 of 8

3 3_ Advice Service Fee of $250 per hour plus GST for our professional services. 4_ Ongoing Service and Reviews: If you choose to have me conduct a review of your financial plan to ensure that your financial strategies and financial products remain appropriate to you, you may be charged a review fee. If you choose to have me provide an ongoing service, you may be charged a fee of up to 2.5% p.a. of total funds under management or a flat annual fee as disclosed in advice documentation. Where a placement fee and/or implementation fee is charged, I may rebate all or part of the initial commissions and/or ongoing commissions received from a product issuer, by way of an increase in your investment amount. HOW WILL YOUR FINANCIAL ADVISER BE PAID FOR THE SERVICES PROVIDED? All fees and commissions disclosed in this FSG which are attributed to the services provided to you by me are paid to Magnitude. Magnitude will pay up to 100% of those fees and commissions to GK Financial Services Group Pty Ltd for distribution as directed by me. WHAT OTHER BENEFITS MAY YOUR FINANCIAL ADVISER RECEIVE? In addition to the remuneration detailed above, I am eligible to qualify for other benefits and entitlements as detailed below: OTHER PAYMENTS FROM PRODUCT PROVIDERS Where I recommend you invest through Asgard ewrap Investment, Asgard ewrap Super/Pension, Asgard Master Trust (Asgard Superannuation, Asgard Employee Superannuation or Asgard Allocated Pension) ( Qualifying Products ) and or another approved portfolio administration services and you accept that recommendation, I will receive the following payments: When you invest via certain Asgard products, Asgard (the administrator for the Qualifying Products) pays a licensee commission to Magnitude of up to 50% of the administration fees you pay to the administrator in relation to your investment. Magnitude may pass on up to 76.5% of the licensee commission it receives from the Administrator to us. This rate will vary depending on the total value of the licensee commissions I generate for Magnitude and the amount of new funds which my clients invest in the Asgard products shown above. Local conferences. EXAMPLEI recommend you invest $100,00 in managed investments through Asgard ewrap Investment and you accept the advice. This investment will incur an administration fee of $820 p.a., of which the administrator pays up to $410 p.a. to Magnitude. Of this amount, Magnitude may pass up to $314 on to me. WILL YOUR FINANCIAL ADVISER BE PAID WHEN MAKING A REFERRAL? I may receive a payment for making a referral to an external specialist such as an accountant or solicitor. Any amount payable will be disclosed in the SoA provided to you. This will be paid by the external specialist and will be at no additional cost to you. If you have been referred to me by an external party and you accept the services I provide, I may make a payment to the external party for that referral. Any amount payable will be disclosed in the SoA provided to you. This will be paid by me to the external party and will be at no additional cost to you. EXAMPLE: Where you borrow $10,000 using a lender which I referred you to, Magnitude will be paid an upfront commission up to $30 (10,000 *0.30%%) including GST. Of this amount, Magnitude will pay me up to $27.90 ($30 * 93%). Assuming that the loan balance remains the same, Magnitude will also receive an ongoing commission up to $10 ($10,000 x 0.10%) (including GST) and of this amount, Magnitude will pay me up to $9.30 ($10* 93%) Page 3 of 8

4 CREDIT GUIDE I am authorised to provide consumer credit services on behalf of Magnitude. As a Credit Representative of Magnitude, I am authorised to provide the following services in relation to loans regulated by the National Credit Code: Refer you to an approved lender or another Authorised Credit Representative of Magnitude, if you have a credit need or where you have requested credit advice or assistance. As described in Part 1, Magnitude use the services of Australian Finance Group (AFG). AFG provides Magnitude with access to a range of credit providers and their products. Of the credit providers AFG has relationships with, I am only able to advise you on and assist you with loans provided by credit providers that are on Magnitude s Approved Product List and with whom I am accredited. The credit providers that Magnitude and I deal with the most are described in Part 1. To retain my accreditation, some credit providers may require me to submit a minimum level of loan product applications over an agreed period of time. One of the reasons is so that I can maintain my knowledge and understanding of the relevant credit provider s products. Please ask me if you would like a list of those credit providers with whom I am accredited and/or who have accreditation requirements. WHAT FEES OR CHARGES (FEES) DO YOU PAY FOR CREDIT SERVICES I PROVIDE? There are no fees or charges payable when I provide you with personal credit advice. WHAT REFERRER FEES OR COMMISSIONS DO I PAY TO THIRD PARTIES? Refer to the section for commissions within the Statement of Advice documentation to determine third party payments (if applicable). WHAT COMMISSIONS DO I RECEIVE? If I refer you to an AGF Credit Representative or another third party and you use their credit services, I may receive an initial and ongoing commission calculated as a percentage of your total loan amount. I will provide you with a letter when I make a referral and this will detail any benefits that I may receive for making the referral. These commissions are paid to Magnitude by AFG and I may receive up to 90% of the commissions paid to Magnitude. You may request further details from us if you would like an estimate of the commissions received and how they are calculated. Refer to the section below for commission I may receive when I make a referral. WHAT BENEFITS WILL I RECEIVE WHEN MAKING A REFERRAL IN RELATION TO CREDIT SERVICES? If you use the services of Westpac or St George, a Credit Representative of Magnitude or another third party, I may receive an upfront commission which could range between 0% and 0.30% of your loan amount and an ongoing commission ranging between 0% and 0.10% based on the outstanding loan balance, for the referral. I will provide you with a letter when I make a referral and this will detail any benefits that I may receive for making the referral. Magnitude will pay up to 100% of these commissions to G.K. Financial Services Group Pty Ltd for distribution as directed by me. Page 4 of 8

5 HOW CAN YOU CONTACT YOUR FINANCIAL ADVISER? Your Financial Adviser Jim Koumides BEc, Gdip. Applied Fin (Finsia) Phone: Fax: Mobile: Website: GK Financial Services Group P/L Pacific Tower, Suite Burwood Road Hawthorn East Victoria 3123 Phone: Fax: Website: Page 5 of 8

6 Acknowledgements Client Copy I/We acknowledge that I was/ we were provided with the Magnitude Financial Services Guide (FSG) and Credit Guide dated 01/07/2013 and Adviser Profile dated 01/07/2013. Client Name: Client Signature: Date received: Client Name: Client Signature: Date received: OR complete as follows if Financial Services Guide and Credit Guide are mailed to Client(s): I confirm that I sent a copy of the Magnitude Financial Services Guide and Credit Guide dated 01/07/2013 and Adviser Profile dated 01/07/2013 as follows: Sent to (Client Name(s)): Sent on (Date): Sent by (Name): Page 6 of 8

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8 Detach copy for File Acknowledgements Adviser Copy I/We acknowledge that I was/ we were provided with the Magnitude Financial Services Guide (FSG) and Credit Guide dated 01/07/2013 and Adviser Profile dated 01/07/2013. Client Name: Client Signature: Date received: Client Name: Client Signature: Date received: OR complete as follows if Financial Services Guide and Credit Guide are mailed to Client(s): I confirm that I sent a copy of the Magnitude Financial Services Guide and Credit Guide dated 01/07/2013 and Adviser Profile dated 01/07/2013 as follows: Sent to (Client Name(s)): Sent on (Date): Sent by (Name): Page 8 of 8