| ABOUT THIS GUIDE This Financial Services Guide (FSG) contains
important information about Risk and Investment
Advisors Australia Pty Ltd (RIAA) and the financial
services we offer through our Representatives.
The purpose of this FSG is to assist you in deciding
whether to use the services we offer. It sets out
information about:
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The Financial
services that we may offer you; |
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How we at RIAA
are paid; |
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Any potential
conflict of interest we may have; and |
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How to access
our internal dispute resolution procedures
if you have a complaint. |
Whenever our Representative gives you personal
financial advice our Representative will provide you
with a Statement of Advice (SOA) which contains the
advice, the basis on which it was given and information
on fees, commissions and associations which may have
influenced the provision of the advice.
If our Representative provides further advice to you
and your personal circumstances have not significantly
changed, and that further advice is related to the
advice we provided to you in a previous Statement of
Advice and we do not give that further advice to you 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 advice by contacting
the representative or us in writing or by telephone or
by email.
Whenever our Representative makes a personal
recommendation to acquire a particular financial
product, our Representative will provide you with a
Product Disclosure Statement (PDS) which contains
information about the particular product to assist you
to make an informed decision about that product.
Our Representative will also give you a PDS if you
ask them to sell you a particular financial product or
ask them to arrange to issue a particular product.
This FSG has been authorised by RIAA.
ABOUT RIAA
Risk and Investment Advisors Australia Pty Ltd
ABN: 21 104 922 394
Level 3, 69 Phillip Street
Parramatta NSW 2150
P: 02 9687 0604
F: 02 9687 4406
E: riaa@riaa.net.au
RIAA holds an Australian Financial Services
Licence (AFSL Number 238141).
RIAA is member of the Association of Independently
owned Financial Planners (AIOFP) and actively
supports their Code of Ethics and Rules of Professional
Conduct.
HOW IS RIAA PAID FOR THE SERVICES IT PROVIDES?
RIAA receives a fee from the Authorised
Representative and also retains up to 4% of all
remuneration generated by the Authorised Representative.
WHO IS OUR ADVISER?
Our adviser is an Authorised Representative of
Risk and Investment Advisors Australia Pty Ltd (RIAA).
They will be acting on behalf of RIAA when they make
product recommendations.
RIAA is responsible for the financial services they
provide including the distribution of this FSG.
Our Authorised Representative will hand you their
RIAA Adviser Profile with this document. The RIAA
Adviser Profile forms part 2 of the FSG and provides
more detailed information about commission and other
benefits they may receive.
WHAT ADVISORY SERVICES ARE AVAILABLE TO ME?
RIAA is licensed to offer the following financial
services:
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Life Insurance – Risk |
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Life Insurance – Investments |
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Managed Investment Schemes |
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Retirement Savings Accounts
Products |
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Securities |
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Superannuation |
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Basic Deposit Products |
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Deposit Products other than
Basic Deposit Products |
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Standard Margin Lending |
The Adviser Profile sets out which of these
financial services our adviser is authorised to provide
as an authorised representative of RIAA.
RIAA may also provide the following advisory
services:
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Financial
Planning Advice |
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Superannuation
and Rollover Advice |
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Business
Insurance Advice |
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Salary
Packaging Advice |
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Life Insurance
Advice |
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Succession
Planning |
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Savings Plans |
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Portfolio
Reviews |
Our adviser will only recommend an investment to you
after considering its suitability for your individual
needs, objectives and financial circumstances.
RIAA has access to specialist advice on Tax
Planning, Estate Planning, Shares, Investments, General
Insurance and Mortgage funds.
Where required, these areas will be provided only by
referral. Whether you use one of our referrals or a
professional that you currently have an involvement
with, they will be responsible for the advice provided
to you.
If you require advice on a wider range of products or
complex issues we may refer you to another financial
services provider.
OUR RESPONSIBILITY TO YOU
RIAA will:
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Only advise
within RIAA’s approved product list. |
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Deal in a
financial product if directed but only with
your approval. |
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Take
instructions from you. |
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Consider but
not advise on tax issues. |
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Not ask you to
sign blank documents. |
YOUR RESPONSIBILITY TO US
RIAA expects that you:
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Tell us about
your personal objectives, current financial
situation and any other relevant information
so we can offer you the most appropriate
advice. If you do not, the advice you
receive may not be appropriate to your
needs, objectives and financial situation. |
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Update us
annually with any changes in your personal
situation. |
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Will not sign
blank forms. |
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Use our advice
to make your decision(s) about acquiring
financial product(s). |
WHAT INFORMATION IS MAINTAINED IN YOUR FILE AND IS
IT KEPT SECURE?
RIAA will maintain a record of your personal profile
including details of your objectives, financial
situation and needs. We also maintain records of any
recommendations made to you. If you wish to examine your
file please contact us.
RIAA is committed to implementing and promoting a
privacy policy which will ensure the privacy and
security of your personal information. RIAA's Privacy
Statement is available on request, or you may access it
on RIAA's website.
HOW DO YOU GIVE INSTRUCTIONS ABOUT YOUR
INVESTMENT?
You may tell our adviser how you would like to give
them instructions. For example, by telephone, fax or
other means such as email.
HOW MUCH WILL YOU PAY FOR THE SERVICE PROVIDED?
The RIAA Advisor Profile contains information detailing fees
and commissions as well as other benefits that our adviser may
receive for the services that our adviser provides and that
RIAA receives.
There are various modes of payment for the services
provided. You may either be charged a set fee, an hourly
rate or our adviser may receive commissions directly
from the financial product issuer whose products are
recommended to you.
If you receive personal advice from our adviser, our
adviser will provide you with a Statement of Advice (SOA)
which tells you the amount of any commissions, fees and
other benefits that are paid to any person as a result
of your decision to use our services which may influence
the advice our adviser gave you. If they do not know the
amount, the (SOA) will tell you how the commissions,
fees and other benefits are calculated. Before our
adviser can proceed to act on your instructions you must
sign the SOA authorising our adviser to implement the
recommendations.
If they recommend a financial product the issuer of
that product will receive a benefit which may be in the
form of a premium, entry fee or management fee. This
will be fully explained in the relevant Product
Disclosure statement.
WILL ANYONE BE PAID FOR REFERRING ME TO YOU?
Where you have been referred to your adviser or RIAA
by someone else, and if we pay them a fee or commission
for that referral, we will tell you in the Statement of
Advice the amount of any fee or commission paid. Part 2
(Advisor Profile) will also disclose information about
any payment made for referrals by your advisor.
ARE THERE ANY CONFLICTS OF INTEREST IN OUR ADVICE?
RIAA receives the following payments, in addition to the initial
and ongoing commissions from the following fund managers:
|
Types of Payments |
Level of Payment |
| Asgard Personal Choice |
Asgard
Personal Choice, an amount upto 45% of the administration
fee is payable which, after expenses including the production
of PDS, distributes the balance to RIAA |
| Aria Portfolio Solutions |
RIAA Pty Ltd is the promoter
of the Aria Portfolio Solutions and receives a fee of
up to .35% of funds under advice. Risk and Investment
Advisers Australia Pty Ltd and your adviser may hold a
share in RIAA Pty Ltd and receive a dividend based on
the success of the company. |
| Personal Choice Private |
Risk
And Investment Advisors Australia Pty Ltd and your adviser
may hold a share in RIAA Pty Ltd which is a company
that in turn holds a share in Personal Choice Management
Pty Ltd (PCM). PCM is the sponsor of the Personal Choice
Private (PCP) product offered in the PCP/Asgard Product
Disclosure Document. PCM receives a fee for such sponsorship
based on a formula which relates to the funds under
management. PCM is not the Dealer of the PCP product
for the purposes of the Corporations Act 2001 and does
not provide any financial advice regarding the PCP product
offered. PCM shareholders are entitled to receive a
dividend/capital payment based on the success of the
Company which is not related to the returns or performance
of clients’ capital. Your Adviser is entitled to receive
a dividend payment from RIAA Pty Ltd. |
| Wealthtrac |
These payments are based on
the total value of business submitted to Wealthtrac. The
total payments will not exceed 0.583% of funds under management |
RIAA also receives a Bonus from the following:
| Types
of Payments |
Level
of Payment |
| AIG – Rebate Payment |
For AIG insurance products
an amount of up to 10% of net new business inflows is
paid. |
| Asteron – Rebate Payment |
For Asteron Insurance products
an amount of up to 5% of net new business inflows is paid. |
| Aviva – Rebate Payment |
For Navigator Personal Product
as amount of up to 25% of the net margin is payable.
For Aviva Protection First Products, an amount of up to
10% of the Gross new business inflows is paid. |
| Beacon – Investment Wrap |
Up to 0.4% on business submitted
plus an additional 0.2% per annum on Funds Under Advice |
| IOOF – Sponsor Fee |
IOOF pay a sponsor Fee of
up to 0.20% of Funds Under Advice |
| OnePath |
For OnePath Insurance products
an amount of up to 6.6% of net new business inflows is
paid. |
| Tower – Rebate Payment |
For Tower Insurance products
an amount of up to 10% of net new business inflows is
paid. |
| Synergy – Rebate Payment |
Synergy pay up to 26.67% per
annum of the minimum Administration Fee on Funds Under
Advice. |
Sample Scenarios
You are a new client investing $10,000 into
Wealthtrac and we have agreed on a commission rate of 4%
initial and 1.1% ongoing. From this transaction RIAA
will receive the following (Includes commission paid to
the authorised representative):
Initial Commission of $10,000 x 4.00% =
$400.00
Ongoing Commission of $10,000 x 1.10% =
$110.00
Volume Bonus of $10,000 x 0.123% = $ 12.30 |
|
WHAT SHOULD I DO IF I HAVE A COMPLAINT?
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Contact RIAA
and discuss your complaint. You may contact
us by Telephone, in writing or by e-mail. |
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If your
complaint is not satisfactorily resolved
within 3 working days please contact: |
| |
Complaints
Manager
Risk and Investment Advisors Australia Pty
Ltd
PO Box 3861
Parramatta NSW 2124
P: 02 9687 0604
F: 02 9687 4406 |
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RIAA will aim
to resolve your complaint quickly and fairly
within 45 days, (or 90 days in cases where
we have notified you that we require 90 days
to resolve your complaint and you have
agreed). |
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If the complaint cannot be
resolved to your satisfaction then you have the right
to refer your matter to the Financial Ombudsman Service
(FOS) of which RIAA is a member. They can be contacted
on 1300 780 808 or at the address below: |
| |
Financial
Ombudsman Service Ltd
GPO Box 3
Melbourne VIC 3001
F: 03 9613 6399
E:
info@fos.org.au
W: www.fos.org.au |
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RIAA
Professional Indemnity insurance
arrangements satisfy the compensation
arrangements required under the section 912B
of the Corporations Act and include cover
for claims against former representatives,
whist they acted for RIAA. |
ANY FURTHER QUESTIONS?
If you have any further questions about the financial
services we provide, please contact your advisor in the
first instance. If you have any further questions about
the financial services RIAA provides please contact RIAA
on 02 9687 0604.
Please retain this document for your reference and
any future dealings with RIAA.
Download this
Financial Services Guide in PDF format.
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