We provide financial advice and services as authorised representatives of Millennium3 Financial Services Pty Ltd (Millennium3). Millennium3, which is part of the ANZ Banking Group, is a Member of the Association of Financial Advisers and is one of Australia's largest financial services licensees (AFSL No. 244252). We act on behalf of Millennium3 and, as the authorising Licensee, Millennium3 is responsible for the financial services we provide to you. As an authorised representative of Millennium3 we can provide you with services including
Financial Planning Advice, wealth creation and retirement income strategies, personal risk management advice, lifestyle planning, as well as advice on estate planning, redundancies, inheritances and social security. We can also assist with the management of your investments and superannuation.
We can also provide you with advice and support on a range of financial products such as: Savings Plans and cash management accounts; Personal Superannuation plans; Employer Sponsored Superannuation funds; Rollovers; Retirement income products including annuities and allocated pensions; Life Insurance cover including, Accident/Sickness/Disability Insurance, Trauma Insurance, Permanent & Total Disability Insurance and Income Protection Insurance; Business Expense Insurance; Self Managed Super Funds and tax effective investments.
Specific information on your adviser, their experience and specialisation is provided in Part Two of this guide titled "Adviser Profile".
We can act on your instructions
After you engage your adviser they can act on your instructions whether you provide them by telephone, email, fax or other means of communications. We will confirm and document instructions to place, amend or cancel investments or insurance in an Execution/Instruction document. Should you prefer us to communicate with you via email please understand that you are responsible for monitoring the email account nominated for this purpose. We’ll treat any communication to us from this address as instructions from you and we’ll continue to use this account until you tell us otherwise.
We maintain information about you
In order to continue to provide you with advice that is appropriate for your needs and suitable for your circumstances we will retain information about you including your financial and lifestyle objectives and your current financial situation. We are also legally required to store this information and records of any advice and services we provide to you. Generally, this information is used to provide you with appropriate advice and services, and suitable recommendations. We are committed to maintaining the security, currency and confidentiality of your information and we will only release it to other parties with your consent or as required by law. You can choose not to provide us with the information we require but, if you do so, we may not be able to provide you with the advice or services you need. You have a general right to examine our records. If you want to see what personal information we hold about you please let us know an d we will make arrangements for you to do so. If we can't provide you with access to our records we will let you know the reasons why.
Important documents you can expect to receive
If we provide you with personal financial planning advice, we will confirm our recommendations in writing so that you can make an informed decision about the appropriateness and suitability of our advice. Our recommendations can be documented in a Statement of Advice (SoA). A Record of Advice (RoA) may be used to record our advice to you where we have provided you with subsequent advice and your personal circumstances have not changed. The ROA may be provided to you or added to your file and if you would like a copy of this document, or our initial SoA, we will make it available to you on request.
Where we recommend specific financial products to you, we will provide you with a Product Disclosure Statement (PDS) which contains specific and important information on the financial product. It is very important for you to read and understand the PDS which must be provided to you before you can take any action in relation to a financial product recommended.
If you enter into an ongoing fee arrangement we will provide you with an Annual Fee Disclosure Statement which will outline the fees paid and services you were entitled to and received in the preceding 12 months.
The interests, associations and relationships that may influence or affect our advice.
Our recommendations to you will be based on our assessment of your personal circumstances, needs and objectives. These factors underpin our advice but it is important for you to appreciate that our interests, associations and relationships and the benefits we receive - such as commission, corporate hospitality or marketing support for example - may give rise to an actual or potential conflict of interest. However, where any interest might reasonably be capable of influencing our advice or creating a conflict of interest, we will clearly disclose our interest or the nature of the conflict to allow you to make an informed decision about our advice. We manage, and will clearly disclose, any conflicts that we think may influence our advice and we would also like to highlight the following interests, associations and relationships:
- Financial Lifestyle Solutions Pty Ltd is a wholly owned subsidiary of Millennium3 Financial Services Group Pty Ltd which is ultimately wholly owned by ANZ Banking Group.
- We currently participate in Millennium3's long term incentive plan. We may become entitled to receive a share of a bonus pool if Millennium3's criteria for the payment of the plan are satisfied. The larger our business within Millennium3, the more we may enjoy of any bonus pool that may be declared. Any business you place through us will help us to continue to participate and will in part contribute to the amount that we may receive, though various of the other criteria that contribute to this are beyond our control or influence.
How you pay for our services
Operating a financial services business involves substantial costs. Fees and commission assists us to afford the infrastructure, personnel and systems required to provide you the professional services our clients have come to expect. In many cases you are able to negotiate how you pay for the professional services we provide to you. You may choose to pay our fees directly or have our professional costs paid to us by the product provider or from the products we’ve recommended to you. Our advisers may receive a salary, fees, commission payments and may also be eligible for an annual performance payment for meeting service and sales targets. Where it is necessary to refer you to another specialist we may also receive a referral payment from them. If you are referred to us by a third party we may pay a referral fee, commission or a non-monetary benefit as a consequence of products or services you purchase. The remuneration we receive will be clearly disclosed in the advice documents we provide to you. Fees incurred are as follows;
Advice Fees are charged to cover all aspects of devising and implementing your initial recommended strategy. This fee ranges from $2,880 (Plus GST) to $10,000 (plus GST) and is invoiced to you upon your agreement to proceed.
Service Package Fee/Adviser Service Fee - This fee is charged on your investments, deducted monthly, and represents the ongoing service provided by TCFS, including the monitoring of your investments. For existing business this fee can range from 1% (plus GST) to 1.20% (plus GST). For new business this will range from $250 per annum (plus GST) to $10,000 per annum (plus GST).
Project Fees - This fee relates to Advice Projects (other than initial advice which is catered for by the Advice Fee). Specifically this includes the provision and implementation of Advice and ranges from $250 (plus GST) to $10,000 (Plus GST). This fee is invoiced to you upon your agreement to proceed.
The specific fees you will be charged will be clearly disclosed in the advice documents we provide to you.
||For any other service not specified above, our fee is at a rate of $250.00 per hour (inclusive of GST)
|Payment of Fees
||Advice Fees are payable by cheque made out to "Millennium3 Financial Services Pty. Ltd". An invoice will be provided if this is applicable. Alternatively there are EFTPOS facilities available at a surcharge of 2% of the value of the transaction for credit cards (Amex and Diners Club surcharge is 3%). In some cases fees can be deducted from your investment
TCFS does not charge commissions on investment products. Existing Risk products do incur commission charges however new Risk products instead will be priced according to the Advice Fees mentioned above (unless otherwise agreed upon).
TCFS currently receive commissions on our existing products, which are paid from the product costs and are not an additional cost incurred by you, and vary according to the nature of the specific financial product. For example
|Life Insurance products including Risk Insurance and Life Investment
||Up front 0% to 140% of the premium paid or amount invested.
On going 0% to 45% of the premium paid or amount invested.
|Superannuation and Investment products
||Up front 0% to 15% of the amount or contribution invested.
On going 0% to 6% of the amount or contribution invested
As a professional financial services business, we are committed to acting efficiently, honestly and fairly. We value your support and appreciate any feedback that will help us to meet your expectations and needs. If at any time you have any questions or concerns about our advice or our service, we encourage you to contact us directly and we will try to resolve the issue immediately.
If we can't respond to your feedback or effectively resolve your issues within three (3) business days - or if you don't feel comfortable talking with us about your issues - you should contact Millennium3 directly.
If Millennium3 doesn't provide you with a satisfactory response, you have the right to refer your concerns to the Financial Ombudsman Service Limited ("FOS"). FOS is an independent dispute resolution service that deals with complaints about financial services including banking, credit, loans, general insurance, life insurance, financial planning, investments, stock broking, managed funds and pooled superannuation trusts. FOS can be contacted at GPO Box 3, Melbourne Vic 3001 or by phone on 1300 78 0808.
The Australian Securities and Investment Commission (ASIC) also has a Freecall Infoline on 1300 300 630 which you may use to make a complaint and obtain more information about your rights.
The law requires Millennium3 to maintain a level of Professional Indemnity Insurance appropriate for their size and the scale and complexity of their operations. Millennium3's insurance covers claims made against Millennium3 and both its current authorised representatives and former authorised representatives. Their policy is annually reviewed for currency and suitability and is a key element of Millennium3's licence obligations.