Financial Services Guide

Introduction

This Financial Services Guide (FSG) aims to provide you with essential information before a financial service is provided, enabling you to make an informed decision about using our services. Please take the time to read it carefully and keep it with your important documents.  

This FSG is issued on 31st July 2023, by Synchron Advice Pty Ltd (AFSL 243313 ABN 33 007 207 650), a wholly-owned subsidiary of WT Financial Group Limited (ACN 169 037 058).  

Our Contact Details:

This guide explains the products and services offered by The Licensee, your Adviser’s relationship with The Licensee, remuneration details, and our complaint handling process.  

The Licensee and Your Adviser

In Australia, financial advisers must either hold their own Australian Financial Services License (AFSL) or be authorized to provide advice through a licensee. The Licensee offers various services and support to its advisers, including technical, software, educational, and administrative resources, to assist them in providing you with advice.  

Your adviser will provide you with an Adviser Profile, which is an important document that details the services they can offer and the types of financial advice and services they are authorized to provide. It will also include their Authorised Representative number, which you can use to find more information about them on the MoneySmart Financial Adviser Register.  

Our Financial Services

The Licensee is licensed under the Corporations Act 2001 (Cth) to provide financial product advice and deal in a range of financial products, including:

• Basic and non-basic deposit products  
• Debentures, stocks, and bonds issued or proposed to be issued by a government  
• Life products, including investment life insurance products and products issued by a Registered Life Insurance Company  
• Interests in managed investment schemes, including investor directed portfolio services  
• Retirement savings accounts (“RSA”) products  
• Superannuation, including Self-Managed Superannuation Funds  
• Securities  
• Standard margin lending facilities  
• Managed Discretionary Accounts  

Please refer to the Adviser Profile for the specific authorizations granted to your adviser.  

Absence of Independence

We are unable to call ourselves independent. The law restricts advisers from using terms like “independent,” “unbiased,” or “impartial.” For instance, if an adviser is paid a commission to arrange insurance or works within a functional restriction like an Approved Product List, they cannot be labeled as independent. Most advisers who receive insurance commissions charge their clients little to nothing for the advice and service. Advisers within The Licensee receive these commissions. Therefore, while we always prioritize your interests, we cannot legally identify as independent, unbiased, or impartial.  

How Your Adviser Provides Advice

If your adviser provides personal advice that considers your objectives, financial situation, or needs, you will receive a Statement of Advice (SoA). The SoA will detail the advice, its basis, remuneration information, and any associations that may have influenced the advice. If you receive further financial advice, your adviser will produce another Statement of Advice or a Record of Advice (ROA). You can request a copy of these documents from your financial adviser up to seven years from the date the advice was provided.  

If your adviser recommends specific investment, insurance, or other financial products, they must provide you with a relevant product disclosure statement (PDS) and/or product brochures. These documents contain information to help you make an informed decision about the product, including its benefits, risks, and costs. It is important to read these documents carefully and consult your adviser if you have any questions.  

You are not obligated to act on your adviser’s advice. However, if you decide to follow their recommendations, they will assist you in completing the necessary documents to implement your financial strategy.  

What We and Your Adviser Expect From You

To enable your adviser to provide appropriate advice, you need to:

• Provide accurate information about your financial needs, circumstances, and goals.  
• Read all supporting documents, such as PDSs, to make informed financial decisions.  
• Inform your adviser of any changes that may affect the advice provided and are relevant to your current circumstances and future objectives.  
• Keep your adviser informed of your current contact details at all times.  

You may choose not to provide some information to your adviser. In such cases, you should consider the appropriateness of the advice before acting on it. You should carefully read any warnings in your advice document.  

Before providing advice, your adviser requires that you agree on the subject matter of the advice. For example, you might seek advice only on superannuation or insurance, rather than a comprehensive financial plan. This will typically be agreed upon and documented in a ‘Fact Find’ document or a service agreement.  

When you decide to act on the advice, your formal consent is required. Generally, your adviser will require you to sign an Authority to Proceed (ATP). By signing an ATP, you confirm that you understand the advice, as well as the benefits, risks, and costs associated with the recommended products or services.  

As a financial service provider, we and your adviser are obligated under the Anti-Money Laundering and Counter-Terrorism Financing Act to verify your identity and the source of any funds. This means your adviser will ask you to provide identification documents, such as a passport or driver’s license. Copies of this information will be retained securely. We and your adviser cannot provide you with services if you are unwilling to provide this information.  

How You Can Give Instructions

You can specify how you would like to give us instructions, such as by telephone, fax, email, or other means.  

How We and Your Adviser Are Paid

Your adviser may offer an introductory or initial meeting free of charge. Following the first meeting, your adviser will discuss the applicable fees and charges based on your individual circumstances. The fees charged for plan preparation, implementation, and ongoing support and review services will vary. Your adviser will structure and disclose these fees on an individual basis.  

There are several fee structures that your advisor may use, and they will discuss the most suitable option with you before you proceed with obtaining and implementing their advice.  

• Fee for Service: This is an agreed rate based on an estimation of your adviser’s time, costs, and effort.  
• Hourly Rate: Your adviser may charge an hourly rate for services, which will be discussed with you beforehand.  
• Ongoing Fee Arrangements: If you have an ongoing fee arrangement with your adviser that exceeds 12 months, you will receive a Fee Disclosure Statement (FDS) annually. The FDS will detail the fees you have paid, the contracted services, and the services provided (or accessed) over the past year, as well as fees and services for the following 12 months. You will also receive a renewal notice requesting your consent to continue the services, which you must provide within the specified timeframe.  

Important:

While your adviser can provide financial advice, you are responsible for making your own financial decisions. It is crucial to keep your login details confidential to protect your personal information and financial assets. You should not share your login details with your adviser.  

Combination of Fees and Commissions

Full disclosure of all remuneration will be included in the Statement of Advice that your adviser prepares for you. You will not be charged unless you have agreed to engage their services.  

You can make payments in the following ways:

• Deductions from your investment as a one-off, ongoing payment, or in installments.  
• Direct invoice for initial and ongoing advice.  
• Commission we (and therefore your adviser) may receive from a financial product provider when you commence an insurance contract.  
• A combination of the above.  

Superannuation and Investment Products

Your adviser may receive adviser service fees or ongoing fees for the advice and services provided to you. Investment and superannuation product providers generally deduct their costs from the investments, and some products or platforms have additional fees.  

Life Insurance Products

Your adviser may receive an upfront commission of up to 60% (excluding GST) of your first annual insurance premium for arranging your cover. Additionally, after the first year, your adviser may receive an ongoing annual commission of up to 20% (excluding GST) of your annual insurance premium. Note that these commission caps do not apply where commissions are the same for initial upfront and ongoing annual commission (i.e., level commissions). These commission payments are made by the relevant product issuers and are not an additional cost to you. However, your adviser may charge a fee for the initial advice and ongoing adviser services. Insurers can deduct premiums directly from you or your superannuation account balance. If you discontinue a purchased life insurance product within 24 months, the commission received by The Licensee and the adviser may be returned to the insurance company, in full or part, and you may be invoiced for this amount.  

Services NOT Provided

Your adviser, as an Authorised Representative of Synchron Advice Pty Ltd (AFSL 243313), is not authorized to provide the following services:

• Self-Managed Super Fund administration and/or audit, including the preparation of annual financial statements.  
• Accounting and tax agent services.  
• Arranging or transacting on mortgages or other loans.  
• Paying bills on your behalf and/or control of your bank accounts.  

While your advisor may provide services through a related entity, these services are not provided under any authority issued by Synchron Advice Pty Ltd. The client acknowledges that Synchron Advice Pty Ltd accepts no liability for any such related services.  

What Other Payments and Benefits May The Licensee and Your Adviser Receive?

In the process of providing advice and other financial services, The Licensee or your adviser may receive benefits from product providers, such as sponsorship of events, subsidized educational conferences, rebates, bonuses, preferred product rates, or other fees.  

• Non-monetary benefits: These benefits are discretionary and relate to future events, making it impossible to provide an estimated dollar value at this time. Advisers may receive benefits from associated Licensee companies or product providers, such as educational conferences and seminars, IT software or support, and non-monetary benefits like business lunches, tickets to sporting and cultural events, or other minor benefits. However, these benefits cannot be accepted frequently or regularly or exceed $300 in value. Each adviser must maintain a register of benefits received, which you can request to see by contacting us or your adviser directly.  

How Will I Know What Is Payable?

All fees and charges will be discussed and agreed upon between you and your adviser before providing and implementing their services. Any remuneration paid to The Licensee or your adviser for advice or by a product provider related to a financial product recommendation will be disclosed in the advice document provided to you. Unless otherwise noted, all fees are inclusive of GST.  

How Are Fees Paid to The Licensee and Your Adviser?

The Licensee initially receives all fees from clients and product providers and distributes them to financial advisers and their practices after deducting our fees and other expenses. The Licensee generally retains a percentage of fees paid under its arrangements with advisers.  

• Referral fees: We or your adviser may pay a referral fee to a third party for referrals. Further information about referral fees, including our reasonable estimate of the amount of any fees payable and how it is calculated, is available from your adviser or us upon request and may be included in a Statement of Advice.  

How Do We Protect Your Privacy?

The Licensee is committed to protecting your privacy. Our Privacy Policy outlines how we collect, maintain, use, and disclose your personal information and how we comply with the Australian Privacy Principles. We and your adviser maintain a record of your personal profile, including your investment objectives, financial situation, and needs, as well as records of any recommendations made to you. You can request to examine your file by asking your adviser or us. We are committed to implementing and promoting a privacy policy that ensures the privacy and security of your personal information. Our Privacy Policy is available upon request.  

What If I Have a Complaint?

We are committed to ensuring that your adviser provides you with quality advice and accessible complaint resolution mechanisms. If you have a complaint about the service provided to you, you should follow these steps:  

1. Contact your adviser and explain your complaint. Most issues arise from miscommunication, and your adviser is responsible for ensuring your understanding of the strategies, products, and services provided. We encourage you to contact your adviser first.  
2. We will acknowledge your complaint within 24 hours.  
3. If your complaint is not resolved within 5 days, please contact The Licensee by phone, mail, or email, and we will work to resolve the matter within 30 calendar days from the initial complaint.

How to contact The Licensee directly:

You can also lodge your complaint directly with The Licensee by emailing <[email protected]>.  

If you are dissatisfied with the outcome, you have the right to lodge a complaint with the Australian Financial Complaints Authority, an approved external dispute resolution scheme, of which The Licensee is a member.  

Australian Financial Complaints Authority

The Australian Securities & Investments Commission (ASIC) also has a free call Info line on 1300 300 630 that you may use to make a complaint or obtain information about your rights.  

Compensation Arrangements

The Licensee confirms that it has arrangements in place to ensure it maintains Professional Indemnity insurance in accordance with s912B of the Corporations Act 2001. This insurance covers the conduct of financial advisers who were authorized by us but are no longer so.  

Dated: 12 June 2024

Adviser Profile

This document, the Adviser Profile, should be read in conjunction with the Financial Services Guide (FSG) already provided.  

Adviser Contact Information

Andrew Hewitt is a Sub-Authorised Representative (No 1262398) of Advice Partners Pty Ltd trading as Inflection Wealth.  

Advice Partners Pty Ltd is a Corporate Authorised Representative (No 1309564) of Synchron Advice Pty Ltd AFSL 243313 (The Licensee).  

• Business & Postal Address: 401/83 Mount Street, North Sydney NSW 2060  
• Mobile: 0400 006 204  
• Email: ua.moc.htlaewnoitcelfniobfsctd-3a09ba@werdna
• Website: inflectionwealth.com.au  

Advice and Products Offered

I am authorized to provide financial product advice for, and deal in, the following classes of financial products:

• Basic and non-basic deposit products  
• Debentures, stocks and or bonds issued or proposed to be issued by a government.  
• Life products including investment life insurance products as well as any products issued by a Registered Life Insurance Company  
• Interests in managed investment schemes including investor directed portfolio services.  
• Retirement savings accounts (“RSA”) products (within the meaning of the Retirement Savings Account Act 1997)  
• Superannuation  
• Self-managed Superannuation Funds  
• Securities  
• Tax (Financial) Adviser  

How My Company and I Are Paid

The Licensee initially receives all fees and commissions from clients and product providers and distributes them after their fees and other expenses are deducted. The Licensee generally retains a portion of fees paid under its authorization arrangements. For details of other possible benefits, please refer to the FSG and/or your Advice Documents. All fees and commissions outlined below are inclusive of GST.  

Fee Details

• Initial Consultation: The cost of the initial meeting may range from $0 – $400. Our main aim is to gather information about you and to determine your primary goals and objectives in seeking advice. At the end of this meeting, we will outline the next steps and detail any fees applicable.  
• Advice Preparation: You may be charged a Statement of Advice preparation fee which will depend on the complexity of your individual circumstances and the type of advice you require. Any fee for service must be paid within seven (7) days of the date of the tax invoice issued to you. The fee may range from $1,000-$6,000.  
• Implementation: We will outline the details of any fees, including Implementation Fees, for you to authorise before any work is carried out. If you elect to proceed with our advice the fee will range from $0 to $2,000.  
• Insurance Products: My company or I may receive up-front commission of up to 60% (exclusive of GST) of your first annual insurance premium for arranging your cover. In addition, my company or I may receive, after the first year, an ongoing annual commission of up to 20% (exclusive of GST) of your annual insurance premium. Note that where commissions are the same for initial upfront and ongoing annual commission (i.e. level commissions) the above commission caps do not apply. These commission payments are made by the relevant product issuers and are not an additional cost to you.  
• Ongoing Fee for Advice: If you elect to pay a fee for access to services involved in the ongoing review of your financial planning strategy, the ongoing fee is based on the complexity of ongoing advice and the services provided. The ongoing advice fee will be based on the level of services made available to you and the complexity of the advice. Complex advice requirements include the use of trusts and ownership structures, overseas assets, or incomes, executive options, or multiple investment entities. The frequency that review services are made available to you will also impact on the fee charged. The ongoing advice fee can range from $4,740 – $25,000 per annum.  
• Ad Hoc Advice: Where you do not wish to participate in an ongoing advice fee arrangement but require ongoing advice on an ad hoc basis, an hourly fee of between $0 and $400 per hour may apply.  

Other Benefits, Interests, or Associations

I or my company may have referral arrangements with selected referral partners. If a referral arrangement applies to you, we will provide you with further details.  

How to Find Me

If you would like to make an interview time to discuss your financial needs and objectives in more detail, please contact me on 0400 006 204 or via email at ua.moc.htlaewnoitcelfniobfsctd-25f601@werdna.

Synchron Advice Pty Ltd ABN 33 007 207 650 AFSL 243313