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ComplianceFinancial Services Guide Part One 3 December 2006 Insurance Directions Pty Ltd t/a Complete Cover What is the purpose of this Financial Services Guide? The Australian Securities and Investments Commission (ASIC) is the government regulator for the financial services industry. In accordance with ASIC policy, and by law, those entities who hold an Australian Financial Services License are required to produce a Financial Services Guide (FSG) when providing financial services (including financial advice). Fitzpatricks Dealer Group Pty Ltd (ABN 33 093 667 595) “FDG” takes its legal and compliance obligations seriously by ensuring that clients understand their role and rights when receiving financial advice. In this regard FDG has prepared this FSG and authorised its distribution. Please take a moment to comprehend this FSG so that you are aware of the process and basic matters pertaining to our relationship prior to engaging us to provide you with financial service(s). Any questions involving this document may be referred directly to your financial adviser or the principal office of FDG at Level 14 388 Queen St, Brisbane QLD 4000. This FSG is an important document that provides you with key information about us and outlines the financial services we provide. This FSG is designed to assist you in deciding whether to use any of the services offered by us.
For this reason our intention is to provide you with this FSG at the earliest stage of our consultation. Please note however that the FSG does not replace any written advice that we may give you. What other documents could you receive? Your adviser will provide you with a Statement of Advice (SOA) if he or she gives you personal financial product advice which takes into account your personal objectives, financial situation and needs. The SOA will detail the advice, the basis upon which it is given and information about any fees, commissions or other benefits paid to us or your adviser. 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 (ROA) by contacting the representative or us in writing or by telephone or by email. If we recommend that you acquire a particular financial product (other than securities), you will be provided with a Product Disclosure Document (PDS) for that product. The PDS contains information about the particular product and will assist you in making an informed decision about that product. Insurance Directions Pty Ltd t/a Complete Cover Authorised Representative No. 298874
Insurance Directions Pty Ltd t/a Complete Cover is a corporate authorised representative of Fitzpatricks Dealer Group Pty Ltd (FDG). FDG holds the Australian financial services licence from which they then authorise our company and advisors to offer certain financial services and products. FDG endorses the distribution of this Financial Services Guide (FSG). Additional details with regard to FDG can be found in Part 2 of this document. Complete Cover’s process is tailored to assist individuals and businesses to arrange an effective risk management strategy. The purpose of this process is to ensure a secure financial base is established. For individuals, the focus is to make certain that the family’s cash flow is protected in the event of a death or disablement. Although a difficult subject to contemplate, we help you look at these scenarios logically and therefore provides you the control over your decision making process. For Business Owners, the focus is to protect the asset and income value of your entity. A risk management strategy is developed that deals with protecting the Business Owner’s Equity and Profitability. Our function is again to identify the risks and funding solutions. We prefer to work with your existing advisers to make sure we fit into your overall wealth creation and asset protection strategies. To ensure there is clear agreement on the services that will be supplied to you and how they will be delivered, we will prepare an Engagement Agreement (EA), which will come into effect with your signed consent. The EA outlines the scope of services you have requested as well as any agreed costs of preparing the advice or performing those services. Within the scope your adviser will produce a SOA setting out our advice to you with detailed recommendations. Following the presentation of the SOA and any necessary fine-tuning, your adviser will implement your personal SOA in accordance with your instructions. Strategic Options The Family Protection Review© (FPR) was designed to create financial certainty for our clients’ family. The focus for individuals is on the family’s cash flow needs. By maximising the family’s income through tax efficiencies, eg Testamentary Wills and Superannuation, their insurance costs are reduced. Business Protection Program The Business Protection Program© (BPP) provides a comprehensive risk management strategy. This creates awareness for the owner/s about their business risks. We are then able to develop and prioritise strategies. An integral part of these strategies is to protect the business income, debt and equity. Fees for the Initial Assessment Initial assessment meeting (usually allow 1-2 hours) – The fee for a Family Protection Review Assessment ranges from $220 to $660 (gst incl) and a Business Protection Package Assessment from $330 to $1,100 (gst incl). Implementation and Integration Management
Issues covered under the FPR are:
-Personal Insurance Issues covered under the BPP are:
The FPR and the BPP include the Implementation services below.
Ongoing Administration Service The basis for offering an outsourced administration service (OAS) is that most of our clients are extremely busy and focused on their own discipline, occupation, company and family. Monitoring personal arrangements is usually placed in that ‘too hard basket’ and often ignored. This service provides our clients with an opportunity to hand over the responsibility of monitoring their situation and provides an ongoing service of advice and consultation. The outsourced administration service encompasses monitoring, advisory, review and communication.
Any advice or work carried out by other professionals, on consultation and agreement with you, will be separately invoiced to you by that other professional. Authorised representative’s profile Stephen Sandor Stephen Sandor entered the financial services industry in 1985 as an adviser to individuals on insurance and superannuation products. From 1987 until 1999 Stephen held senior management positions within major financial services organisations. Specialising in business insurance and corporate superannuation, Stephen coordinated and presented seminars and workshops on these topics to financial planners, insurance advisers and their clients. During this time, Stephen gained a sound understanding of insurance product definitions, trust law, superannuation and taxation issues. Stephen continues to develop his skills through formal study and regularly presents to Accounting and Legal technical workshops and seminars. In 1999, Stephen established his own advisory firm, specialising in risk insurance consulting. Based in Coolangatta, Stephen has clients in Sydney, Gold Coast and Brisbane and the clients are Small to Medium Enterprises as well as professionals and executives. “We are able to provide our clients with truly impartial advice on their insurance solutions. There is also a coordinated approach with other advisers to make sure an appropriate solution is provided. Over time, our clients will require less insurance as their assets increase and their debts reduce. The value to our fee paying clients is that our income is independent of their insurance policies. In fact we look for ways to reduce our clients’ reliance on insurance – and therefore minimise their premiums”. Stephen Sandor is authorised to provide financial product advice and deal in the following products: Life products including: Life risk insurance products as well as any products issued by a Registered Life Insurance Company that are backed by one or more of its statutory funds; How are we paid? Stephen Sandor receives a salary and distributions from Complete Cover. Our staff do not receive commissions or brokerages. As an authorised representative of FDG, Complete Cover is entitled to receive 100% of all fees and commissions (if applicable), payable by you to FDG. Complete Cover pays FDG a fee of up to 11% (incl GST) for the services FDG provide. For details on how we charge fees to our clients, please refer to the ‘Fees for the Family Protection Review, the Business Protection Review and the Ongoing Adminstration Service section on page four. Insurance Directions Pty Ltd t/a Complete Cover Corporate Authorised Representative and Agent of
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Fitzpatricks Dealer Group Pty Ltd. ABN 33 093 667 595 AFSL No. 247429
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