Financial Services Guide

The purpose of this Financial Services Guide (FSG) is to help you decide whether to use any of the financial services we offer. We have included some common questions and the costs associated with our services.

If we provide you with personal advice, you will receive a Statement of Advice (SOA) or a Record of Advice (ROA) that will outline our recommendations, discuss the strategy, investment options and fees. If you misplace your SOA/ROA, you may request a copy of it free of charge at any time within 7 years after the advice was provided to you, by contacting us.

If you have been recommended a product then you will also be provided with a Product Disclosure Statement (PDS) which includes details about the products benefits, risks and costs associated. If you enter into an ongoing service agreement with us, you will receive annual fee disclosure statements and we will ask you to renew the agreement and consent to the deduction of advice fees from your account each year.

We have established our own Australian Financial Services Licence (AFSL), but as we have historical trail insurance commissions we are not able to call ourselves independent. However, we are no longer receiving insurance sales commissions from new insurance products
issued.

MPFS Private Wealth Pty Ltd is licenced under the Corporations Act 2001 holding Australian Financial Services licence number 529999 and is the entity responsible for the advice given to you. Your advisor is a salaried employee of MPFS Private Wealth (Mornington) Pty Ltd and does not receive commission or payment from any other services.

We are a fee-based practice and our charges are based on a set dollar amount. All fees are payable to MPFS Private Wealth Pty Ltd.

Your initial consultation will be provided free of charge.

This charge is based on the complexity and time involved in preparing your financial plan, but in most cases the initial SOA will be charged at $4,620.

If you accept our advice and wish to implement our recommendations, you will be charged at an hourly administration rate of $150 (incl GST) and the total fee will be disclosed within our advice document (prior to commencing implementation).

Our initial advice charges will be invoiced to you and will be payable within fourteen (14) days. If preferred, you may choose to instruct us to collect the initial fees from your portfolio account after establishment.

Strategy Investment Advice

The cost of all future reviews, investment advice and corresponding advice documents will be included as part of our ongoing client service agreement fee. Your individual ongoing Client Service Agreement will stipulate the actual services we have agreed to deliver to you and the charges applicable for those services.

Personal Insurance Advice
The review and renewal of insurances will be provided as part of the Client Service Agreement, however additional charges may be applicable for making changes to the existing insurance arrangements. These charges will be charged on an hourly basis and disclosed to you prior to commencing any work.

We charge a brokerage fee of $50 (incl GST) per share trade. This fee will be either included in the total brokerage charged (if the trade is done through a share trading or broker service) or if the share trade is through an investment or superannuation platform, we will provide you with a one-off transaction fee form to allow us to collect the total brokerage.

The services and fees will be set out in the SOA or ROA that we provide to you when providing any advice on buying/selling listed investments. 

We do not receive any upfront commission when you take out an insurance policy we recommend. However, we may receive an ongoing commission payment of between 0% and 30% of the annual premium for as long as you continue to hold the policy. For example, for an insurance product with an annual premium of $2,000 we would receive $200 per year assuming the issuer pays us 10% of the annual premium as ongoing commission for as long as you hold the product.

You will be advised of the exact amount of any ongoing commission we receive in the SoA or RoA.

We may also receive additional soft dollar benefits by way of education seminars, conferences, software, or training days. Details of any of such benefits received will be maintained on a register which is available to you on request.

We do not pay a referral fee to any third party who refers you to us to receive financial services. Similarly, we do not receive benefits for referring you to another professional service provider (accountant, solicitor, mortgage broker). 

We are required to disclose any associations or relationships between us, our related entities and product issuers that could reasonably be capable of influencing the financial services we provide to you. No such associations or relationships exist.

We may recommend investments in shares that we hold or may hold in the future. You will be advised where a conflict of interest may exist and how the conflict will be managed.

MPFS Private Wealth’s Authorised representatives are paid a base salary and may be entitled to a bonus payment which is not based on any transactional targets, but rather client satisfaction.

The Werner Family Trust is the single owner of all shares on issue in MPFS Private Wealth (Mornington) Pty Ltd and MPFS Private Wealth Pty Ltd and therefore Dirk Werner (Director of MPFS) will receive the profits of the financial planning business and the licensee.

You will be looked after by one of our Senior Financial Advisors who will be responsible for advising you and looking after you on a continuing basis. You will also be introduced to our client services team who will look after the administration on your financial affairs on a day-to-day basis.

All of our Senior Financial Advisors are tertiary, CFP and FASEA qualified and are highly skilled and experienced to ensure your financial future is in safe hands.

Our junior financial advisers are tertiary and FASEA qualified and we encourage and support them in obtaining their CFP status.

We are authorised to provide personal advice for the following financial services and products:

• deposit and payment products (basic and non-basic deposit
• debentures, stocks or bonds issued or proposed to be issued
• life risk insurance
• interests in managed investments schemes including investor directed portfolio services and MDA services
• retirement savings accounts products
• securities, and
• superannuation

We partner with you through each life stage, providing tailored advice depending on your personal situation aimed at achieving your desired financial future.

We work with you on an ongoing basis to ensure that you are staying on the track to enjoy your well-deserved retirement and that any changes in your personal circumstances will not derail your desired outcome.

An important part of our role at MPFS Private Wealth is to work with you to determine your financial goals and design a personalised strategy that allows you to achieve your desired future. It is vital that you understand the risks associated and we will recommend making adjustments to your investment strategy when necessary.

We will maintain a complete record of all your communication, documents and transactions for a minimum of seven (7) years. We will also maintain historical registers of all assets and transactions carried out on your behalf. These records are available to you at any time upon request.

You can give us instructions to buy and sell your financial products by phone, email or any other means that we agree with you from time to time. Please refer to our engagement letter for more information on this.

We endeavour to provide you with the best advice and service at all times. If you are not satisfied with our services, then we encourage you to contact your advisor and explain your situation. If your complaint is not satisfactorily resolved within five business days then please write, phone or email to:

Dirk Werner, Director
MPFS Private Wealth Pty Ltd
17/2 Ross Street, Mornington VIC 3931
Ph: 03 5976 8500
Email: dirk@mpfs.com.au

Whilst every effort will be made to resolve the matter promptly and impartially, if, within 30 days of your initial complaint, you are not satisfied with how it is handled, you can lodge a complaint with the Australian Financial Complaints Authority (AFCA) who provide fair and independent financial services complaint resolution that is free to consumers:

GPO Box 3, Melbourne VIC 3001
Ph: 1800 931 678
Fax: 03 9613 6399
Email: info@afca.org.au
Website: www.afca.org.au

Our Complaints Handling Procedure is available on request and on our website at mpfs.com.au

We are committed to protecting your privacy.

We have a Privacy Policy which sets out how we collect, hold, use and disclose your personal information. It also sets out how you can access the information we hold about you, how to have it corrected and how to complain where you are not satisfied with how we have handled your personal information.

Our Privacy Policy is available on request and on our website.

We hold professional indemnity insurance in respect of the financial services we provide and in line with the requirements of the Corporations Act. The professional indemnity insurance covers all of the financial services we are authorised to provide to you.