Summerhill Financial Services
V2.0 (updated May 2018) Australian Financial Services Licence: 300038
Financial Services Guide
This Financial Services Guide (FSG) is an important document that we must give you under the requirements of our Australian Financial Services Licence. It provides you with information about:
- who we are
- the services we can provide to you
- how we are remunerated for these services
- details of any arrangements that may influence our advice
- details of our internal and external complaints-handling procedures and how you can access them
- how we collect and use your personal information
Summerhill Financial Services is a principal member of the Financial Planning Association of Australia (FPA) and is bound by its Professional Code of Conduct and Ethics.
Summerhill Financial Services is committed to providing our clients with advice that is tailored to suit your particular needs, objectives and financial circumstances. To achieve this, you will need to provide us with personal information about your objectives, needs and financial situation. You are, of course, under no obligation to provide this information to us; however, if you choose not to disclose this important information, our advice may not be appropriate for you.
We will also explain how our advice is appropriate to your needs and objectives, along with any significant risks associated with various financial products and strategies recommended.
You are entitled to receive a “Statement of Advice” (SOA) on the first occasion that we provide you with personal advice; this will:
- explain the advice and the basis of the advice
- provide information about our remuneration
- disclose any associations or relationships we have that might reasonably be expected to influence us in providing advice
After providing you with your SOA, any ongoing personal advice that we provide will be documented in a “Statement of Additional Advice” or a “Record of Advice”, provided there has been no significant change to your personal circumstances, and hence the basis upon which our advice was provided.
Copies of the SOA, Statements of Additional Advice and/or Record(s) of Advice will be retained on your client file; you can ask for a copy of these documents at any time.
If, as part of our advice, we recommend that you purchase a particular financial product (other than securities), we must also provide you with or explain how to access a Product Disclosure Statement issued by the Product Issuer; this contains information about the benefits, risks and other features of the product. You should read this information so you can make an informed decision before purchasing the recommended product.
Who will be responsible for the advice provided to me?
Summerhill Financial Services Pty Ltd is responsible for any advice provided to you by your adviser. Summerhill Financial Services is privately owned by the Principal and has its own Australian Financial Services Licence (AFS Licence No.300038). Summerhill Financial Services has no affiliation to any institution or product provider.
Your advisers are Caroline Bell and Alex Perini of Summerhill Financial Services. Your adviser can be contacted at Summerhill Financial Services’ registered address:
Level 1, 530 Little Collins Street Melbourne Vic 3000
What advice may be provided to me?
Summerhill Financial Services Pty Ltd holds an Australian Financial Services Licence (No.300038) and we are able to provide advice in the following areas:
- cash flow and debt management
- wealth-creation strategies
- advice relating to structuring trusts, companies and superannuation funds
- remuneration planning, including salary packaging
- superannuation and retirement planning
- investment advice and strategy
- risk protection (life insurance)
- estate planning
If we provide you with “personal financial product advice”, rather than “general financial product advice”, we will give you a Statement of Advice (SOA). Personal financial product advice takes into account one or more of your objectives, financial situation and needs.
The SOA will contain the advice, the basis on which it is given and information about fees, commissions and any associations that may have influenced the advice.
After the initial SOA, you will receive a regular Record of Advice if there have been no significant changes in your personal circumstances, or the basis of the advice has not significantly changed since the last SOA was provided. You have the right to request a copy of this Record of Advice at any time.
How will I pay for advice provided to me?
We operate on a fee-for-service basis. The fee for initial advice is dollar based, depending upon the complexity and scope of advice required. A written proposal will be provided to you before undertaking any work, and we will obtain your written acceptance of the fee before proceeding. The fee will range from $4,400 to $8,800, including GST.
Ongoing advice fees may be a dollar or percentage-based fee, or a combination of both, with the minimum ongoing advice fee being $5,500 pa (including GST) where face-to-face meetings are preferred. For clients who engage with us by email and Skype only, the minimum fee is $4,400 pa (including GST). These fees will be disclosed in your SOA; again, we will obtain your written acceptance of the ongoing fees before proceeding with any ongoing advice.
We do not accept investment product commissions. Neither do we charge an implementation fee.
The SOA we give you clearly discloses any other benefits we may receive as a result of our advice.
Risk insurance products:
Summerhill Financial Services may receive commissions from the life insurance company for the risk insurance products that you choose to purchase.
Commissions paid on life insurance risk products are calculated as a percentage of the premium paid. Life insurance companies will pay Summerhill Financial Services only when the life insurance policies are in force.
This amount is paid by the insurance provider, and is not an additional cost to you.
The above amounts will be fully disclosed in your SOA, which we provide you when we make a financial recommendation.
You have the right to request further information regarding the way in which we are remunerated at any time.
Do any relationships exist that might influence the service or advice I receive?
Summerhill Financial Services is not owned by any Fund Manager or Institution, so there are no relationships that will influence the advice you receive.
Your adviser may hold an interest in a financial product. Any significant interest/ownership will be recorded in a register of financial product holding and, where appropriate, this holding will be disclosed in your SOA, Statement of Additional Advice or Record of Advice.
We may refer you to another specialist professional adviser. We do not have any remuneration arrangements in place with referral sources, rather the referral is based on the most appropriate specialist adviser for your situation (such as an estate lawyer, stockbroker or accountant).
What information do you maintain in my file and can I examine my file?
We maintain a record of your personal profile that includes details of your objectives, financial situation and needs. We also maintain records of any recommendations made to you. Please ask us if you wish to examine your file.
What kind of compensation arrangements do you have in place and are these arrangements complying?
Summerhill Financial Services Pty Ltd confirms it has arrangements in place to ensure it continues to maintain Professional Indemnity insurance in accordance with s.912B of the Corporations Act 2001 (as amended). In particular, our Professional Indemnity insurance, subject to its terms and conditions, provides indemnity up to the sum insured for Summerhill Financial Services and our representatives, in respect of our authorisations and obligations under our Australian Financial Services Licence. This insurance will continue to provide such coverage for any representative who has ceased employment with Summerhill Financial Services for work done while engaged with us.
Can I tell you how I wish to instruct you to buy or sell my investment?
Yes. You may specify how you would like to give us instructions (for example, by telephone, email or other means). But in all cases, we must receive a written confirmation of these instructions.
What should I do if I have a complaint?
We are committed to providing quality advice to our clients. This commitment extends to providing accessible complaint-resolution mechanisms for our clients. If you have any complaint about the service provided to you, you should take the following steps:
- Contact your adviser and tell your adviser about your complaint.
- If your complaint is not satisfactorily resolved within 7 days, please contact Summerhill Financial Services Pty Ltd on (03) 9909 7702, or put your complaint in writing and send it to us at Summerhill Financial Services Pty Ltd, Level 1, 530 Little Collins Street, Melbourne Vic 3000. We will try to resolve your complaint quickly and fairly.
- If we cannot reach a satisfactory resolution, you can raise your concerns with the Financial Ombudsman Service on 1300 780 808. Summerhill Financial Services Pty Ltd is a member of this complaints-resolution service. The Australian Securities & Investments Commission (ASIC) also has a freecall Infoline on 1300 300 630, which you may use to make a complaint or obtain information about your rights.
- If your concerns involve unethical conduct, you may wish to consider raising these concerns with the Financial Planning Association of Australia (FPA). They can be contacted at PO Box 109 Collins Street West, Melbourne Vic 8007.