Summerhill Financial Services
Level 1, 530 Little Collins Street
Melbourne VIC 3000
V3.3 (updated June 2021) 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.
Lack of Independence Disclosure Notice:
We can’t call ourselves independent. Here’s why.
Although Summerhill Financial Services is privately owned and has its own Australian Financial Services Licence, the law makes it very difficult for most advisers to say they are independent, unbiased or impartial, even if they are not in any way linked to a financial product provider, as is the case with Summerhill Financial Services.
We are not permitted to use the terms “Independent”, “unbiased”, “impartial” to describe our advisory work. Being paid by way of commission to offset the cost of providing our clients life insurance advice before 15 November 2020 is the most likely reason for this.
So although we always put your interests before ours when giving advice we cannot (by law) call ourselves independent, unbiased or impartial.
We offer different advice and services depending on advice needs:
- Clients requiring Financial Strategy Advice
- Investors searching for a professional investment solution only
1.Financial Strategy Advice
You are entitled to receive a “Statement of Advice” (SOA) on the first occasion that we provide you with personal financial product 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 future personal financial product advice that we provide under our annual engagement service 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.
2.Investors searching for a professional investment solution only
At Summerhill, we believe the real value add we provide is in financial strategy advice, coaching and education, and so with increasing technology to reduce fees for our clients, we have partnered with Six Park Asset Management (Authorised Representative number: 001240305) as Authorised Representative of Bespoke Portfolio Pty Ltd (AFSL: 341991) to provide investment selection and portfolio management services under the brand name ‘Summerhill Invest' (Powered by Six Park).
Summerhill does not charge any fees for investments managed by Six Park, as all investment advice and ongoing investment service are provided by Six Park, although we will continue to work closely with Six Park as our selected partner.
Also, as a Summerhill Invest client, we will continue to regularly review the investment management service and recommend changes to the service if we believe a more appropriate investment solution is available.
Summerhill will participate in a ‘revenue sharing’ arrangement with Six Park under which up to 20% of the Six Park investment management fee will be paid to us for clients on the Summerhill Invest platform.
It is important to understand that the revenue share arrangement does not represent additional amounts charged to your account - you would incur the same fees if going direct to Six Park.
The details of the revenue sharing arrangement are outlined below:
|Summerhill Invest - Funds Under Management (FUM)||%||FUM
|Revenue Share to Summerhill (annual)|
|Up to $2 million||Nil||Up to $2,000,000||Nil|
|Between $2 million and $10 million||10%||$5,000,000||$2,250|
|$10 million and above||20%||$10,000,000||$9,000|
*Example - based on 0.45% estimated average Six Park management fee (annual, charged on FUM)
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 and has its own Australian Financial Services Licence (AFS Licence No.300038). Summerhill Financial Services has no affiliation with any institution or product provider.
Your adviser is Alexander 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 the 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 $11,000, including GST, or where the advice is highly specialised the initial advice fee may be calculated on an hourly basis and range from $330 to $550 per hour.
Establishing your financial strategy is important. Equally important is regular review, planning and advice to cater for changes in your personal circumstances, legislation, economic and financial conditions.
Together we ensure your financial plan becomes a live document and relevant to your circumstances as they are and as they change into the future. As part of this process, we track your progress towards your goals and objectives and update goals and strategies appropriately each time we review your financial plan.
Our annual advice fees for new clients from 15 November 2020 are dollar based fees with a minimum of $6,600 pa including GST. We do not accept percentage based fees for new clients from 15 November 2020. These fees will be disclosed in your SOA; again, we will obtain your written acceptance of the annual advice fees before proceeding with any further 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 is entitled to receive commissions from the insurers for the personal insurance advice and services we provide to you. However, Summerhill Financial Services does not accept insurance product commissions for new clients from 15 November 2020. Where these commissions can be negotiated with the insurance product provider, any insurance commission payable will be rebated to you in the form of a reduced premium.
If specific insurance product advice is required, the advice fee will be between $3,300 - $5,500, including GST, which also includes implementation of the advice.
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 that 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 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 an issue has not been resolved to your satisfaction, you can lodge a complaint with the Australian Financial Complaints Authority, or AFCA. AFCA provides fair and independent financial services complaint resolution that is free to consumers.
Telephone: 1800 931 678 (free call)
Australian Financial Complaints Authority
GPO Box 3
Melbourne, VIC 3001
- 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.