FINANCIAL SERVICES GUIDE

Introduction

This Financial Services Guide (FSG) is issued by Oakwest Holdings Pty Ltd ABN 17 054 918 295 Australian Financial Services Licence (AFSL) No. 222266.

This FSG provides you with information about bdhSterling to help you decide whether to use the financial services we provide. This FSG explains:

  • Oakwest Holdings who as the Licensee, is responsible for the financial services
  • Your financial Adviser
  • The financial services and products your adviser can offer to you
  • How we (and other related persons) are remunerated for these services
  • Details of our internal and external complaints handling procedures.

Who is bdhSterling?

bdhSterling is a global company with offices in the UK and across Australia.

bdhSterling is a specialist, independent provider of Cross Border (financial) Solutions. Our unique ability to integrate an unparalleled range of financial services, with licensed UK and Australian advisers, allows us to meet our clients’ varied needs, both locally and globally.

We provide a broad range of in-house financial services, such as superannuation, risk management strategies, asset protection, Australian investments and retirement planning.

We are committed to superior service delivery and the highest standards of professional conduct.

bdhSterling Advisers act for you and not for any life insurance company, fund manager or bank.

Adviser profile

This FSG must be read in conjunction with Part Two as it forms part of this FSG. It provides detailed information about your Adviser such as their contact details, referral sources and the types of financial products they can advise and deal in.

Please retain both Part One and Part Two for your reference and any future dealings with bdhSterling.

What documents might you receive?

If you choose to use our services, you may also receive from us a Product Disclosure Statement (PDS), Statement of Advice (SOA), and/or Record of Advice (ROA).

If we provide you with personal financial product advice rather than general financial product advice, we will initially provide you with an SOA. Personal financial product advice is advice that considers 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, which may have influenced the advice.

To invest in any of our recommended financial products, you must complete the application form attached to the relevant PDS. The PDS contains information about the product, and will assist you in making an informed decision about that product.

On an ongoing basis, an ROA may be provided instead of an SOA, if there have been no significant changes in your personal circumstances or the basis of the advice has not significantly changed since.

What do we expect from you?

We expect that you will provide us with accurate information, so that we have a reasonable basis on which to provide you with advice. You have the right to withhold personal information, but this may compromise the effectiveness of the advice you receive.

We expect that you will use our advice to enable you to make informed financial decisions.

We expect that, where appropriate, you inform your adviser of any changes that may influence your future objectives.

As a financial service provider, we have an obligation under the Anti-Money Laundering and Counter Terrorism Finance Act to verify your identity and the source of any funds. This means that we will ask you to present identification documents, such as passports and driver’s licence. We will also retain copies of this information. We assure you that this information will be held securely. We cannot provide you with services if you are unwilling to provide this information.

What kinds of services, products and advice do we offer?

SERVICES

  • Comprehensive personal financial planning
  • UK pension transfers
  • Savings and cashflow management
  • Wealth creation
  • Asset protection strategies
  • Investment strategies
  • Salary packaging
  • Pre-retirement planning
  • Post-retirement planning
  • Self-managed superannuation funds
  • Estate planning
  • Ongoing strategic advice including portfolio review services

PRODUCTS

  • Basic and non-basic deposit products
  • Superannuation
  • Government debentures, stocks and bonds
  • Investment life and life risk insurance products
  • Retirement savings accounts
  • Securities superannuation
  • Personal risk insurance

Oakwest Holdings Pty Ltd supports your bdhSterling Adviser by providing access to financial product research conducted by external researchers. This helps your Adviser select products that will help you reach your financial goals.

We will not provide advice on products that are not on our Approved Products List.

We will not provide advice on classes of financial products other than those detailed above.

Will we provide advice that is suitable to your investment needs and financial circumstances?

Yes. However, to do so we need to find out your individual investment objectives, financial situation and needs before we recommend any investment or risk products to you. You have the right not to divulge this information to us, if you do not wish to do so. In that case, we are required to warn you about the possible consequences of us not having your full personal information. You should read the warnings carefully.

Under the Future of Financial Advice Reforms, the advice provider is obligated to act in your best interest, and this requires the advice provider to collect all required information about your financial situation and needs and objectives, make inquiries into the information provided, and investigate appropriate products and strategies that will meet your needs and objectives. From time to time, where the advice provider cannot recommend any appropriate products or where the advice provider feels your best interest will not be served by him/her, the advice provider has a right to refuse provision of advice or services.

What should you know about risks of the strategies we may recommend?

We will explain to you any significant risks of investments, insurances and strategies that we recommend to you. If we do not do so, you should ask us for further clarification.

How are we paid for the services we provide?

bdhSterling calculation of fees is dependent on the level of service appropriate to the needs of the client. It has many levels of service, each providing benefits befitting the clients it is designed to service.

Upfront fees are calculated as dependent on the level of service chosen.

All levels of service, their associated calculations for fees and charges and the ongoing services provided are discussed in the first meeting and subsequently disclosed, prior to implementation of any recommendations, in the SOA.

All financial payments, commissions and fees are subject to GST.

Fees are payable in advance and will be fully explained prior to work being undertaken.

INITIAL MEETING

An important step to getting appropriate advice is having access to a qualified financial adviser, who will assist you to identify your goals and objectives. To encourage this, a free pre-advice meeting is offered to all potential clients to help your understand how your goals can be achieved. At that first meeting, we will outline the scope of the Statement of Advice (SOA) that will be written following the meeting and the cost of that report. At that point you can either leave with only the benefit of the meeting and no cost involved, or engage bdhSterling to produce the SOA for the agreed fee.

WHAT ARE THE FEES AND CHARGES?

bdhSterling is paid through a combination of fees for service and commission. All payments are made directly to bdhSterling.

When the SOA is presented to you, you can choose to engage bdhSterling to implement the recommendations at the cost disclosed in the SOA, or to pay for the SOA and not proceed any further. All fees and charges are provided in writing as a part of the SOA.

HOW ARE FEES FOR SERVICE CALCULATED?

The fee charged for our service may be:

  • Flat fee
  • Percentage of the amount invested
  • Based on an hourly rate
  • Combination of some or all of the above

Fee for service payment may include:

Preparation of advice: A flat dollar amount will be charged for providing you with advice and presenting it in a written Statement of Advice (SOA). The cost of the SOA will be provided at the initial meeting.

Establishment fees: These services include the establishment of the appropriate investment vehicle or structure e.g. a self-managed superannuation fund (SMSF). It may also involve the cost of rolling over benefits from one investment environment to another e.g. rolling super benefits. The actual cost will be detailed in your SOA, this will include our costs and an indication of external service provider costs.

Life insurance products: Initial commission is typically between 0% and 115% and is paid by the Life Insurance Company.

Buying or selling shares: bdhSterling may use the services of a registered broker. For clients who utilise the bdhSterling Portfolio Management Service, when buying and/or selling shares, transactions fees may apply. These fees will be fully disclosed in your SOA.

Ongoing review/administration services: These fees are for the management of a portfolio of investments for investors, with client online access to their investment portfolio available via the bdhSterling website as well as adequate access to advisers to review the investments, the objectives of the investors, and adjustments to the strategy to achieve the objectives. The administration of SMSFs would also be charged on a fee for service basis. In both cases, the charge would be based on the amount of funds under management, which is used as a measure of the work involved.

Incidental work: Where work is carried out for a client, which does not fall into the normal range of services for which fees have been set, then the work will be carried out at an hourly rate, which is currently $330 per hour.

OTHER BENEFITS

bdhSterling may from time to time receive a benefit from preferred product providers by way of sponsorship of educational seminars, conferences or training days. Other benefits, such as prizes, awards and hospitality events (e.g. sporting events) may also be received. Details of benefits between $100 and $300 will be maintained on a Register. Benefits over $300 are not allowed to be accepted.

You have a right to request for further information in relation to the remuneration, the range of amounts or rates of remuneration, and soft dollar benefits received by the licensee and/or authorised representative.

RELATIONSHIPS WHICH MAY INFLUENCE THE SERVICES OR ADVICE WE PROVIDE

bdhSterling is not owned by any Fund Manager or Institution and there are no relationships that will influence the advice that you receive from them.

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 to you in the SOA or ROA.

What information do we maintain in your file?

We maintain a record of your personal profile that includes details of your investment objectives, financial situation and needs. We also maintain records of any recommendations made to you. If you wish to examine your file, you should ask us and we will arrange for you to do so.

We are committed to implementing and promoting a privacy policy, which will ensure the privacy and security of your personal information. A copy of our privacy policy will be provided upon your request.

Compensation arrangements

bdhSterling confirms that 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). Our Professional Indemnity insurance, subject to its terms and conditions, provides indemnity up to the Sum Insured for bdhSterling and our representatives/employees, in respect of our authorisations and obligations under our Australian Financial Services Licence. This insurance will continue to provide such coverage for any representative/employee, who has ceased work with bdhSterling for a minimum of 7 years from the date of ceasing the relationship.

What should you do if you have a complaint?

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:

  1. Contact your adviser and tell them about your complaint.
  2. If your complaint is not satisfactorily resolved within 7 days, please call us or put your complaint in writing. We will try and resolve your complaint quickly and fairly.
  3. If we cannot reach a satisfactory resolution, you can raise your concerns with the Financial Ombudsman Service on 1300 780 808. bdhSterling is a member of this complaints resolution service. The Australian Securities & Investments Commission (ASIC) also has a free call Infoline on 1300 300 630, which you may use to make a complaint or obtain information about your rights.
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