Financial Services Guide

Introduction

This Financial Services Guide (FSG) is an important document that we are required to give you as a condition of the Australian Financial Services Licence (AFSL) that we operate under, Climb Wealth Pty Ltd (AFSL 409424).

It is designed to provide you with information about Financial Spectrum Pty Ltd and an understanding of what to expect from our services, as well as the associated fees and charges.

This document should be read in conjunction with the Financial Adviser Profile and our Privacy Policy to help you decide whether the financial services we provide are right for you.

This guide contains important information about:

  • How we are paid for our services, including all forms of fees or other benefits that may be received by Financial Spectrum and related parties in connection with the financial services provided
  • Financial services and products we offer
  • Any interests, associations or relationships that could influence the advice we give you
  • Our internal and external dispute resolution procedures and how you can access them
  • You may also receive documents when we provide financial services or products to you
Who are we?

Financial Spectrum Pty Ltd (ABN 65 164 212 524) is a privately owned financial planning service.

Our priority is to help our clients achieve their financial goals, no matter how big or small, through personal care and coaching. We give you financial strategies to make the most of your situation.

Financial Spectrum is not owned by the providers of any investment or insurance products or services, so we offer appropriate advice to our clients.

We are corporate authorised representatives of Climb Wealth Pty Ltd, Licence 409424.

How are we paid for the services we provide?

Financial Spectrum does not accept commissions on any financial products and only provides advice on a flat fee basis which is agreed to prior to any work starting.

The actual cost will be outlined in full to you prior to any advice being delivered through a Letter of Engagement. The amount you will be charged is based on the time and complexity of the work that is being done, and not around the amount of money that is being invested or the products that may be used.

Ongoing advice is also charged on the time and complexity of the work that is being done.

We offer a variety of payment options for the services we provide to you. You may choose to pay for your agreed advice fee directly via direct payment, cheque or credit card.

Lack of independence

While Financial Spectrum does not accept any commissions on any financial products and does not charge any percentage-based fees, the licensee that we operate under, Climb Wealth Pty Ltd, authorises other financial planners that do accept commissions. Accordingly, we cannot claim to be independent financial planners under s923A(2)(a)(i)–(iii) and s923A(2)(b) of The Corporations Act.

Service Agreements

Prior to any advice given, we will ask you to enter into an agreement for the provision of this advice via a Letter of Engagement. The Letter of Engagement will outline the scope of advice to be given and any costs associated with that advice.

An Ongoing Service Agreement is a formal contract that outlines the benefits, services and support offered by Financial Spectrum for ongoing service. It represents Financial Spectrum’s commitment to providing our clients with high quality advice and a holistic approach to your financial wellbeing.

Statement of Advice (SOA)

A Statement of Advice (SOA) is provided when you receive personal advice about a product or service. It will include the following important information:

  • The advice given and the basis of the recommendations
  • Information on fees that we may charge you and any cost that we believe you may incur
  • Any associations, relationships or interests that could influence the advice we provide
Product Disclosure Statement (PDS)

A Product Disclosure Statement (PDS) is provided when we make a recommendation to acquire a particular financial product, or offer to issue or arrange the issue of a financial product. The PDS outlines the key features, significant benefits, risks and fees associated with the product.

Who is my financial planner?

Your financial planner is an authorised representative of Climb Wealth Pty Ltd.

Our dynamic team carefully research their innovative financial strategies to give you all the options you need to grow your wealth. We are known for our personal, tailored approach.

Information about your individual financial planner is available in the Financial Adviser Profile that accompanies this FSG.

Why choose a Financial Spectrum adviser?

Life is full of challenges and opportunities, especially when it comes to growing and securing your wealth. Keeping up with complex product offerings, regulation and tax strategies is a full-time job.

Financial Spectrum advisers can provide you with the ability to take advantage of changing circumstances – leaving you with more time for the important things in life.

We give advice in the following areas:

  • Strategic financial advice and consulting services
  • Investment planning
  • Personal insurance
  • Superannuation and retirement planning, including SMSF
  • Estate planning
  • Personal review services
  • Finance, debt and gearing
What other benefits do Financial Spectrum and my financial adviser receive from product providers?

Financial Spectrum is proud to be privately owned and does not earn commission from any of the financial products that it may recommend to you as part of our advice.

It is a firm policy of Financial Spectrum that in addition to not receiving any monetary commission on any financial products that are recommended to you, neither Financial Spectrum Pty Ltd or your financial adviser will receive any additional non-monetary benefits such as assistance with expenses, complimentary or subsidised attendance to events, or other rewards such as gift vouchers and tickets to sporting and entertainment events.

How much do our services cost?

As we are a fee-based company, the cost of your advice will be determined by the time and complexity of your financial plan. What you invest into and how much money you invest are not taken into account in the cost of your advice and there are no percentage-based fees.

Your adviser will provide you with a Letter of Engagement which will outline the costs you will incur for the advice.

Our pricing guide is:

Single consult from $450
Simple advice from $2,000
Multi-strategy advice from $4,250

There are no implementation fees to action your financial plan. This is generally included in the cost of your advice.

Further details on remuneration and benefits related to financial services

When you receive financial advice, it is important that this advice is not biased towards particular financial products.

Accordingly, at Financial Spectrum, we do not incorporate the use of financial products into the remuneration of any staff members, nor do we have any targets or quotas set around the use of any financial products.

Important things to know

There are several important things that we want to ensure you are aware of before becoming a client of Financial Spectrum. While this information may have been provided to you earlier, we like to ensure that you are given every opportunity to understand how we operate.

Financial Spectrum is a Corporate Authorised Representative of Climb Wealth Pty Ltd, Licence 409424. The Climb Wealth AFSL has common shareholders to Financial Spectrum, however operates as a separate entity.

Financial Spectrum operates under this Financial Services Guide and Privacy Policy. Climb Wealth, being our AFSL, is ultimately responsible for the advice that we give. You would have been provided with this Financial Services Guide and Privacy Policy at the earliest opportunity, however please let us know if you require additional copies of either.

We will charge you (as per the section in this document titled “How much do our services cost”). Any costs that we will be directly charging you will always be outlined in writing to you before any work commences.

There are often other charges (such as insurance, legal or accounting charges) that will be charged to you directly from whichever service providers you elect to use. We do not pay these amounts for you.

Does Financial Spectrum have any relationships or associations that may influence the advice I receive?

Financial Spectrum may be related to other corporate entitles from time to time through common shareholders and directors. None of these companies produce financial or investment products and may include services such as Accounting or Business Advice.

These companies may or may not be recommended to you as a result of becoming a client of Financial Spectrum. The decision to recommend the services of any related entity is at the discretion of your adviser and/or account manager. Should there be any additional cost for using the services of these related entities, it is necessary for these companies to disclose those costs to you directly.

We are committed to ensuring you are fully aware of any associations with related entities which may have an impact on the advice that we give you. We commit to you that we will disclose any relationships as soon as they occur. As Financial Spectrum is a fee-based business, it is important that you always feel suitably informed and are aware that Financial Spectrum’s duty of care is to you, our client, and that we take that duty of care very seriously.

Should you not wish to have any association with any related businesses, please let your adviser or account manager know.

Will the advice be tailored to my personal needs?

Every client is unique and our philosophy of holistic, individual care means that we are committed to understanding your personal circumstances. So you get the best possible advice to make the most of your wealth, you must provide us with details of your current financial situation, needs, goals and any other relevant information.

If you choose not to provide all relevant information to us, we are required to outline the possible consequences of us not having your full information.

What information does Financial Spectrum keep about me?

We maintain a record of your personal profile which includes details of your investment objectives, financial situation and needs. We also keep records of any recommendations made to you.

If you wish to examine your file you should ask your Financial Spectrum advisor who will make arrangements for you to do so.

We have a strong commitment to protecting your personal details. For more information please read our Privacy Policy.

What should I do if I have a complaint?

We pride ourselves on providing a high-quality service to our clients. However, in the unlikely event that you have a complaint about the service provided, you can take the following steps:

  1. Contact your Financial Planner to discuss the complaint
  2. If the complaint is not satisfactorily resolved within 30 days, please contact us on (02) 8238 0888 or you can put your complaint in writing and send it to Level 13, 447 Kent Street, Sydney NSW 2000. We will try to resolve your complaint quickly and fairly and will respond in writing within 30 days.
  3. If we cannot reach a satisfactory resolution, you can have your complaint reviewed by the Financial Ombudsman Service (FOS) who can be contacted on 1300 780 808 or at www.fos.org.au
  4. The Australian Securities and Investments Commission (ASIC) also has a free call information line on 1300 300 630 which you may use to make a complaint or to obtain information about your rights.
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