Financial Services Guide
Why am I receiving this document?
This Financial Services Guide (FSG) contains information that will help you decide whether to use the financial services we offer. It sets out:
- who we are and how we can be contacted,
- the advice and services we provide
- information about our licensee Montara Services Pty Ltd
- our fees and how we, your adviser and Montara Services, are paid in connection with those services
- how we manage your private information
- how you can complain about a matter relating to us or Montara Services.
Please take the time to review this document before engaging our services.
Throughout this FSG, Montara Services is referred to as “we”, “us”, “our” or any variations. The term “Adviser” refers to Montara Services’ authorised representatives.
An FDS will be issued to you in instances where you enter into an Ongoing Fee Arrangement with your Adviser for a period greater than 12 months. The FDS will contain information about the services you were entitled to receive, the services you actually received and the fees you paid during the period. The FDS will be provided to you annually.
Your Adviser will also issue a Renewal Notice every 2 years. The Renewal Notice will give you the option of renewing the ongoing fee arrangement.
Documents you may receive
If you decide to obtain personal financial advice, your Adviser will need to determine your needs, objectives and relevant financial circumstances.
At the initial advice appointment, your Adviser will typically gather the relevant information by using a client data collection form. You will be asked to provide accurate information about your personal and financial situation and keep your Adviser informed of any changes to your relevant circumstances. Your Adviser will also need to verify your identity.
When your Adviser provides personal financial advice to you, you may receive one or more of the following documents:
- Letter of Engagement
- Statement of Advice (SoA)
- Record of Advice (RoA)
- Product Disclosure Statement (PDS)
- Fee Disclosure Statement (FDS)
- Renewal Notice
When we provide personal advice, or significant subsequent advice, this will be recorded and provided in a SoA. The SoA will set out the advice that has been tailored to your specific circumstances, the basis on which it was given, and provide you with details of all relevant disclosures including details of remuneration, commissions, and associations that could affect our advice.
Where you receive ongoing or further advice, it will be recorded in a RoA. RoAs will kept on record for seven years and you may request a copy by contacting our office during that period.
A PDS will be provided if a product recommendation is made and includes detailed information on the financial product including features, benefits, risks, conditions, costs and cooling off rights (if applicable).
Who we are and what we stand for
Montara Services Pty Ltd (Montara Services) is a wholly privately owned Australian Financial Services Licensee (Number 526747, ABN 61 641 966 878) that is dedicated to providing advice to you through your adviser.
You can contact us at:
Montara Services Pty Ltd
Suite 1, Level 6, 309-315 George Street
Sydney NSW 2000
P: 02 8330 3733
E: [email protected]
GPO Box 4473
Sydney NSW 2001
| Montara Wealth Pty Ltd and Montara Services Pty Ltd receive commissions from life insurance products. As such we are not able to refer to ourselves as “independent”, “impartial” or “unbiased”. |
Our responsibility
Your Adviser has been authorised by Montara Services and accordingly we are responsible for the financial advice and services they provide. This FSG has been given by your Adviser with the Authority of Montara Services.
Our Advisers are committed to providing quality financial advice and a wide choice of products and/or services to suit individual client circumstances.
Your Adviser is obliged by law to act in your best interests and provide appropriate advice when providing financial advice to you. They must follow a code of ethics that is a principles based model providing a powerful framework to shape and reinforce ethical conduct and encourage a deeper engagement by the individual with their duties to their client as well as wider society.
Who are your financial planners?
David Hancock, ASIC Authorised Representative #400635
Ethan Stein, ASIC Authorised Representative #1296175
Your financial Advisers are authorised to provide you advice under the Montara Services’ Australian Financial Services Licence.
You can contact us at:
Montara Wealth Pty Ltd (CAR# 1285823)
Suite 1, Level 6, 309-315 George Street
Sydney NSW 2000
GPO Box 4473
Sydney NSW 2001
P: 02 8330 3733
E: [email protected]
Prior to providing any personalised financial advice products and/or services our Advisers are required to provide you with a copy of this FSG.
What services we can provide
Montara Services is licensed to provide financial product advice on the following services:
- Wealth creation strategies
- Life insurance advice
- Superannuation strategies
- Debt reduction strategies
- Cash flow management
- Retirement planning
- Aged care strategies
- Estate planning strategies
- Securities
- Tax (financial) advice
Your adviser is authorised to provide advice on the following products:
- Basic deposit products
- Debentures, stocks and bonds
- Life insurance (personal and business)
- Managed investments
- Investor Directed Portfolio Services (IDPS)
- Retirement Savings Accounts (RSA)
- Superannuation
- Self-managed superannuation
- Securities
How are your advisers paid?
David is remunerated by salary plus may be entitled to dividends from his shareholding in Montara Wealth Pty Ltd and Montara Services Pty Ltd.
Ethan is remunerated by salary.
Approved Product List
Montara Services maintains an Approved Product List (APL). Subject to attaining required accreditation, your Adviser is able to recommend any product on the Montara Services APL.
Montara Services periodically reviews these products to ensure they are competitive with similar products that address similar client needs and objectives. These products are researched using external research houses as well as our in-house research team. Generally, the products we recommend are on the APL. However, there may be instances where your Adviser will need to consider products outside of the APL. In these cases, your adviser may apply to Montara Services’ Research Department to obtain a one-off product approval. Montara Services restricts products from the APL based wholly on merit and research.
You can obtain a copy of the APL upon request.
How to give instructions
Your Adviser may accept your instructions by telephone, letter, email or fax using the contact details provided in this FSG. In some instances, your Adviser can only accept written instructions from you, and they will let you know when this occurs.
Your privacy
Your Adviser is required to maintain physical or electronic records of documentation for any financial advice given to you, including information that personally identifies you and/or contains information about you.
These records are required to be retained for at least seven (7) years. If you want to access your personal information at any time, please let us know.
You have the right to not to provide personal information to your Adviser. However, in this case, your Adviser will warn you about the possible consequences and how this may impact on the quality of the advice provided. Additionally, your Adviser may also decline to provide advice if they feel they have insufficient information to proceed.
Montara Services respects your privacy and is committed to protecting and maintaining the security of the personal and financial information you provide us. For detailed information on how we handle your personal information, please see our Privacy Policy. This Policy is located at: https://montarawealth.com.au/privacy-policy/
Disclosure of information
Throughout the advice process, your personal information may be disclosed to other services providers. These may include:
- Financial product providers
- Financial planning software providers
- Administration and paraplanning service providers
- IT service providers
Montara Services may engage third party service providers to assist in the provision of products or services. We will seek your approval before passing on your information to third parties.
Some services may require disclosure of personal information to service providers outside Australia. The purpose of such disclosure is to facilitate the provision of financial services including the preparation of financial advice documents for Montara Services Advisers.
All reasonable steps will be taken to ensure that offshore service providers comply with the Privacy Act 1988.
Our Fees
The cost of providing a financial product or service to you will depend on the nature and complexity of the advice, financial product and/or service provided.
If any other remuneration is payable (and not disclosed here), we will provide information about how that amount is calculated when we give you our advice in the written SoA.
Licensee remuneration
All advice fees and commissions will be paid directly to Montara Services as the licensee. Montara Services retains a fee for the provision of services required under its Australian Financial Services Licence, and the balance is paid to your Adviser.
Adviser remuneration
Generally, whenever your Adviser provides a recommendation for a financial product or service, your Adviser may be remunerated indirectly through either:
- An initial fee for service; or
- An ongoing fee for service; or
- Insurance commission payments where applicable; or
- A combination of any of the above.
Prior to preparing any advice or providing financial services to you, we will discuss and agree upon all fees that will apply.
| Fee structure (inclusive of GST) | |
| Type of Fee | Fee description and amount |
| Initial/Implementation Fees | These are fees paid when you agree to receive our advice, and depend on the complexity of the advice provided.
From $2,000 to $20,000.
This fee is agreed upon with the client in our Letter of Engagement and is a fixed fee. As part of this fee we offer strategy planning meetings, drafting and delivery of Statement of Advice as well as implementation of any financial products we have recommended as part of the strategy. |
| Ongoing service fees | These fees support our ongoing services which help you stay on track to meet your goals. These fees vary depending on the scope and complexity of services provided.
From $266.67 to $500.00 per month ($3,200 to $6,000.00 annually) |
| Investment management fees | These fees support our ongoing management of your investment portfolio to ensure it is working hard for your goals and objectives.
From 0% – 1% p.a. |
| Commissions for life risk insurance products | Any commission amounts will be disclosed to you when providing advice. The following is a guide of commissions we may receive.
The initial commission may be up to 66% of the first year’s premium for new policies implemented. The ongoing commission may be up to 22% of the insurance premium each following year. Example: On any insurance policies implemented, if your premium was $1,000, we would receive an initial commission of up to $660 and an ongoing commission of up to $220 per annum. We may also receive upfront commission for additional cover to your existing product up to 130% of your annual premiums with ongoing commissions up to 33% of the annual premium. |
Other forms of remuneration or benefits
Montara Services and/or its Advisers may receive non-monetary benefits where:
The amount is less than $300 and identical or similar benefits are not given on a frequent basis; The benefit has a genuine education or training purpose (including attendance to conferences) and is relevant to providing financial product advice; and/or
The benefit consists of the provision of information technology software or support and is related to the provision of financial product advice in relation to the financial products issued or sold by the benefit provider. Eg, life insurance quoting software
Payments or benefits received are disclosed in a register. A copy of the register is available upon request.
Not Independent
Montara Wealth Pty Ltd and Montara Services Pty Ltd receive commissions from life insurance products. As such we are not able to refer to ourselves as ‘independent’, ‘impartial’ or ‘unbiased’.
Related companies that might influence our advice
Your Adviser is a Director and shareholder of Binnari Property Pty Ltd and Orium Finance Pty Ltd. These businesses provide property research and finance solutions to clients. Where you are referred to Binnari Property Pty Ltd or Orium Finance Pty Ltd by your Adviser, and you take up the services of that business, your Adviser may be entitled to profits from their shareholding of these businesses. Your Adviser does not receive any direct remuneration or benefit as a result of the referral.
Montara Services does not have any financial interests in any other business, bodies corporate or financial product nor any association or relationship with the issuers of financial products that might reasonably be expected to be capable of influencing them in the provision of financial services.
Professional Indemnity
Montara Services maintains a group policy which includes appropriate Professional Indemnity Insurance cover for Montara Services as required by s 912B of the Corporations Act 2001. The insurance covers claims arising from the actions of former employees or representatives of Montara Services, even where subsequent to these actions they have ceased to be employed or act for Montara Services.
Reporting your concerns
If you have a complaint about any financial service provided to you by your Adviser you should firstly contact your Adviser directly to resolve your issue. If, having discussed with your adviser you are still not satisfied with the outcome, you should take the following steps:
Contact the Responsible Manager at Montara Services to discuss your complaint.
Phone: 02 8330 3733
Email: [email protected]
Mail: Responsible Manager Montara Services
GPO Box 4473
Sydney NSW 2001
We will acknowledge receipt of a complaint immediately, however, where this is not possible, acknowledgement will be made as soon as practicable. We will then investigate the complaint and respond to you within 30 days. Some complex matters may require an extension to thoroughly investigate the complaint and bring it to resolution.
If you are not fully satisfied with our response, you have the right to lodge a complaint with the Australian Financial Complaints Authority (AFCA). AFCA provides fair and independent financial services complaint resolution that is free to consumers.
The contact details for AFCA are:
Phone: 1800 931 678 (free call)
Online: www.afca.org.au
Email: [email protected]
Mail: GPO Box 3
Melbourne VIC 3001
Furthermore, the Australian Securities and Investments Commission (ASIC) has a free of charge infoline on 1300 300 630, which you may use to obtain information about your rights and to make a complaint.
For more information:
Please visit moneysmart.gov.au for more information on financial advice.
