Financial Services Guide


April 2018
Financial Services Guide
ABN: 14 625 010 344
AFSL: 334400

Introduction
This Financial Services Guide is an important document that we are required to give you as a condition of the Australian Financial Services Licence that we operate under. It is designed to provide you with information about Montara Wealth 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.

Financial Services Guide (FSG)
This guide contains important information about:

  • Financial services and products we offer
  • How we are paid for our services, including all forms of fees or other benefits that may be received by Montara Wealth and related parties in connection with the financial services provided
  • 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 the following documents when we provide financial services or products to you:

Service Agreements
Prior to any advice being given, we will ask you to enter into an agreement for the provision of this advice via a Letter of Engagement which 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 Montara Wealth for ongoing service. It represents Montara Wealth’s commitment to providing our clients with high quality advice and a holistic approach to your financial wellbeing.

Statement of Advice (SOA)
A 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 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 are we?
Montara Wealth Pty Ltd (ABN 146 250 103 44) is an privately owned financial planning company that aims to educate, collaborate and implement life-changing financial strategies for our clients. Through our analytical and personal approach, we work with our clients to help them identify and develop strategies to meet their individual needs.

As a company, we strive to ensure that our engagement has a positive impact on our clients’ financial lives, so that they can get on with the more important things in life!

Montara Wealth 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 Spectrum Wealth Advisers (Australian Financial Services Licence No. 334400).

Who is my Financial Planner?
Your financial planner is an authorised representative of Spectrum Wealth Advisers. Our dynamic team carefully research their innovative strategies to give you all the options you need to protect and grow your wealth. We are known for our personal approach. Information about your individual financial planner is available in the Adviser Profile that accompanies this FSG.

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

How are we paid for the services we provide?
When engaging with Montara Wealth the actual costs will be outlined to you in a letter of engagement, prior to any advice being delivered. 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.  You may choose to pay for your agreed advice fees via credit card or in some instances via alternate arrangements such as superannuation.

Insurance Commissions
For the implementation of insurance policies, Montara Wealth receives an initial fee on insurances that are implemented as a result of advice provided by your adviser, in which case the payment will be made by the provider of that product i.e. the life company. If a fee for service arrangement is required, we will discuss this with you prior to the preparation of that advice.

The fees charged for implementing insurances may range from 0% to 80% (ex GST) of the first years premiums, dependent on the product provider. The fees will be payable to Montara Wealth by the product provider upon proceeding with a transaction relating to that product. For insurances, fees may be included in the premium charged by the life company. The amount of fees received will be based on the amount of the transaction and may vary from product to product/provider to provider.

For the ongoing management of your insurance policies, Montara Wealth may also receive ongoing fees on an annual basis for the duration of your insurance. This may range between 0% up to 30% of your annual premiums and will vary depending on the product selected.

Your adviser is entitled to receive remuneration in the form of fees payable as a result of your insurance. Your adviser will provide you with specific details of any of these charges if they are applicable, and relevant to the recommendation made to you when personal advice is provided, within a Statement of Advice (SOA).

What other benefits do Montara Wealth and my financial adviser receive from product providers?
Montara Wealth is privately owned. Montara Wealth charges a fee to develop, document (Statement of Advice – SOA) and implement our clients strategies (excludes implementation of insurances). This fee is agreed in advance and signed off by our clients in an engagement letter. For the ongoing management of our clients’ financial strategies, we charge an ongoing fee that is also agreed with our clients in advance (excludes management of insurance policies).

Further details on remuneration and benefits relation to Financial Services
When you receive financial advice, it is important that this advice is not biased towards particular financial products.  Accordingly, at Montara Wealth, we do not incorporate the use of financial products into any of the remuneration of any staff, nor do we have any targets or quotas set around the use of any financial products.

Important things you need to know
There are several important things that we want to ensure you are aware of before proceeding with coming on board as a client of Montara Wealth.  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.

Montara Wealth is a corporate Authorised Representative of Spectrum Wealth Advisers, AFSL No.334400. 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.  Montara Wealth operates under this Financial Services Guide and Privacy Policy. Spectrum Wealth Advisers, being our AFSL, is ultimately responsible for the advice that we give.

We will charge you (as per the section in this document titled “Cost”) for the work that is done, however 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 investment and administration 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 Montara Wealth have any relationships or associations that may influence the advice I receive?

Montara Wealth is related to other corporate entities through common shareholders and directors.

These companies may or may not be recommended to you as a result of becoming a client of Montara Wealth.  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.

These entities are:

Orium Finance Pty Ltd (Orium)
Orium is a debt and mortgage advisory company which is licensed under the Spectrum Wealth Advisers Australian Credit License (ACL). Orium provides services to both individuals and companies on debt and debt related products. Orium may receive payments from product providers such as banks and other financial institutions for referring loans to them. Orium in turn may make payments in recognition of loans referred from third parties including Montara Wealth. Orium has access to over 30 different lenders including the major banks, building societies and credit unions. If you choose to use Orium for your financing needs, for approx. every $100,000 that you borrow Montara Wealth could receive an estimated $120 in referral fees. This payment contributes towards the cost of Montara Wealth’s involvement in the financing process.

Binnari Property Pty Ltd (Binnari)
Binnari is a real estate advisory business that was formed to meet the needs of property investors. Binnari helps investors facilitates the purchase of Australian real property assets for owner occupiers and investors. Binnari earns fees or commissions for the work that it does either from you by engaging them, or from other parties such as banks, other licensed real estate professionals or property vendors.

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. But in order for us to do so you must provide us with details of your current financial situation, needs, goals, and any other relevant information. This will ensure you get the best possible advice, so you can make the most of your wealth. 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 Montara Wealth 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 Montara Wealth planner 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 which accompanies this FSG.

What should I do if I have a complaint?
We pride ourselves on providing 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 7 days, please contact us on (02) 8330 3733 or you can put your complaint in writing and send it to GPO Box 4473 Sydney NSW 2001. We will try to resolve your complaint quickly and fairly and will respond in writing within 45 days.
  3. If we cannot reach a satisfactory resolution, you can have your complaint reviewed by the Financial Ombudsman Service (FOS) at 1300 780 808 or 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.

Contacting Montara Wealth
You can contact Montara Wealth by:

Montara Wealth Suite 1, Level 6, 309 George Street, Sydney

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