We may give you other documents when we provide our services. These will include:
Statement of Advice
When we provide you with personal advice, we will give you a Statement of Advice (SoA). This will confirm the advice we have given and explain our fees for giving advice and arranging the financial products we have recommended.
Further advice to you will be documented in a new SoA or in certain circumstances this will be recorded using a Record of Advice (RoA). You can request a copy of the RoA by contacting us within a period of seven years from the date the advice was provided.
When you instruct us to place business on your behalf, you can expect to receive an Execution Only letter.
Product Disclosure Statement
If we recommend a particular financial product to you, we will also provide you with a Product Disclosure Statement containing information about the product such as its features and risks.
Engagement to Provide Ongoing Financial Services If you engage us to provide ongoing review and advice services, we will provide you with an “Engagement to Provide Ongoing Financial Services” as part of the Statement of Advice. This engagement details the ongoing services you will receive and the fees and charges that you direct us to receive.
Fee Disclosure Statement
If we provide ongoing services to you, we will provide an annual summary of the services we agreed to provide and the services we did provide, as well as the fees you have paid us in the past 12 months.
If we buy or sell any ASX listed securities or managed investments for you, we will charge up to 1.65% including GST of the value of the trade with a minimum of $100 per trade. This is in addition to our Implementation and Ongoing Service Program Fees. This includes the fees of the stockbroker we use. The minimum fees for the stockbroker Patersons is $22 or 0.055% of the value of the trade. The fees for E*TRADE are $22 for trades up to $40,000 or 0.066% for trades over $40,000.
Ongoing Service Program
If you ask us to provide ongoing review and advice services, we will charge you up to 1.65% p.a. of funds that we review and manage for you. For example, if we charge you 1.65%, the annual fee on a portfolio of $200,000 would be $3,300 including GST.
Please note that our minimum ongoing service fee is $2,750 including GST.
This fee will vary according to the size and complexity of your portfolio and the services you ask us to provide to you. We will agree this with you when you engage us to provide ongoing services. We may charge for any additional services outside your ongoing service program at an hourly rate of between $330 – $495 including GST
If we arrange life insurance for you, we will receive commission from the insurers with whom we place your insurance. The amount will vary depending upon the type of insurance and can be between 0% and 124% of the first year’s premium (excluding taxes and statutory charges).
We will also receive an ongoing commission from the insurer during the life of your policy and these can be between 0% and 33% of the premium (excluding taxes and statutory charges). These commissions are included in the premium for the policy.
The insurance adviser may receive up to 60% as remuneration of the revenue that Primestock receives from you.
Primestock has established joint ventures with over 30 accounting firms to provide financial services to their clients. These firms receive dividends in accordance with their shareholding in the joint venture company.
Primestock has professional indemnity insurance which covers us for any errors or mistakes relating to our financial advisory services. This insurance meets the requirements of the Corporations Act and covers the services provided by our Advisers after they cease working with us, provided we notify the insurer of the claim when it arises and this is done within the relevant policy period.
If you have any complaints about the service provided to you, you can either discuss the matter with your Adviser or our Complaints Officer on 1800 064 959. We may ask you to put your complaint in writing. We will try and resolve your complaint quickly and fairly and within 45 days.
If the complaint cannot be resolved to your satisfaction within 45 days, you have the right to refer the matter to the Financial Ombudsman Services. They can be contacted on 1300 780 808, or you can write to them at GPO Box 3, Melbourne, VIC 3001. Their services are free of charge to you.