What is the purpose of this Financial Services Guide (Guide)?
This guide is designed to provide information about the financial services provided by Pareto Group Pty Ltd and its authorised representatives. It aims to assist you in deciding whether to use any of the services we offer and includes information about our remuneration and how we deal with complaints. This guide is only complete when the Adviser Profile is attached.
Our role is to understand your financial needs and objectives, and to recommend solutions that help you satisfy those requirements. The process we will follow includes:
- Providing this Guide to you and agreeing on a basis for providing our services to you.
- Obtaining the relevant information about your financial needs and objectives and your current financial affairs so that we can provide the most appropriate advice.
- Researching the solutions that are designed to help you satisfy those needs and objectives.
- Recommending only products approved by Pareto Group.
- Providing you with a written Statement of Advice (SOA) which sets out our recommendations and the basis for them, the key issues involved and our remuneration for providing our professional advice to you.
- Discussing the SOA with you, providing any explanations you require, and varying the recommendations if necessary.
- Providing you with a Product Disclosure Statement (PDS) for each product recommended in the SOA. The PDS contains information about the product (fees etc).
- Implementing the agreed recommendations.
- Agreeing on a basis for review of your situation. If, at any time, you do not understand any of the advice we provide, you should seek clarification from us.
What advice document might I receive if I am an existing client?
If you are already a client of Pareto Group you may have been through the above process. Going forward you can expect to receive written confirmation of any further advice in the form of either a Record of Advice (ROA) or Statement of Advice (SOA).
If you are receiving advice in relation to a different type of financial product or your circumstances have changed significantly then we will provide this advice in a SOA. If you wish to obtain a copy a previous SOA or ROA please ask your adviser.
Before you get advice
Who is my adviser?
Your adviser is an authorised representative of Pareto Group and may also be a credit representative of Lakeside Financial. The Adviser Profile attached to this guide will outline in more detail information about your adviser.
Pareto Group is an Australian Financial Services Licensee (AFSL) licensed by the Australian Securities and Investment Commission (ASIC). Lakeside Financial is a corporate authorised representative of Pareto Group.
Pareto Group is responsible for the advice and conduct of your adviser. We are not responsible for any unauthorised services (to the full extent permitted by law) so check the services being provided are outlined in the Adviser Profile.
What financial services are we licensed to provide?
As an AFSL the Pareto Group is licensed to provide advice and deal in the following classes of financial products to retail and wholesale clients:
1). Deposit and payment products limited to:
• basic deposit products;
• deposit products other than basic deposit products;
2) Life products including:
• investment life insurance products and
• life risk insurance products;
as well as any products issued by a Registered Life Insurance Company that are backed by one or more of its statutory funds;
3) Interests in managed investment schemes including investor directed portfolio services;
What financial services are available to me?
The services offered by Pareto Group include:
- Financial planning
- Superannuation advice
- Retirement planning
- Investment advice
- Cash Management Trusts
- Social Security advice
- Wealth creation
- Debt management
- Life and disability insurance advice
- Estate planning
Your adviser may only be authorised to provide advice in some of the above areas. Their adviser profile will set out the areas in which they provide advice.
What will your adviser do?
Your adviser will:
- Provide you with advice to the best of their ability and deal with you efficiently, honestly and fairly.
- Provide advice tailored to your individual needs and circumstances.
- Recommend only products approved by Pareto Group to help you meet your objectives.
- Only implement strategies once you have agreed they are appropriate for you.
What we expect of you:
To help us provide you with appropriate advice that remains current, and to protect you, we ask you to do the following:
- Provide accurate information about your personal circumstances to enable us to assess your situation and provide advice in line with that.
- Keep us updated on any changes to your circumstances.
- Do not make any payments for investments, contracts or fees ‘made payable’ to your adviser.
- Do not sign blank forms.
Lakeside Financial also has a lending division. Furthermore, Lakeside Accountants and Lakeside Lawyers are associated businesses of Lakeside Financial. These businesses have common owners and directors.
In providing our financial services, we may refer you to one of these businesses for the services that they provide.
Professional Indemnity Insurance
Pareto Group has professional indemnity insurance which covers us and our representatives for errors or mistakes relating to our services.
This insurance meets the requirements of the Corporations Act and covers claims against our representatives after they cease to be engaged by us, provided that the insurer is notified of the claim when it arises and within the relevant policy period.
Information about fees and our remuneration
The remuneration received by Pareto Group and its authorised representatives could be in the form of Upfront Commission, Ongoing Commission or Fee for Service. Remuneration could be through payment of:
- Upfront Commission – paid by the issuer of the financial product/s recommended, payable when the product is issued to the client. This is included in the cost of the product for insurance. For investments and superannuation this cost is generally taken from the amount invested.
- Ongoing Commission – paid by the issuer of the financial product/s recommended, payable on an ongoing basis while the product is still in place. This is included in the cost of the product for insurance. For investments and superannuation this cost is generally taken from the amount invested.
- Adviser Service Fee – paid by the client out of their investment or superannuation account for the services provided by Lakeside Financial.
- A direct fee paid by you to us for the services rendered (your adviser will advise you of the fee before providing the service). This can either be charged on an hourly basis, a set fee per annum basis, as a percentage of funds invested, or a combination of these methods.
- A combination of both commission and fee for service. The basis and amount of all commissions and fees for service will be set out in the SOA and explained by your adviser.
The explanation of the fees and charges of the product issuer will be contained in the PDS.
If you agree to the payment of a direct fee for the initial advice and/or annual review services, your adviser will outline the cost in writing before providing the service, provide you with an invoice and advise you in the SOA of the fees.
Our financial arrangements with product providers
Some product providers may pay an additional licensee commission. This is based on the total funds invested in their products or the total insurance premiums for their policies across our entire client base.
We may also receive additional benefits by way of sponsorship of education seminars, conferences or training days. Details of any benefits received above $100 will be maintained on a register which is available to you on request.
How can you provide instruction/information to us?
You can specify how you would like to give Pareto Group or your adviser instructions/information. For example, you can give instructions/information by telephone, fax or email.
If you have any concerns about our services
Your concerns can be expressed verbally or in writing.
If you have any concerns about the service provided, you may take the following steps.
- In the first instance, you may wish to contact your adviser to discuss your concerns.
- If your concerns are not satisfactorily resolved within five days, or you do not wish to contact your adviser, please contact our Executive Manager Governance (EMG). Contact details are in this guide. The EMG will reply in writing advising of an expected date of resolution to your concern.
If we have been unable to satisfactorily resolve your concerns, then you may refer the matter to Financial Ombudsman Service:
Financial Ombudsman Service Limited
GPO Box 3, Melbourne Vic 3001
Phone 1300 78 08 08
We will collect personal information from you so that we can understand your personal situation and provide you with advice which meets your needs and objectives.
We will also collect information from you to meet our obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act.
We will generally collect this information directly from you however in some cases we will seek your authority to collect if from other parties such as your accountant or your superannuation fund.
If you do not provide us with all of the information that we request, we may not be able to provide our services to you.
We will hold and use your personal information so that we can continue to provide our services to you. We will only disclose your personal information to external parties where:
- The law requires us to do so
- You consent for us to do so
How do I get more information?
You are entitled to obtain access to the information we hold about you by contacting our Executive Manager, Governance. Our contact details are included in this guide.
This guide sets out the important principles of our relationship with you. Your adviser can provide more details about the basis of the advice and services they can provide to you.
If you have any questions about our relationship with you, or our services, please ask your adviser in the first instance.