Financial Services Guide

Date: 1 August 2024

Provided by 

The Trustee for B & H Douglass Family Trust & Others ABN 61 185 654 130 trading as Belmores Wealth Management Authorised Representative No. 1240947 (Belmores Wealth Management)

Benjamin Douglass Authorised Representative No. 1241291 (Ben)

Bernadette Attwood Authorised Representative No. 1270490 (Bernadette)

Boyd Preston Authorised Representative No. 1307650 (Boyd)

Marcus Hargreaves Authorised Representative No. 1310296, Provisional Financial Adviser (Marcus)

(together we, us, our)

As authorised representatives of BWM Licence Pty Ltd ABN 64 648 164 505 AFSL No. 531262 (Licensee)

The distribution of this financial services guide (FSG) is authorised by the Licensee.

Purpose of this document

The purpose of this FSG is to assist you in deciding whether to use our services by giving you information about the type of services we provide, how we are remunerated and your rights when you have a complaint about the services we provide to you.

We recommend that you read and understand this FSG before you engage us to provide you with any financial services. If you have any questions, please get in touch with us.

Not Independent

Because:

·        we receive commissions on the sale of life risk insurance products that are not rebated in full to clients;

·        we have referral arrangements in place with BDS Huon Accountants;

·        our advisers have interests in financial products that may also be recommended to our wholesale clients;

we are not able to refer to ourselves or our advice as ‘independent’, ‘impartial’ or ‘unbiased’.

Additional documents you may receive from us

When we provide you with financial planning services you may receive:

•       a Statement of Advice (SoA) or Record of Advice (RoA). These documents set out the advice we provide to you. If you have not been provided with the ROA, you may request a copy of it free of charge at any time within 7 years after the advice was provided to you, by contacting us;

•       a Product Disclosure Statement (PDS) which provides details about the significant risks and benefits, costs, charges and other significant characteristics or features of the products we have recommended.

If you enter into an ongoing service agreement with us, you will receive annual fee disclosure statements and we will ask you to renew the agreement and consent to the deduction of advice fees from your account each year.

Financial services we are authorised to provide

The Licensee has authorised us to provide personal advice and dealing services to both retail and wholesale clients for the following financial products:

•       deposit and payment products (basic and non-basic deposit products);

•       debentures, stocks or bonds issued or proposed to be issued by a government;

•       life risk insurance;

•       interests in managed investments schemes including investor directed portfolio services and MDA services;

•       retirement savings accounts products;

•       securities; and

•       superannuation.

Belmores Wealth Management is a corporate authorised representative of the Licensee. Any financial services will be provided by Belmores Wealth Management and its sub-authorised representatives, who are listed in the Adviser Profile section. More details about them, including the financial services they are authorised to provide, is included in the Adviser Profile section.

How can you provide us with instructions?

You can give us instructions by phone, email or any other means that we agree with you from time to time. Please refer to our engagement letter for more information on this.

Who does the Licensee act for?

As authorised representatives, we provide financial services on behalf of the Licensee. In providing those financial services, the Licensee acts on its own behalf.

Fees

All fees are payable to Belmores Wealth Management. Ben Douglass and Bernadette Attwood are owners of Belmores Wealth Management and both will share in the profits that Belmores Wealth Management makes.

General advice

We may charge you a fee for any general advice we provide to you. That fee may be either a fixed fee or based on the amount of hours it takes us to prepare and provide you with the general advice. The amount of these fees usually ranges from $330 to $3,300 but may exceed this range in complex cases. Details of the fee will be agreed with you beforehand. You may request information about these fees within a reasonable time after receiving this FSG but before you are provided with any general advice.

Personal advice

We will charge you a fee for any personal advice we provide to you. That fee may be either a fixed fee or based on the amount of hours it takes us to prepare and provide you with personal advice. The amount of these fees usually ranges from $1,500 to $4,400 but may exceed this range in complex cases. These fees will be agreed with you beforehand and will be disclosed in a SoA or RoA which will be provided to you.

Ongoing fees

Our ongoing advice service fees depend on the ongoing service that we provide to you. They are typically charged as a percentage based on the value of your portfolio and are paid monthly. These fees usually vary from $1,100 to $30,000 but this is a guide only. The amount of ongoing fees will depend on your total assets under management and other factors such as the complexity of your portfolio, the regularity of reviews and any additional services we are providing.

The ongoing advice service fee will be agreed with you in our ongoing service agreement.

Brokerage fees

We may charge a brokerage fee of between 0.11% and 1.1%, with a minimum of $18.00 (plus GST) when you buy or sell listed investments. This fee will typically be applied to each transaction as a set percentage of the investment amount.

The services and fees will be set out in the SoA or RoA that we provide to you.

Insurance commissions

We receive a one-off upfront commission when you take out an insurance policy we recommend.  The upfront commission will be 66% of the first year’s annual premium.

We also receive an ongoing commission payment of 22% of the annual premium for as long as you continue to hold the policy.

For example, for an insurance product with an annual premium of $2,000, where the issuer pays us an upfront commission of 66%, we will receive $1,320. The issuer will pay us 22% of the annual premium as ongoing commission for as long as you hold the product. Assuming an annual premium of $2,000, this equates to $440 per year.

You will be advised of the exact amount of these commissions in the SoA or RoA.

Other Benefits

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.

Adviser remuneration

Our advisers are paid a base salary and do not receive commissions from product issuers. However, Ben Douglass and Bernadette Attwood are part owners of Belmores Wealth Management and they will share in the profits that Belmores Wealth Management makes.

Referrals

We may pay a referral fee to any third party who successfully refers you to us to receive financial services. All referral payments will be disclosed in any SoA or RoA you receive.

Associations

We are required to disclose any associations or relationships between us, our related entities and product issuers that could reasonably be capable of influencing the financial services we provide to you. No such associations or relationships exist.

Ben Douglass and Bernadette Attwood are also part owners of Belmores Chartered Accountants.

Conflicts of Interest

Our advisers may recommend investments in shares that they hold or may hold in the future. You will be advised where a conflict of interest may exist and how the conflict will be managed.

Making a Complaint

We endeavour to provide you with the best advice and service at all times.

If you are not satisfied with our services then we encourage you to contact the Licensee. We accept complaints over the phone, in person, via email or letter or on our social media channels. The best option is to call the Licensee or put your complaint in writing to the Licensee’s office. The Licensee will endeavour to resolve your complaint in 5 business days.

If you still do not receive a satisfactory outcome or the Licensee does not respond to you within 30 days after you make the initial complaint, you have the right to complain to the Australian Financial Complaints Authority (AFCA) at the following address:

GPO Box 3

Melbourne VIC 3001

Ph: 1800 931 678

Fax: 03 9613 6399

Website: www.afca.org.au

Email: info@afca.org.au

You may only contact AFCA once you have followed the above procedure.

Our Complaints Handling Procedure is available on request and at our website at www.belmores.com.au.

Your Privacy

We are committed to protecting your privacy.

We have a Privacy Policy which sets out how we collect, hold, use and disclose your personal information. It also sets out how you can access the information we hold about you, how to have it corrected and how to complain where you are not satisfied with how we have handled your personal information.

Our Privacy Policy is available on request and on our website at www.belmores.com.au.

Compensation arrangements

The Licensee holds professional indemnity insurance in respect of the financial services we provide. This professional indemnity insurance complies with the requirements of the Corporations Act 2001 (Cth). The professional indemnity insurance covers all of the financial services we are authorised to provide to you.

Contact us

If you have any queries about our financial services, please do not hesitate to contact the Licensee or us at:

70 Belmore Street, Yarrawonga
PO Box 49 Yarrawonga VIC 3730
Phone: 03 5744 1221
Email: bwm@belmores.com.au

Adviser Profile

This adviser profile forms part of the FSG dated 1 August 2024.

About Ben Douglass

Qualifications

• Advanced Diploma of Financial Planning
• Chartered Accountant
• Bachelor of Commerce (Accounting)
• Ethics and Professionalism in Financial Advice
• Registered Tax (Financial) Adviser

Authorised financial services

The Licensee has authorised Ben to provide personal advice and dealing services to both retail and wholesale clients for the following financial products:

•       deposit and payment products (basic and non-basic deposit products);

•       debentures, stocks or bonds issued or proposed to be issued by a government;

•       life risk insurance;

•       interests in managed investments schemes including investor directed portfolio services and MDA services;

•       retirement savings accounts products;

•       securities; and

•       superannuation.

Adviser Profile

This adviser profile forms part of the FSG dated 1 August 2024.

About Bernadette Attwood

Qualifications

·        Post Graduate Diploma in Financial Planning

• Post Graduate Certificate in Financial Planning
• Diploma of Financial Services (Financial Planning)
• Certificate IV in Financial Services (Superannuation)
• Ethics and Professionalism in Financial Advice

Authorised financial services

The Licensee has authorised Bernadette to provide personal advice and dealing services to both retail and wholesale clients for the following financial products:

•       deposit and payment products (basic and non-basic deposit products);

•       debentures, stocks or bonds issued or proposed to be issued by a government;

•       life risk insurance;

•       interests in managed investments schemes including investor directed portfolio services and MDA services;

•       retirement savings accounts products;

•       securities;

•       superannuation.

Adviser Profile

This adviser profile forms part of the FSG dated 1 August 2024.

About Boyd Preston

Qualifications

·        Bachelor of Commerce (Accounting and Financial Planning)

Authorised financial services

The Licensee has authorised Boyd to provide personal advice and dealing services to both retail and wholesale clients for the following financial products:

•       deposit and payment products (basic and non-basic deposit products);

•       debentures, stocks or bonds issued or proposed to be issued by a government;

•       life risk insurance;

•       interests in managed investments schemes including investor directed portfolio services and MDA services;

•       retirement savings accounts products;

•       securities;

•       superannuation.

Adviser Profile

This adviser profile forms part of the FSG dated 1 August 2024.

About Marcus Hargreaves

Qualifications

·        Bachelor of Business (Financial Planning)

Professional Year

Under the legislative requirements, Marcus is currently being supervised by Ben Douglass, adviser of Belmores Wealth Management, 70 Belmore Street, Yarrawonga, VIC, 3730, phone 03 5744 1221.

During the supervision period, Ben is responsible for any personal advice provided to clients by Marcus.

Authorised financial services

The Licensee has authorised Marcus to provide personal advice and dealing services to both retail and wholesale clients for the following financial products:

•       deposit and payment products (basic and non-basic deposit products);

•       debentures, stocks or bonds issued or proposed to be issued by a government;

•       life risk insurance;

•       interests in managed investments schemes including investor directed portfolio services and MDA services;

•       retirement savings accounts products;

•       securities;

•       superannuation.