The purpose of this Financial Services Guide (FSG) is to assist you in deciding whether to use any of the financial services we offer. This guide contains the following:
– Who we are;
– What financial services and products we provide;
– Details on how to get advice and give instructions;
– How we (and any relevant persons) may be remunerated;
– Whether any relevant associates or relationships exist that may influence our advice;
– How we protect your personal information, and
– How to access our internal and external compliant handling arrangements.
My Financial Wish is the business name of My Financial Solutions Pty Ltd ABN 81 608 591 635 and is a Corporate Authorised Representative (CAR), number 1238821 of SIRA Group Pty Ltd (SIRA Group) ABN 15 106 922 641 which is an Australian Financial Services Licensee (AFSL), number 278423. In this document, My Financial Wish is the providing entity and is referred to as ‘we’, ‘us’ and ‘our.’ Our contact details are:
My Financial Wish
861 Sydney Road,
Brunswick Vic 3056
Ph:1300 520 114
SIRA Group, under its AFSL, authorises representatives (known as ARs) to carry on their business within the provisions of authorised financial services.
SIRA Group’s contact details are:
Level 1, 530 Little Collins Street
Melbourne Vic 3000
SIRA Group have authorised the distribution of this FSG by My Financial Wish.
My Financial Wish
Having worked and lectured in the industry for 3 years. Cihan Kara decided to establish his own financial services business in 2015 called My Financial Wish (MFW). His vision was to help families achieve their financial dreams and never compromise on service. Whether it be helping people to find lost super, minimising your tax at the end of the year or putting a strategy in place to retire, our goal at MFW is to ensure you always get the best possible advice.
Cihan is an experienced financial planner having worked in the industry for many years to help families, individuals and businesses achieve their financial goals. He has also lectured on Superannuation planning and Risk Insurance Management at Latrobe University further highlighting his passion and expertise of providing financial services.
Cihan is a qualified Financial Planner is RG146 compliant and is the founder of My Financial Wish.
Orhan excels as a personal insurance specialist. He leverages off strong product knowledge to help his clients make measured decisions on their insurance needs. With almost a decade of experience in the industry in a variety of roles, Orhan is motivated to educate and ensure Australians have sufficient protection in place. Orhan is a qualified Life Insurance Adviser and is RG146 compliant.
When meeting with us you may receive two types of advice, general advice and/or personal advice.
When you receive personal advice, you will receive a Statement of Advice (SoA). An SoA will:
– explain the advice and the basis of the advice provided;
– provide information about remuneration (including commissions), and;
– disclose any associations or relationships that could potentially influence us or your financial adviser, in providing that advice.
If you received further advice, you may also receive a Record of Advice (RoA). Copies of all advice documents will be kept on record and you may request a copy of these records at any time during the seven-year period after the date the SoA or further advice was provided by contacting your adviser.
General advice is based on the consideration of the investment merits of a product without taking into consideration whether the product is suitable for you personally. Such advice will be accompanied by a general advice warning referring to this.
Financial Services and Products that we offer
My Financial Wish is authorised to provide advice on and deal in the following financial products:
– Deposit and payment products limited to:
– Basic deposit products
– Deposit products other than basic deposit products
– Interest in managed investment schemes including IDPS
– Retirement savings account
– Government bonds and debentures
– Life products including investment life insurance products and life risk insurance products
We can only provide advice on financial products that are on our approved product lists which includes a large range of investments and insurance products for which appropriate research and analysis has been carried out.
SIRA Group’s Authorised Representatives cannot advise you on, or influence you in favour of, a financial product which:
– is not on the approved product list, or
– any arrangement where your financial adviser can make changes to your portfolio before obtaining your consent unless they are specifically authorised to do so, or
– is a product on which they are not authorised to provide advice.
You can find further details on the Australian Securities and Investment Commissions website at www.asic.gov.au.
Whilst your financial adviser may conduct a separate business, for example as an Accountant, we are only responsible for the financial products and services described in this FSG and included on our approved product list.
Should you have a need for products or services which are not listed above or require further specialist advice which we cannot, or are not authorised to provide, we will refer you to another qualified provider.
In the case of where you do not wish to receive our advice, we may deal on your behalf by carrying out your instructions.
Where you do not obtain advice, you may face the risk that the financial product/s and or service you select may not fully take into account your objectives, financial situation and or needs. In such instances, we may require you to sign a document that records your intention not to seek advice from us for the particular financial products/s.
Submitting instructions to your financial adviser
Instructions can be provided to your financial adviser by letter, email, telephone, fax or other means as mutually agreed.
Where we outsource tasks associated with the implementation or management of your services such as to Executing Brokers, we will ensure that due skill and care is taken in choosing suitable service providers by, executing Service Agreements to monitor the service levels and to review the ongoing performance of these outsourced functions.
Fees and other costs
Financial Advice Fee:
You may be charged an upfront financial planning service fee based on either
– a flat fee;
– time spent preparing your SoA (or other advice document); or
– the value of the funds you choose to invest.
If you choose this option, you will be invoiced for the agreed fee when you are provided with your SoA or another advice document.
You may be charged an upfront fee for us to implement the recommended investments or services.
You may be charged an ongoing fee for us to manage your investment. This fee will be 0.50% – 0.95%.
Ongoing Advice Fee:
You may enter into an Ongoing Service Agreement with us. The agreement is an arrangement that may cover items such as monitoring of your Superannuation affairs, ongoing advice, newsletters, regular reviews and portfolio valuation reports. You and your financial adviser should discuss the services to be included and the fee that you will pay either before, or at the time, you are presented with your SoA.
You may be charged a fee for trading in any financial product. You may also be charged clearing interest, interest and administrative or related transaction costs such as off market transfer fees. This will be an additional cost to you.
SIRA Group may also receive commission payments from insurance providers for life risk insurance products (other than for members of a superannuation fund or entity). In some cases, your financial adviser may be entitled to a portion of these payments.
If these products are recommended to you, more detail will be provided in the SoA.
You may have entered into an arrangement before 1 July 2013, to pay the following fees:
– A contribution (entry) fee deducted by the product provider from your initial investment amount and paid to us as fees when you proceed with a transaction and also when you make any subsequent investments in the product, and/or;
– Management costs deducted by the product provider from your account on an ongoing basis (e.g. monthly, quarterly or annually) and paid to us as fees, and/or;
– Ongoing fees to your financial adviser in relation to your investment in certain products which are not subject to the ‘opt in’ requirement to provide you with a renewal notice every two years, and/or;
– A fee based on the premium payable for life risk insurance products you are recommended as a member of a superannuation fund or entity, which is deducted by the product provider and paid as a commission to My Financial Wish.
There may be either or both, an initial and/or ongoing commission payable to us. Please note that while the commissions are payable based on the premium you pay, the commissions do not form part of your premium and are not an additional fee to you. The contribution (entry) fees and management costs are normally calculated as a percentage of the relevant amount you have invested in the product. All fees are paid directly to SIRA Group and then paid to My Financial Wish. SIRA Group and My Financial Wish reserve the right to change the fees charged without your consent by giving 30 days notice.
You may pay for the services by a combination of the options listed above.
SIRA Group may be eligible to receive sponsorship in the form of cash payments from product providers listed on the approved product list. Amounts may vary per product provider.
Your financial adviser does not share directly in the sponsorship payments, but may benefit indirectly through the provision of subsidised conference and professional development training costs.
SIRA Group may also receive payments from investment platform providers for arrangements entered into prior to 1 July 2013. These payments are usually based on the amount invested with the product provider. If the relevant products are recommended to you, more details about this arrangement will be provided in the SoA.
If you purchase or sell direct securities through us, we may receive a fee for these transactions. Details of which will be disclosed in either an SoA or an RoA.
Your financial adviser may be invited to attend social or sporting events and may receive an occasional gift such as a hamper on special occasions. These benefits will be less than $300. Your financial adviser keeps a register of other benefits received with a value between $100 & $300.
These registers are available with 7 days written notice.
Any of the payments listed above will be made to the extent permitted by law.
There may be other charges payable through your superannuation. These fees and costs may be deducted from the returns on your investments or from the assets of the Managed Investment Scheme as a whole. Your advice documents will contain full details of any fees and charges that are payable.
Insurance costs are set out in a separate part of this document.
If the remuneration (including commissions) or other benefits are calculable at the time we give you the personal advice, it will be disclosed to you at the time it is given or as soon as practicable after that time. If the remuneration (including commissions) or other benefit cannot be calculated at the time we provide you with personal advice, it will be disclosed to you as soon as practicable.
Who we act for
We provide financial services on behalf of SIRA Group to you and will act in your best interests.
Relationships or Associations which may influence the financial advice provided
My Financial Wish, including its shareholders, have no financial interest in any financial product providers with who it deals with. No directors or executive officers of My Financial Wish, act in a similar capacity within the business of another financial product provider. In the event that we develop any relationship with financial product providers and receives any monetary or other benefits, our usual disclosure principles will apply.
SIRA Group’s Professional Indemnity Insurance Arrangements
SIRA Group has Professional Indemnity Insurance arrangements in place as required under section 912B of the Corporations Act. The professional indemnity insurance takes into account the volume and nature of its business, the number and nature of its representatives and clients, and the potential extent of its liability.
SIRA Group’s professional indemnity insurance also covers potential claims in relation to the conduct of representatives who no longer work for them (but who did so at the time of the relevant conduct).
Information provided to receive Personal Advice
In order to meet our obligation to act in your best interests (i.e. under the Best Interests Duty) we will request that you provide us with details of your personal objectives, current financial situation and needs and any other relevant information, so that we can offer you appropriate advice.
You have the right not to tell us information about yourself however if you do not provide us with accurate and complete information relating to your personal circumstances, the advice you receive may not meet your intended objectives and you should make your own determination as to whether the advice is appropriate, before proceeding.
Protecting your personal information
Information provided by you in the course of receiving financial planning services will only be used to:
– provide you with information, products or services that you might reasonably expect or request;
– fully understand or anticipate your needs during our relationship or;
– manage rights and obligations under any laws applying to the services provided.
If you wish to access your personal information, please contact our office and we will make arrangements for you to do so. Please notify us of any changes or discrepancies with your personal information.
Should you have any complaints regarding the collection, use or management of your personal information, you may write to the Privacy Commissioner at:
GPO Box 5218
Sydney NSW 1042
Your financial adviser has an obligation under the Anti-Money Laundering and Counter-Terrorism Finance Act 2006 to verify your identity and the source of any funds.
If your financial adviser leaves SIRA Group and starts to provide financial services under another licensee, your information may be transferred to the new licensee. You will be advised of any transfers before it takes place.
How to lodge a complaint
If you have a complaint about the financial service provided to you, you should follow the steps outlined below:
– Contact your financial adviser and tell your financial adviser about your complaint;
– If your complaint is not satisfactorily resolved within seven days of raising it, please contact SIRA Group on (03) 9909 7018 or put your complaint in writing and send it to:
Level 1, 530 Little Collins Street
Melbourne Vic 3000
If, after speaking with SIRA Group and your financial adviser, your complaint is still not resolved in a satisfactory matter you can raise your concern with the Financial Ombudsman Services on 1800 367 287. SIRA Group is a member of this complaints resolution service.
The Australian Securities and Investments Commission (ASIC) also has a toll free information line on 1300 300 630 which you may wish to use to make a complaint and obtain information about your rights.