Service Details & Client Engagement Authority
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Success in life often leads to financial complexity. Over time, you become connected to a range of advisers - accountants, stockbrokers, bankers and lawyers – Each making vital contributions to your wealth management. However, without a well-considered, over-arching plan, these inputs can be uncoordinated, leading to inefficiency, turbulence and risk. Nationwide Wealth Advisers starts with a clear strategy to strengthen, grow and protect your financial position. Once we have developed an effective action plan, we become the single, central collaboration point for all inputs in the service of your wealth management. We stand beside you, actively guiding but not controlling your wealth management strategy. We maximise efficiencies, manage risks and ensure seamless collaboration with your advisers. We apply a robust science to your personal wealth management, giving you the confidence to concentrate on what started building your wealth in the first place.
Let Nationwide Wealth Advisers help you take command. Consider us your Private Wealth Captain.
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Service Details & Client Engagement Authority
Nationwide Wealth Advisers Pty Ltd ABN 93 120 542 789 | ARN 298278
Authorised Representative of Professional Investment Services Pty Ltd ABN 11 074 608 558 | AFSL 234951
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Table of Contents Your Team of Private Advisers .......................................................................................................................................................... 5 Purpose of this document .................................................................................................................................................................... 8 Frequently Asked Question ................................................................................................................................................................ 8 Take Command......................................................................................................................................................................................... 9 Your Private Wealth Captain (PWC) ............................................................................................................................................... 9 Our Values ............................................................................................................................................................................................... 10 Holistic Financial Advice ................................................................................................................................................................... 10 Our Transparent Fee Structure ...................................................................................................................................................... 11 The 6 Step Nationwide Wealth Advice Delivery Process ................................................................................................... 12 1.
Initial Consultation & General Strategies Overview ............................................................................................. 12
2.
Client Fact Find Consultation .......................................................................................................................................... 13
3.
Analysis of Current Situation & Preparation of Financial Review Report .................................................. 14
4.
Statement of Advice (SOA) Preparation & Presentation .................................................................................... 21
5.
Implementation of Strategies & Recommendations ............................................................................................. 21
6.
Ongoing Financial Review Service................................................................................................................................ 21
Other Services ........................................................................................................................................................................................ 22 Coordination of 3rd Party Advice ........................................................................................................................................... 22 Casual Hourly Consultations ...................................................................................................................................................... 22 Discussion Paper Preparation & Presentation .................................................................................................................. 22 Advice Process & SOA Preparation Timelines ................................................................................................................... 22 Our Fee Structure ................................................................................................................................................................................. 23 Other Service Fees ............................................................................................................................................................................... 27 Basis of Fee Estimates, Client Time Incurred Reports & CEA Updates ........................................................................ 28 Do You Have Any Questions? .......................................................................................................................................................... 28 How Do I Engage Your Services? ................................................................................................................................................... 28 Scope of Engagement/Advice ......................................................................................................................................................... 29 What is your main reason for seeking advice? .................................................................................................................. 29 Goals and Objectives ........................................................................................................................................................................... 29 Short Term (one to two years) ................................................................................................................................................. 29 Medium Term (three to five years)......................................................................................................................................... 29 Long Term (over five years) ...................................................................................................................................................... 29
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Your Team of Private Advisers Steve Tsimopoulos FPNA, FTIA, FAIM, MFAA, CPMgr Chief Executive Office Steven Tsimopoulos is the Chief Executive Officer of the Nationwide Group of Companies, and heads the finance department. Steve has over 25 years of business experience and brings a wealth of management and commercial experience to the firm. Steve is a qualified Accountant, Finance and Mortgage Broker.
CEO Message The Financial Services Industry is changing at a speed and intensity never seen before where client expectations are higher and the demands to deliver are stronger. We are very proud of our business and exceeding our client expectations is very much a part of our culture. I am abundantly aware that many of our clients have been with us for many years and have referred new clients to us and all are now part of our extended family. On behalf of the Nationwide Group of Companies, I value and thank you for your loyalty. I believe our firm has the best people working for us, and it is this attitude that keeps us at the leading edge of accounting and related financial services. I am excited about the future as we forge ahead together, sharing in the continued success of growth and change. I look forward to the coming financial year, to working with great people and great clients.
Qualifications and Experience
Bachelor of Accounting Diploma in Financial Services (Mortgage Broking) Fellow of the Institute of Public Accountants Fellow of the Taxation Institute of Australia Fellow of the Australian Institute of Management Certified Professional Manager (AIM)
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Yianni Tsimopoulos DFS FP | FPA, AFA, ATIA, MFAA, AIMM Managing Director; Registered Tax Agent Strategic Financial Advisor Yianni Tsimopoulos is passionate and enthusiastic about finance and the advice profession. After having an active personal involvement in the finance industry for several years, he took the opportunity to become the Managing Director of the Nationwide Group of Companies. An experienced professional, Yianni is a strategic business thinker with real business vision, and approaches his passion with a fresh and entrepreneurial mindset. From the very beginning, Yianni has always focused on providing a client-centric comprehensive service and it is his distinctive approach that contributes to the success of his clients. He takes the time to really get to know his clients, determining their goals and objectives and developing proactive strategies that not only empower them in their own business, but exceed their expectations of an advisor. Yianni has also joined the Board for the Association of Financial Advisers (AFA) GenXt Division, and is constantly pursuing his ambition to create a better advice culture in Australia. As a qualified Financial Planner, Yianni is committed to ongoing education and professional development. He holds many professional memberships including Associate Financial Planner memberships in the Financial Planners Association of Australia (FPA), Member of the Association of Financial Advisers (AFA), Associate Member of Taxation Institute of Australia (TIA) and a Member of the Australian Institute of Management (AIM). Yianni is committed to ensuring Nationwide delivers a complete suite of financial services that encompass all accounting, financial planning, insurance, and finance requirements. Yianni is equally active in his private life; he enjoys water sports as well as long distance running. He combines his passion for adventure and endurance sports with his desire to contribute to society and does his best to raise funds for charities wherever possible.
Qualifications and Experience Diploma in Financial Services (Financial Planning) Diploma in Financial Services (Mortgage Broking) Member of the Taxation Institute of Australia
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Member of the Australian Institute of Management Member of the Financial Planning Association of Australia Member of the Association of Financial Advisors
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James Tsimopoulos Executive Director James Tsimopoulos, an Executive Director, and the youngest team member of the Nationwide Group of Companies, specialises in accounting, finance, wealth management, real estate and property development. James displays a unique positive energy that is highly contagious, creating a loyal following of satisfied clients and teammates. James recently established and now heads the Real Estate Department. He is a member of The Real Estate Institute of Australia, representing their ‘Next Gen’ division and is a Licensed Real Estate Agent. James was recently awarded with the Rising Star award in Real Estate. James believes that selling and/ or purchasing property is a milestone in one’s life, and he endeavours to provide a simple yet fulfilling experience for Clients seeking his assistance in this field. He can help you obtain the perfect home loan, the perfect property, the perfect buyer or simply give you advice on your specific needs. James is also a licensed mortgage broker and is a member of the Mortgage & Finance Association of Australia. He holds accreditations with all our financial suppliers which accompany him with his Certificate in Financial Services, Diploma of Property Services (Agency Management) and Diploma of Financial Services (Financial Planning). James is also passionate about motivational speaking and sustaining a positive lifestyle and particularly hopes he can inspire and assist young individuals and families in following their very own dreams. Balancing industry ethics with personal concern, James is committed to understanding your goals and helping you.
Qualifications and Experience
Diploma of Financial Services (Mortgage Broking) Member of the Real Estate Institute of South Australia Member of the Taxation Institute of Australia Diploma of Property Services (Agency Management)
Ross Monteleone General Manager of Taxation Services & Business Services Ross is an experienced Financial Advisor and Registered Tax Agent with accounting qualifications. He is highly dedicated to looking after our clients’ needs, and has a passion for offering outstanding service and strategic solutions to all our clients.
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Purpose of this document The purpose of the Nationwide Wealth Advisers’ Service Details & Client Engagement Authority is to comprehensively articulate:
the professional services that the Nationwide Group of Companies are able to provide you with our philosophy and advice delivery process our service fee structure & the basis of fee estimates our estimate of fees for providing specific professional services the scope of work agreed to be completed under our engagement
Frequently Asked Question Do you provide truly holistic advice? Yes, Nationwide Wealth Advisers’ advice is truly holistic and encompasses your entire portfolio of assets including any business interests. Only by considering your affairs in their entirety can we recommend strategies to manage risks and improve your overall efficiency of wealth creation
Do you operate on a pure ‘fee for service’ basis? Yes, at Nationwide Wealth Advisers we provide advice on a pure ‘fee for service’ basis. So, you are only invoiced for the professional time required to provide your financial advice. Any financial service commissions and trails received are credited against your client file to offset ‘out of pocket’ costs of providing advice each year.
Do I have to invest with you to be a client? No, the choice is yours. We stand beside you, actively guiding but not controlling your wealth management strategy. Many of our clients are self-directed investors and business owners. For these clients our role is to maximise efficiencies, manage risks and ensure seamless collaboration with the other advisers.
Do you have a Financial Services Guide? Yes, the latest version of our Financial Services Guide (FSG) is available www.profinvest.com.au/FSG.pdf. Alternatively, you can request a copy to be posted to you.
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Take Command Success in life often leads to financial complexity. Over time, you become connected to a range of advisers - accountants, stockbrokers, bankers and lawyers - each making vital contributions to your wealth management. However, without a well-considered, overarching plan, these inputs can be uncoordinated, leading to inefficiency, turbulence and risk. Nationwide Wealth Advisers starts with a clear strategy to strengthen, grow and protect your financial position. Once an effective action plan has been developed, our dedicated team becomes your central collaboration point for all inputs in the service of your wealth management. We stand beside you, actively guiding but not controlling your wealth management strategy. We maximise efficiencies, manage risks and ensure seamless collaboration with your other advisers. By applying a robust science to your personal wealth management, you have the confidence to concentrate on what started building your wealth in the first place. Let Nationwide Wealth Advisers help you take command. Consider us your Private Wealth Captain.
Your Private Wealth Captain (PWC) Nationwide Wealth Advisers is a privately owned financial advice and wealth management consultancy based in Adelaide. Our clients are typically high income earners and successful business owners who benefit from truly holistic advice and tailored strategies. Whether self-directed or using our full guidance, clients value our active management approach. We work closely with you and your chosen advisers, working as hard as you do to achieve your financial goals. We focus on providing advice and strategies, not financial service products. Our advice framework is robust, incorporating the broad portfolio of your assets and business interests, and our advice is professional, clear and concise. We measure our success on the outcomes we deliver for our clients. We pride ourselves on our integrity, professionalism and transparency in everything we do. We count our clients in the hundreds- not thousands -so we're able to dedicate the time to building deep relationships. As your Private Wealth Captain, Nationwide delivers objective, professional advice, with a comprehensive approach built on many years of best practice. Our uniquely structured process, detailed in the following pages, is tailored to your individual needs. You will have an experienced and dedicated team actively monitoring and managing your financial situation. Over the years, our systems, processes and people have proven themselves time and again. We helped many of our clients navigate through the GFC, confident that their financial situation was being actively managed to achieve the best possible outcome. Our track record provides absolute confidence in Nationwide as your Private Wealth Captain. We look forward to helping you reach even greater success. www.nationwidefinance.com.au
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Our Values Transparent We operate with complete honesty and openness, regarding both the time spent delivering our services and the way we charge for that time.
Thorough Our advice process is extremely comprehensive. Our financial reviews, however, are concise, providing appropriate levels of detail for you and each of your other professional advisers.
Collaborative We stand beside you, working closely with you and your other advisers in an efficient and constructive manner.
Best-in-class We insist that our wealth creation and risk management advice and strategies, which have been tailored to your needs, always meet the highest professional standards.
Action-oriented We focus on achieving defined outcomes, creating individual benchmarks for you to manage risks and measure success.
Holistic Financial Advice To define 'holistic financial advice', we must first consider the general make-up of personal wealth in Australia. In total, Australians invest over 6 times more in property-based assets than in Australian equities. Financial services products represent less than 40% of Australians' growth asset exposure (excluding business and other assets). Unfortunately, many financial advisers still focus their advice around financial services products, because these are the traditional source of their remuneration - through commissions. Being truly holistic, Nationwide Wealth Advisers’ advice encompasses your entire portfolio of assets including any business interests. Only by considering your affairs in their entirety can we recommend strategies to manage risks and improve your overall efficiency of wealth creation. As your Private Wealth Captain, Nationwide Wealth works closely with you and your other professional advisers to ensure that everyone is pulling in the same direction: yours. We also aim to protect one of your most precious assets - your time.
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Below are some of the areas we consider when providing you with holistic advice.
Client Risk Profile Cash Flow Management and Planning Strategic Asset Allocation Liquidity Management and Planning Investment Selection Gearing Analysis and Capacity Utilisation Direct Property Strategies Capital Risk Management Property Syndication Consolidated Net Asset Position and Protected Equity Loans Balance Sheet
Personal Risk Insurance Requirements Corporate and Tax Structures Retail and Self-Managed Superannuation Tax Considerations and Planning Super Contribution Strategies Income Distribution Strategies Borrowing Through Self-Managed Super Capital Gains Management Retirement and Pension Planning Small Business Concessions Estate Planning Business Succession Planning
Our Transparent Fee Structure At Nationwide Wealth Advisers we provide advice on a pure 'fee for service' basis. So, you are only invoiced for the professional time required to provide your financial advice. Any financial service commissions and trails received are credited against your client file to offset 'out of pocket' costs of providing advice each year. Before engaging our services, you are provided with a written fee estimate (budget) based on the scope of work to be performed and the complexity of your financial situation. To provide you with unrivalled transparency, all professional time incurred in relation to your file is accurately recorded, costed and tracked using our industry-leading proprietary software, Compass. This means that you remain in control of the cost of the service at all times and you can see the value of the work performed at any point during the process. Should you need to change the complexity or scope of the engaged work, you are provided with an engagement reconciliation along with an updated fee estimate for approval. Importantly, this approach allows our clients the option of managing their investments themselves while still receiving the benefits of our holistic advice and risk management.
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The 6 Step Nationwide Wealth Advice Delivery Process At Nationwide Wealth Advisers we have designed our advisory process to meet the very different needs of self-directed business owners and high-income individuals. The strength of our process is its efficient identification and ongoing management of risks while we pursue the agreed wealth creation strategies. It's a unique approach in an industry that still maintains an unhealthy focus on financial products and transactions. The Nationwide advice process combines industry-leading and proprietary systems with our proven strategic wealth management philosophy. The result is a robust advice framework that actively manages your risks and improves the overall efficiency of your wealth creation. At Nationwide, the Advice Delivery Process is broken up into 6 distinct steps:
Initial Consultation & General Strategies Overview Client Fact Find Consultation & Information Gathering Analysis of Current Situation & Preparation of Financial Review Report Preparation of a Tailored Statement of Advice Implementation of Strategies & Recommendations Ongoing Financial Review Service
This approach provides you with the flexibility of engaging our services on a step by step basis depending on your individual needs.
1.
Initial Consultation & General Strategies Overview
Before you engage our services, we believe that it is important for you to get to know your Financial Adviser and the team that will be directly supporting you. We encourage you to visit our offices and meet the people who you will be dealing with on an ongoing basis. We are happy to demonstrate the proprietary systems and processes which we use to manage complex workflows and client situations. We can also show you samples of our financial reviews and advice documents so that you can verify the level of professionalism and clarity that we deliver regarding your financial situation. This is also an opportunity for you to ask detailed questions to verify the experience of the Financial Adviser who will be responsible for providing you with ongoing advice. This ensures that you are satisfied with their level of expertise and understanding in dealing with the complexity of your specific situation. At Nationwide, we believe that it is our depth of experience and knowledge in tailoring effective strategies specific to your financial situation that positions us uniquely to act as your Principal Wealth Advisers. During or at the end of this initial consultation meeting we may ask you to engage our services via the Client Engagement Authority to enable us to start considering your personal situation. However, there is no obligation to actually implement any strategies or recommendations as part of this process.
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2.
Client Fact Find Consultation
We strongly believe that the quality of our advice and recommendations is based on a solid understanding of your current financial situation, together with your wants and needs in terms of lifestyle, superannuation and retirement. The initial client fact find consultation takes 1 to 2 hours, during which time your Adviser will complete a detailed 'Fact Find' process covering your current financial situation and your attitudes to risk. This is achieved through the completion of the following documents:
New Client Data Form (CDF) - Personal Questionnaire Covering Your Current Financial Situation Client Risk Profile (CRP) - Attitude & Risk Towards Investments Supplementary Data Form - Investment & Risk Insurance Policy details
This process helps to ensure that we have a comprehensive understanding of your current financial position, attitudes to risk & financial concerns, risk profile, goals & objectives. Time permitting, your Adviser may provide you with a general overview of some of the strategies that we believe may be appropriate for you to consider.
Gathering of Supplementary Information We will also ask you to sign a client authorisation form which authorises our Senior Client Managers to start the process of contacting the relevant institutions and professionals to request current details of your investments, risk insurance policies and other relevant financial information. This may include trust deeds, shareholder agreements, company constitutions, tax returns, financial statements, wills and relevant 3rd party advice. This is a very important step of the Advice Process as it provides important information about:
Current account balances for all retail investments Latest valuations of any properties you may own Detailed information regarding your various risk insurance policies Current balances for all bank accounts and loans Details of the types of bank accounts and loan facilities currently in place Corporate and tax structures Confirmation of your current tax position Current estate planning
As there is usually a lot of different information to be gathered from a variety of sources, it is important that we are able to do this quickly and efficiently as the review, analysis and strategy formulation stages are unable to commence until this process has been completed.
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3.
Analysis of Current Situation & Preparation of Financial Review Report
Armed with detailed information about your current situation, your Financial Adviser and our Senior Technical Advisers are now able to review and analyse your current situation using our unique Client Analysis Software (COMPASS). All of your financial information regarding investments, loans, bank accounts, income/expenses, tax structures and risk insurances is entered into COMPASS along with your identified Risk Profile. The analysis of your current situation and preparation of the initial Financial Review report is arguably the most important phase of the Advice Process as it facilitates a deep understanding of your current situation and identifies key issues & consequences, opportunities & threats, risks & benefits relating to your specific financial situation. This comprehensive report forms the 'building blocks' from which we are able to develop and recommend appropriate strategies & advice tailored to meet your specific objectives. Just as importantly, it enables you to better understand the risks and opportunities relevant to your financial situation so that you are able to make better and more informed decisions. It is important to note that the Financial Review is a very detailed and thorough report covering the various areas of your financial situation. Depending on the level of complexity of your situation this can take between 8 hours and 20 hours of professional time to prepare.
Risk Profile Analysis Your Financial Adviser will review and analyse the answers you provided in the Client Risk Profile questionnaire to identify your attitude towards risk and your willingness to accept both the potential positive and negative consequences of accepting various levels of risk. This is used to develop your Risk Profile. Armed with a thorough understanding of your goals and objectives, financial situation and attitude towards risk, we are able to accurately assess your financial situation to analyse key parameters and set personal benchmarks for your individual risk areas. Using your personal benchmarks we are able to accurately identify and quantify opportunities to increase the amount of quality assets which you can hold safely and efficiently in the medium to long term, while staying within your chosen Risk Profile. As part of our Risk Management process we perform detailed analysis and/or set tailored personal benchmarks for the following areas:
Consolidated Balance Sheet Net Asset Position Capital Risk Investment Risk Profile Gross Asset Exposure & Strategic Asset Allocation Gearing Risks & Capacity Utilisation Debt Efficiency Liquidity Cashflow Entity Structures & Income Distribution Mapping Tax Efficiency & Forecasting Personal Risk Insurance Coverage
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Net Asset Position and Consolidated Balance Sheet It is essential we have a comprehensive understanding of all your assets and liabilities in your consolidated balance sheet as it underpins much of the analysis that we perform. Through this analysis we are able to quantify your consolidated net worth as well as identify relevant issues including (but not limited to) your 'Debt to Equity' Ratio, illiquid asset position and the strength of your Consolidated Balance Sheet. We also compare your Personal Investments and Superannuation Investment positions through the preparation of your Net Asset Position. This analysis is extremely useful as it is a visual aid that can quickly provide you with an overview of your asset and liability position across:
Investment Assets & Liabilities - Including all investments, deductible debt, superannuation, cash Non-Investment Assets & Liabilities -Including primary residence, non-deductible debt & offset accounts Business Assets & Liabilities -Including business assets, business debts Total Assets & Liabilities- Looking at all assets, debt, cash
Once the above analysis is complete we review, identify and address issues and risks which have the potential to significantly impact on your net asset position.
Capital Risk Investing into growth assets such as business assets, property and shares carries inherent Capital Risk. The higher the level of growth assets and the higher the level of risk associated with each individual growth asset, the greater your total Capital Risk. Reducing asset values will directly impact on your Net Asset Position. The percentage reduction in Net Asset Position will be magnified by higher levels of gearing, or reduced by a greater allocation to defensive assets. The Capital Risk Analysis is designed to determine your estimated Capital Risk for comparison against an appropriate 'Capital Risk Benchmark' based upon the strength of your financial position and your Investment Risk Profile. Your Capital Risk is set at a level based upon our estimate of the maximum volatility of your combined growth assets during a typical ten year cycle. The 'Capital Risk Benchmark' is expressed as a percentage loss of your Net Asset Position. These benchmark percentages vary according to your Investment Risk Profile. Your 'At Risk' growth assets and their respective risk factors are displayed in both tables and charts. We may also include any other risks that are likely to negatively impact your balance sheet such as personal guarantees, exchange rates risk, business risks and litigation risks. The sum of these Capital Risks are then calculated and compared to both your total 'At Risk' growth assets and your Net Asset Position. All growth assets carry inherent Capital Risk. Capital Risk may be managed but often cannot be eliminated. It is important that you accept the level of capital risk associated with your position.
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Taxation Position Clients are generally aware of their taxable income and how much tax they pay, but do not know whether they are maximising their tax efficiency or what opportunities they may have available to reduce the amount of tax they pay. This is especially important where clients have corporate & tax structures with franking credits which can make the calculation and reduction of effective tax rates more complex. We forecast both your individual and consolidated levels of taxable income and tax payable over a 12 month period and identify opportunities to significantly reduce the overall amount of tax you and your entities pay. As part of this analysis we also consolidate your available tax deductions/offsets as well as any significant unrealised capital gains that exist. Our Client Analysis Software (COMPASS) generates reports that project estimates of your underlying taxation position for future financial years, with separate reports being generated for each of your entities (if applicable). These reports are a useful aid in forecasting the effect of future dividends and distribution strategies which assist in formulating strategies to target lower effective tax rates. With appropriate planning there may be substantial potential tax savings that can be achieved. The net benefit to you will be directly related to your current level of disposable income, balance sheet and your risk tolerance. Applicable tax planning strategies are detailed within your Financial Review report.
Corporate & Tax Structures (CTS) Efficient use of Corporate & Tax Structures (CTS) can make a substantial difference to wealth creation, wealth protection and wealth distribution in both the short and long term. The CTS report has been developed to provide a visual representation of your corporate structures and tax planning. Whilst every client’s situation is different, by taking a systemised approach to the relationships between your personal and corporate structures, we are able to maximise your flexibility and tax efficiency both in current and future years. The key outputs of the CTS highlight:
Entity ownership, control and inter-entity relationships Tax consequences of company dividends and trust distributions Retained earnings and franking credits Capital gains Tax deductions and negative gearing within entities Tax planning opportunities
The CTS report provides you with a graphical illustration of the relationships between your individual and associated entities, along with consolidated income, expense and tax positions including distributions and inter-entity loans. We also use the CTS report in the Advice Process as both a 'backward looking' (for reflection on the efficiency of your structures in the past) as well as a 'forward looking' tool to demonstrate the effect of our proposed strategies and recommendations on the efficiency of your structures moving forward. Just as importantly, we use the CTS and the Taxation Reports as tools to help facilitate with your accountant in providing proactive and specific tax advice.
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Investment Risk Profile Your Risk Profile should align with your overall attitude and tolerance to risk and should be used as a guide only. Your Risk Profile is used to establish the relevant personal benchmarks for your strategic asset allocation, cashflow, liquidity and gearing positions, resulting in a Financial Review which is completely tailored to your specific financial situation.
Strategic Asset Allocation (SAA) At Nationwide we believe that asset allocation should cover all strategic assets in your situation rather than just the traditional institutional and equity based assets. This is particularly pertinent in Australia where a substantial proportion of people's wealth in recent years has been created from their primary residence and investment properties. We believe that for people who buy and improve homes, this is an integral part of their tax effective wealth creation strategy and should be incorporated into their overall Financial Plan. Many of our clients are self-directed investors. These investors typically make many of their own investment decisions or may at times use other specialist investment advisers such as real estate agents and/or stock brokers to provide specific investment advice. We are able to assist in managing their overall strategic asset allocation and ensuring that it remains in line with the parameters coinciding with their agreed Investment Risk Profile. The COMPASS software allows us to look at the assets held both personally and through corporate & tax structures from a more strategic point of view. In this view, assets are categorised as being NonInvestment (Personal) and Investment (Non-Superannuation and Superannuation) Assets. It is important to note that in most cases, a client's current asset allocation may vary considerably from the 'industry model' asset allocations recommended by most research companies. It is therefore important that we highlight to you the variation between your current strategic asset allocation and the industry model so that you are able to make an informed decision as to whether to continue with a strategic approach to your asset allocations or to rebalance your assets to be more closely aligned with the industry model allocations. We also use the COMPASS strategic asset allocation tool later in the Advice Process as a forward looking tool to demonstrate the affect that proposed strategies and recommendations may have on your strategic asset allocations.
Gearing Analysis Borrowing for investment purposes (i.e. gearing) is not appropriate for all clients. Gearing carries significant risk and is not appropriate for clients with a lower tolerance to risk. Typically, this would include clients with 'Conservative' or 'Moderately Conservative' Investment Risk Profiles who traditionally seek lower exposure to growth (risky) assets and greater exposure to defensive assets which generate higher levels of income. Gearing is a popular wealth creation strategy for clients who are able to tolerate higher levels of risk, but it is far from a 'one size fits all' strategy. A client with a 'Balanced' Investment Risk Profile has a different tolerance to risk than a client with a 'High Growth' Investment Risk Profile and the strategy to be implemented should take these differences into account.
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Our Gearing Analysis is designed to determine personal benchmarks for appropriate levels of gearing based upon the strength of your financial position and your Risk Profile. In conducting this analysis we:
Identify your current potential borrowing capacity versus actual capacity in place Identify your available loan redraw position Determine your net liquidity and net cashflow positions Create appropriate personal benchmarks considering your attitude to risk, financial position, liquidity and cashflow.
Liquidity Analysis In analysing your liquidity position we assess your Cash and Redraw Capacity (available loan funds) to identify how liquid your situation is in order to handle market volatility and cashflow risks. Your Investment Risk Profile is used to set specific liquidity parameters (i.e. both an upper and lower limit) based on a% of your Total Loan Limits in place. The upper liquidity limit is the amount (based on a% of Total Loan Limits) of Cash and/or Redraw Capacity (available loan funds) which must be available as an emergency buffer. The % is determined by your Investment Risk Profile. The lower liquidity limit also takes into account the discounted value of other unencumbered liquid assets (e.g. blue chip shares and managed funds) which may be liquidated if required. The more aggressive a client's Investment Risk Profile, the greater the amount of risk that they are willing to take and this is reflected in a lower % of Total Loan Limits required to be held in cash or Redraw Capacity as an emergency buffer.
Cashflow Analysis When reviewing cashflows, we consider on an annual basis:
Net cashflows- which tells us whether your situation is cashflow positive or negative Debt Recycling- use of cashflow to recycle non-deductible debt into deductible debt Taxation- which tells us how tax affects your cashflow Cashflow mapping- to make sure that bank & loan accounts are functional and tax efficient
The above cashflow reviews are performed for each of your corporate & tax entities. The upper cashflow limit is the amount by which your cashflow position may reduce by before becoming cash neutral as a consequence of a reduction in your personal exertion income and an increase in interest rates. The extent of the permissible variations in income and interest rates is determined by your Risk Profile. The lower cashflow limit is set by subtracting from the upper limit the maximum amount of liquidity (capital) you are prepared to use (through capitalisation of negative cashflow) each year to continue operating with your gearing strategy. The amount of liquidity used each year and the number of years which you are prepared to utilise liquidity to fund the shortfall is once again determined by your Investment Risk Profile.
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The more aggressive a client's Investment Risk Profile, the greater amount of risk they are prepared to accept. This is reflected by both a reduced upper limit and a reduced lower limit, with this reduced lower limit being reflective of a greater propensity to use capital reserves to fund potential cashflow shortfalls. We also use the Gearing Analysis (and associated Liquidity and Cashflow analysis) later in the Advice Process as a 'forward looking' tool to demonstrate the effect of our proposed strategies and recommendations on your overall financial situation.
Personal Risk Insurance Analysis At Nationwide we don't believe in selling insurance. We see risk insurance as a specific tool to help protect your wealth creation strategy and provide for you and your family should an event affect your health or well-being. Using our Client Analysis Software systems we are able to carefully review your current risk insurance cover, calculate the ideal cover for your situation and then recommend the most appropriate types and levels of insurance cover, taking into account a balance of cost and benefit of cover. The key areas of Risk Insurance that we specialise in are:
Life Cover - Help your family maintain their financial position in the event of your death Total & Permanent Disability - Financial security if you suffer total & permanent disability and are unable to work Critical Illness - Enabling you to concentrate on your health rather than your finances should you suffer a critical illness Income Protection - Income cover for your rent/mortgage and living costs if you can't work due to sickness/injury Business Expenses - Fund your fixed expenses to keep your business going if you become totally disabled and can't work Business Protection & Succession Planning - Buy/Sell agreements & key man insurance
We also analyse and recommend the most appropriate ownership structure for your risk insurance policies to ensure that cashflow cost is minimised and tax efficiency is maximised.
Estate Planning Estate planning is generally an area overlooked by most people due to the unpleasant nature of planning for the event of death. A poorly crafted or out-dated Will may potentially result in your estate not being administered as per your wishes, or may even lead to tension between surviving beneficiaries and stakeholders. Where you have a complex entity structure in place, an unforeseen event such as a sudden death may affect the operation of your entities as the control and responsibility for ongoing management may not have been accounted for.
Strategy Formulation & Opportunities Identification Armed with a thorough understanding and consolidated analysis of your situation and objectives, your Financial Adviser commences the process of considering and developing appropriate risk management, tax planning and wealth creation strategies and opportunities. During this process we may liaise with your other professional advisers including accountants, mortgage brokers, bankers and lawyers to ensure that we take into account all relevant considerations.
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Financial Review Preparation Your initial Financial Review report will provide detailed analysis, address issues and identify opportunities relevant to your financial situation. As a minimum, it will cover the following core areas:
Net Asset Position & Consolidated Balance Sheet Capital Risk Tax Considerations & Planning Corporate & Tax Structures Investment Risk Profile Strategic Asset Allocation Gearing Analysis & Capacity Utilisation Cashflow Management & Planning Liquidity Management & Planning Superannuation Personal Risk Insurance Requirements Estate Planning
Other non-core areas which may be addressed where relevant include:
Self-Managed Superannuation Funds Borrowing Through Superannuation Commercial Property Transfers to Superannuation Retirement & Pension Planning Recommend and Review Specific Investments Negative Gearing & Debt Recycling Primary Residence & Direct Investment Properties Capital Gains Tax Considerations & Concessions Business Succession Planning Specific Financial Goals International Investments & Foreign Exchange Considerations Tax Residency Personal Risk Insurance Recommendations
Financial Review Report Presentation & Strategy Discussion Once your Financial Review report has been finalised it is professionally bound as a formal and concise report and presented by your Financial Adviser. The report clearly articulates the key issues & consequences that we have identified along with potential opportunities and benefits available to you. Where relevant, the Financial Review will include specific recommendations relating to Financial Service Products.
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4.
Statement of Advice (SOA) Preparation & Presentation
Once you have considered the identification and analysis of issues and opportunities within the Financial Review report, you may require further advice regarding your chosen direction. Our Senior Technical Advisers are briefed by your Financial Adviser as to the specific strategies and advice to be incorporated into your Financial Plan and this is formalised in a concise yet detailed Statement of Advice (SOA). Your Statement of Advice may be limited to specific Financial Service Product recommendations or provide extensive detailed analysis of your proposed situation after implementing a range of recommendations. Once your SOA has been prepared, your Financial Adviser will then meet with you to present the Financial Plan and discuss the recommendations and your proposed situation in detail. It is important to note that each Statement of Advice is individually tailored to your specific situation and depending on the level of complexity can take between 5 hours and 30 hours to prepare. In certain circumstances it may be appropriate and efficient to include recommendations within your Financial Review. Recommendations made within your Financial Review that relate to financial products may be followed with a separate Statement of Advice document.
5.
Implementation of Strategies & Recommendations
Once you have considered our advice and decided to proceed with some or all of our recommendations, we will ask you to sign an "Authority to Proceed" to enable us to implement the agreed strategies and recommendations contained in your Financial Plan. Implementation may include attending to joint strategy meetings with your other professionals such as accountants, finance brokers, bankers and lawyers to ensure a cohesive implementation process. We will also facilitate all necessary rollovers, redemptions, investments and risk insurance underwriting. Depending on the complexity, this process can take up to 3 months to complete, especially in relation to property transfers into super and risk insurance underwriting.
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Ongoing Financial Review Service
To help monitor and ensure that your Financial Plan stays on track, we offer and highly recommend our thorough Ongoing Financial Review Service. The frequency of recommended Financial Reviews depends on the complexity of your situation and the level of involvement that you would like us to have in monitoring your financial situation. Typically, a Financial Review will encompass the updating of your liquidity and cashflow positions, strategic asset allocations, corporate & tax structures and reviewing your levels of personal risk insurance through Risk Management. We will also provide updates and/or Product Reviews of your various investments managed by Nationwide. This information is presented to you in a comprehensive Financial Review report and/or Product Review report summarising the progress of your Financial Plan, the performance of investment products managed by Nationwide Wealth and highlighting any areas requiring attention. This process is very similar to your initial Financial Review however the Ongoing Financial Review usually takes significantly less time to complete due to our familiarity of your financial situation and having already analysed and addressed the majority of the issues and opportunities.
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Other Services Coordination of 3rd Party Advice As we deal with Accountants, Lawyers and Finance Brokers every day, we are very experienced in efficiently coordinating & facilitating any required 3rd party advice in relation to strategies being considered, recommended or implemented. This is an important function to ensure that the right questions are asked of your various professionals and that they fully understand your direction. It also helps to ensure that everyone is aligned with your chosen strategies in achieving your desired outcomes.
Casual Hourly Consultations There may be times where you require "ad-hoc" consultations which are not part of an agreed scope of work. In these cases you are able to engage us on an hourly basis to discuss specific topics, ideas or issues that you would like our input or opinion on.
Discussion Paper Preparation & Presentation In situations where a full Financial Review is not warranted (for example where there is a limited scope for reviewing your situation), or there are complex issues which require formal discussion prior to finalising your Financial Review, we may prepare a Discussion Paper. The Discussion Paper enables us to formally highlight and discuss specific issues & opportunities that we have identified, along with the relevant consequences & benefits, prior to formalising any recommendations in your Financial Review and/or Statement of Advice. This enables you to have input and provide clarification regarding the issues raised and discussed.
Advice Process & SOA Preparation Timelines As the Advice Process is both detailed and involves the liaison with and collection of information from a number of your professionals (e.g. accountant, mortgage broker, banker, lawyer, etc.), it is important that we are able to manage this process as efficiently as possible. We endeavour to complete and present your Financial Review and/or SOA within 3 weeks of our initial Client Fact Find Consultation; however, this is highly dependent on the availability of the required information from yourself and your other professionals. We expect to be able to collect all the required information within 2 weeks of our initial meeting. Should the information not be provided within 2 weeks of our initial request and there is no commitment to provide the required information within a timely manner, we reserve the right to terminate the Advice Process. In this case, you will only be liable for the time incurred in working on your file.
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Our Fee Structure Whilst we operate on a transparent 'fee for service' basis, we believe that good financial advice should pay for itself. Our advice documents normally include an 'outcomes benefit statement' which articulates any financial benefits (not investment returns) derived by the client from our financial advice. Below is a guide to the various fees that may be charged for different aspects of our professional services. As every client's situation is different, the fees detailed below cover all types of situations and therefore may not all be applicable to your situation. It is important to note that fee estimates will be individually quoted for your situation and will be fully disclosed in your Financial Review/Statement of Advice and/or Client Engagement Authority. Should you disengage the Advice Process at any time after engaging our services, you will only be charged for the time incurred in working on your file. Fees and charges for the various stages of the Advice Process are as follows:
Initial Consultation Fee Your initial consultation is obligation free to enable both parties to get to know each other prior to engaging the formal advice process. In the event that you would like to discuss in detail specific areas or concerns regarding your financial situation there is a capped Initial Consultation Fee of $230 (incl. GST). There is no time limit for the initial consultation meeting to ensure that you have adequate time to discuss your situation, assess our capabilities and decide whether you would like to proceed with the full engagement of our services.
Client Fact Find Consultation Fee The Client Fact Find Consultation Fee covers the time taken to interview, document and understand the background of your current situation, as well as gathering the relevant policy information for your risk insurance and investments. This fee is based on a time estimate and varies depending on the complexity and extensiveness of your situation. As a guide, the following fee estimates may apply: Standard Situation Cost Guide Estimated Hours
$570 3-4 Hours
Extensive Standard Situation $950 5-6 Hours
Complex Situation $1,140 6-7 Hours
Extensive Complex Situation $1,330 7-8 Hours
Where Client Fact Find Consultation fees are agreed to be paid from the up-front commissions expected to be received from product issuers and/or trail commissions already received, in the event that the time incurred substantially exceeds the commissions or the scope/complexity of work varies from the initial scope, we reserve the right to renegotiate payment of the Client Fact Find Consultation fees. Please note that the client fact find fee will be waived if you proceed with the Statement of Advice.
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As a guide to the type of situation that you are likely to be classified under, below are some examples:
Standard Situation - Employee, primary residence, no investment properties, consolidated insurance and retail superannuation, no other investments, no corporate structures. Extensive Standard Situation - Employee, primary residence, investment property or other investment, simple loan structure, consolidated insurance and retail superannuation, no corporate structures. Complex Situation - Executive or business owner, primary residence, investment property and/or a number of other investments, multiple loans, is a director/trustee of a business or trust, has SMSF, requirement for tax planning and cashflow/liquidity management is important. Extensive Complex Situation - Executive or business owner, primary residence, multiple investment properties and/or other investments, multiple loan structures, is a director/trustee of a business or trust(s), has SMSF, requirement for tax planning and cashflow/liquidity management is important, additional issues and considerations necessary.
Initial Financial Review Fee The analysis, preparation and presentation of your Financial Review report will be quoted on a fee for service estimate basis. The Initial Financial Review Fee covers the detailed review, analysis, preparation and presentation of the Financial Review report. It may also include meeting/liaising with your various professionals (e.g. accountant, mortgage broker, banker, and lawyer). The Initial Financial Review Fee covers the full review, analysis and documentation of your current financial situation, including the detailing of issues & consequences, opportunities & threats, benefits & risks identified. The fee estimate will depend on the scope of work to be performed as the content of your Financial Review will be tailored to address your own situation. As a guide, the following Initial Financial Review Fee estimates (relating to the core areas outlined on page 14) may apply: Standard Situation Cost Guide Estimated Hours
$760 4 - 5 Hours
Extensive Standard Situation $1,330 6 - 8 Hours
Complex Situation $1,900 8 - 12 Hours
Extensive Complex Situation $3,040 12 - 20 Hours
Where appropriate, your Financial Review may include specific recommendations on non-core areas, reducing the requirement and associated cost in preparing a separate Statement of Advice. Should the scope and/or complexity of your situation be substantially different than initially estimated, we will seek your agreement to increase the Initial Financial Review Fee. Where Initial Financial Review fees are agreed to be paid from the up-front commissions expected to be received from product issuers and/or trail commissions already received, in the event that the time incurred substantially exceeds the commissions or the scope/complexity of work varies from the initial scope, we reserve the right to renegotiate payment of the Initial Financial Review fees. It is important to note that by preparing a Financial Review, there is no obligation to proceed with the preparation of a Statement of Advice (SOA) and Implementation of any strategies or recommendations.
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Statement of Advice (SOA) Preparation & Presentation Fee The development, preparation and presentation of your individually tailored Statement of Advice (SOA) will be quoted on a fee for service estimate basis. The fee estimate will depend on the scope & complexity of work to be performed and may take into account any up-front fees that we may receive from implemented product recommendations from product issuers. As a guide, the following Statement of Advice Preparation & Presentation Fee estimates may apply: Standard Situation Cost Guide Estimated Hours
$760 3-4 Hours
Extensive Standard Situation $950 4-6 Hours
Complex Situation $1,330 6-8 Hours
Extensive Complex Situation $1,900 8- 12 Hours
Please note that the above Statement of Advice Preparation & Presentation Fee estimates assume that a Financial Review has already been prepared. In many cases we are required to do extensive research and consult with your other professionals to carefully construct and articulate these strategies and corporate structures. Examples of more complex strategies include:
SMSF implementation Transferring assets into SMSF & borrowing through Super International pension transfers Direct property strategies Retirement planning including Centrelink analysis Detailed and complex tax planning & cashflow strategies Detailed corporate structuring
Where SOA Preparation fees are charged on a fee for service estimate and/or hourly basis, these fees will be agreed with you and fully disclosed in your Statement of Advice. Should the scope and/or complexity of your situation be substantially different than initially estimated, we will seek your agreement to increase the SOA Preparation Fee. Where SOA Preparation fees are agreed to be paid from the up-front commissions expected to be received from product issuers and/or trail commissions already received, in the event that the time incurred substantially exceeds the commissions or the scope/complexity of work varies from the initial scope, we reserve the right to renegotiate payment of the SOA Preparation fees. Should you disengage the Implementation process after engaging our services, you will only be charged for the time incurred in working on your file.
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Implementation of Strategies & Recommendations Fee The implementation of the agreed strategies and recommendations in your Statement of Advice may be quoted on a fee for service estimate basis. The fee estimate will depend on the scope & complexity of work to be performed and may take into account any up-front fees that we may receive from implemented product recommendations from product issuers. Where the cost of implementation is agreed to be partially or wholly covered by the up-front fees paid to us by the product issuer/provider (e.g. insurance) or in some cases from up-front fees charged by us and deducted from your investment portfolio, the following is a guide as to the fees that we may receive: Standard Situation Cost Guide Estimated Hours
$950 5 - 6 Hours
Extensive Standard Situation $1,710 9 - 10 Hours
Complex Situation $2,470 13 - 14 Hours
Extensive Complex Situation $3,610 19 - 20 Hours
The above fees include GST. These fees will be accurately disclosed in % and $ terms in your SOA. Where Implementation fees are charged on a fee for service estimate and/or hourly basis, these fees will be agreed with you and fully disclosed in your Statement of Advice and/or Client Engagement Authority. Should the scope and/or complexity of your situation be substantially different than initially estimated, we will seek your agreement to increase the Implementation Fee. Where Implementation fees are agreed to be paid from the up-front commissions expected to be received from product issuers and/or trail commissions already received, in the event that the time incurred substantially exceeds the commissions or the scope/complexity of work varies from the initial scope, we reserve the right to renegotiate payment of the Implementation fees. Should you disengage the Implementation process after engaging our services, you will only be charged for the time incurred in working on your file.
Ongoing Financial Review Service Fee You are encouraged to meet with us at least annually to conduct a full Financial Review of your situation. The frequency of recommended Financial Reviews depends on the complexity of your situation and the level of involvement that you would like us to have in monitoring your situation. The Ongoing Financial Review process is very similar to your initial Financial Review; however the Ongoing Financial Review usually takes significantly less time to complete due to our familiarity of your financial situation and having already analysed and addressed the majority of the issues and opportunities. Ongoing Financial Reviews Fees are quoted on a fee for service estimate basis and these fees will be agreed with you in writing via your Client Engagement Authority. Should the scope and/or complexity of your situation be substantially different than initially estimated, we will seek your agreement to increase the Ongoing Financial Review Fee. Where Ongoing Financial Review Fees are agreed to be paid from the trail commissions already received from the product issuers, in the event that the time incurred substantially exceeds the commissions received from the product issuers over the review period, or the scope/complexity of work varies from the initial scope, we reserve the right to renegotiate payment of the Ongoing Financial Review Fees. Due to the high level of service that we provide to clients, there is a minimum remuneration of $1,099 (incl. GST) per full Financial Review. A portion of the Ongoing Financial Review Fee may be offset against trail commissions received at the discretion of Nationwide Wealth. www.nationwidefinance.com.au
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Other Service Fees Coordination of 3rd Party Advice Fee In cases where we are required to coordinate 3rd party advice, this will be performed on a time incurred basis. This may include the coordinating, facilitating and implementation of accounting, legal and finance advice in relation to strategies specific to your situation to ensure the desired outcome. Where possible we will provide you with a fee estimate and scope of the work to be performed.
Casual Hourly Consultation Fee In cases where you require "ad-hoc" consultations (including telephone & email support) which are not part of an agreed scope of work or you do not have Financial Service Products with Nationwide Wealth Advisers, you may choose to engage our services purely on a time incurred basis. Where possible we will provide you with a fee estimate. Please refer to our Hourly Charge Rates for details.
Discussion Paper Preparation & Presentation Fee Where required, the cost of preparation and presentation of the Discussion Paper depends on the scope, complexity and extensiveness of the engagement. As a guide, the following Discussion Paper Fee estimates may apply: Standard Situation Cost Guide Estimated Hours
$760 3-4 Hours
Extensive Standard Situation $950 4-6 Hours
Complex Situation $1,330 6-8 Hours
Extensive Complex Situation $1,900 8- 12 Hours
The Discussion Paper Fee will be quoted as a fee estimate based on our understanding of the scope of work. Should the scope and/or complexity of your situation be substantially different than initially estimated, we will seek your agreement to increase the Discussion Paper Fee. Where the Discussion Paper Fee is agreed to be paid from the up-front commissions expected to be received from product issuers and/or trail commissions already received, in the event that the time incurred substantially exceeds the commissions or the scope/complexity of work varies from the initial scope, we reserve the right to renegotiate payment of the Discussion Paper fee.
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Basis of Fee Estimates, Client Time Incurred Reports & CEA Updates Given that no two client situations are ever exactly the same, fees estimates are made on the basis of the time that your Adviser estimates is necessary to complete the agreed scope of work. Given that it is impossible to foresee issues within your financial situation prior to commencing work on your file, rather than charging a "fee buffer", we estimate fees based on our experience with similar clients. In order to provide a fully transparent service for clients, all time spent working on your file by relevant staff is accurately logged in our proprietary workflow management system, COMPASS. This enables us to transparently provide you with detailed reports showing you when and where time has been spent on your file. These reports are always available to you upon request. At regular intervals during the advice process (usually at the end of each stage of the advice process), we may provide you with a 'CEA Update' which provides you with updated fee estimates. It also reconciles our original fee estimate for the relevant stage of the advice process against the time actually spent to date on your file, along with a reconciliation of amounts paid or written off by Nationwide Wealth to date and the residual amount to be paid. This provides a transparent and fair basis for any fee discussions that may arise.
Guide to Hourly Charge Rates Where possible, we will provide you with a written fee for service fee estimate based on the expected time taken to perform the scope of work. As a guide to the experience level of the professionals working on your situation, our hourly charge rates are $200 (incl. GST)
Do You Have Any Questions? Should you have any questions or require further information regarding any aspect of our service, please feel free to contact one of our professional staff. Via Phone:
08 8250 9434
Via Fax:
08 8250 5923
Via Email:
info@nationwidefinance.com.au
Visit Us:
Via Mail:
Nationwide Group of Companies 527 Salisbury Highway Parafield Gardens SA 5107
Nationwide Group of Companies 527 Salisbury Highway Parafield Gardens SA 5107
How Do I Engage Your Services? To confirm your understanding of our terms of engagement and your agreement to engage our services, please read this document carefully, sign and return the Client Engagement Authority to Nationwide Wealth Advisers using one of the following methods: Via Scam/Email: info@nationwidefinance.com.au
Via Fax:
08 8250 5923
Via Mail:
Visit Us:
Nationwide Group of Companies 527 Salisbury Highway Parafield Gardens SA 5107
Nationwide Group of Companies 527 Salisbury Highway Parafield Gardens SA 5107
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Scope of Engagement/Advice What is your main reason for seeking advice?
Goals and Objectives Short Term (one to two years)
Medium Term (three to five years)
Long Term (over five years)
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Nationwide Wealth Advisers 527 Salisbury Highway Parafield Gardens SA 5107 08 8250 9434 08 8250 5923 www.nationwidefinance.com.au
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