Financial Services Guide

Australia’s First Financial Advisers 

Bongiorno Financial Advisers Pty Ltd

ABN No 33 058 918 595

Australian Financial Services Licence No 238977
Level 2, 431 St Kilda Rd Melbourne Vic 3004
Telephone (03) 9863 3111
www.bongiorno.com.au

 

Financial Services Guide

Bongiorno Financial Advisers Pty Ltd (“BFA”) is the licensee responsible for the provision of financial services and has authorised the distribution of this Financial Services Guide (“FSG”). This FSG is made up of Part 1, A Guide To Our Relationship With You, which should be read in conjunction with Part 2, Adviser Profile, which includes a profile of your adviser and the services they can offer. 

Acknowledgement Of Receipt Of Fsg

 

I/We acknowledge that I/we have received a copy of the Financial Services Guide prior to receiving any advice from BFA or its Representatives.

Signed by Client 1    … … … … . . … … … … … … … . .    Name   … … … … … … … … … . . .

 Dated                        … …/ … …/ … … . . .

Signed by Client 2    … … … … . . … … … … … … … . .    Name   … … … … … … … … … . . .

 Dated                        … …/ … …/ … … . . .

 

 

 

 

Australia’s First Financial Advisers 

Bongiorno Financial Advisers Pty Ltd

ABN No 33 058 918 595

Australian Financial Services Licence No 238977
Level 2, 431 St Kilda Rd Melbourne Vic 3004
Telephone (03) 9863 3111
www.bongiorno.com.au

Bongiorno Financial Advisers Pty Ltd (“BFA”) is the licensee responsible for the provision of financial services and has authorised the distribution of this Financial Services Guide (“FSG”). This FSG is made up of Part 1, A Guide To Our Relationship With You, which should be read in conjunction with Part 2, Adviser Profile, which includes a profile of your adviser and the services they can offer.

 

Financial  Services  Guide Part 1

A Guide To Our Relationship With You

The purpose of this Financial Services Guide is to help you better understand our company and whether we’re right for you. It contains important information about:

  •     The services we offer our clients
  •     Our service commitment to you
  •     Our team
  •     How advice is documented
  •     Associations we have with product issuers
  •     Payments, commissions, fees or other benefits received by us
  •     Our dispute resolution process

Who is Responsible For The Services Provided ?

Founded in 1964, the Bongiorno Group of companies is the largest and most established network of its kind in Australia. We specialise in handling the financial affairs of high net worth professionals, especially those in the medical industry.

With over 45 years of experience, we are proud to offer a comprehensive range of services that deliver superior results for our clients. These services include:

Financial Planning Advice

We offer superannuation, estate and multi-generation asset planning, wealth accumulation and portfolio advice, debt management and wealth protection, including life, trauma and income protection.

Accounting and Taxation Services

Bongiorno & Partners (VIC) Pty Ltd and Bongiorno & Partners (N.S.W.) Pty. Ltd. are responsible for the provision of Accounting and Taxation Services through an experienced team of Certified Practising Accountants and Chartered Accountants. Please visit www.bongiorno.com.au for further details.

Mortgage Referral Services

ProLoan (Aust) Pty Ltd is a finance referral business, which has an excellent relationship with Westpac. Our agreement with Westpac is to refer clients for the purposes of obtaining commercial, business, residential and personal investment loans. Please visit www.proloan.com.au for further details.

Associations BFA Has With Product Issuers

Bongiorno Financial Advisers Pty Ltd, is associated with ProLoan (Aust) Pty Ltd (“ProLoan”) ABN 98 005 189 097, a mortgage referral company, and PremiumChoice Portfolio Services Limited ABN 16 097 636 023, a portfolio administration service.

We can arrange the issue of financial products from an extensive range of approved financial product issuers. However, your adviser will only recommend products approved by Bongiorno Financial Advisers Pty Ltd.

What Type of Information Will BFA Provide to You ?

The Corporations Act 2001 requires us to provide certain information to you when you consult us. The type of information we need to give you will be decided by the services you engage us to provide.

BFA Will Provide You With An Advice Document

When We Provide You with Personal Financial Advice

The process of financial planning involves translating your current personal and financial circumstances, together with your life goals, into a written plan called a Statement of Advice. A Statement of Advice is designed to help you determine whether and how you can meet your financial and lifestyle goals through the co-ordinated management of your financial resources.

Your adviser will give you a written advice document, before proceeding to act on your instructions. If you receive advice in a time critical situation, the advice document will be provided within five days of the advice.

If your personal circumstances have not significantly changed, we may also provide you with additional ongoing advice orally and then issue you with a Record of Advice confirming our advice.

Information You Need To provide To Us

To Receive Appropriate Personal Financial Advice

You need to provide us with details about yourself, your family, your life goals and your current financial situation. We also need details about your health, your current investments, risk protection and your attitude towards investing, including the level of financial risk you are comfortable with. Good advice relies on good information. Your information helps us offer you the most appropriate advice possible.

You have the right not to provide this information. However, if you do not, we are required to warn you about the possible consequences, and that the advice you receive may not be appropriate to your individual needs, lifestyle objectives and financial goals.

We hope you will agree that it makes sense to record the commercial basis of our relationship and document the information you provide.

How Can You Give Us Instructions About Your Financial Products ?

You may tell us how you would prefer to provide instructions. They can be given in writing via fax, email or letter, or another method as agreed by us.

We Will Explain The Risks Associated With the Strategies and Financial Products we Recommend To You

We will explain all significant risks associated with the strategies and financial products we recommend to you. If you do not fully understand the risks, you should ask us to explain them further.

We Will Provide You With A Product Disclosure Statement

When We Recommend A Specific Financial Product

When we recommend a particular Financial Product we will give you a Product Disclosure Statement (PDS). A PDS contains information prescribed by law to help you to make an informed decision about a Financial Product.

What Payments, Commissions, Fees or Other Benefits are Received By Us ?

Platform Payments

BFA and its authorised representatives or associates are eligible to receive 32% of the PremiumChoice administration fee and may become eligible to receive equity in PremiumChoice based on their contribution to this Portfolio Administration Service. BFA or its associates are also eligible to receive 32% of the Navigator administration fee.

Commissions

BFA and its authorised representatives may receive initial or ongoing commission based on the placement of your investment or payment of your insurance premium. These amounts are paid to Bongiorno Financial Advisers Pty Ltd by the fund manager and/or the life company.

ProLoan

ProLoan, an associate of BFA, will receive from Westpac, the lending institution, an initial commission of 0.40% (plus GST) of an approved facility limit. ProLoan will also receive an ongoing commission of 0.25% pa (plus GST), calculated on the average monthly drawn value of the loan. ProLoan may also receive a further payment of 0.10% (plus GST) from Westpac when the sum of facility limits approved exceeds $200,000,000 in a calendar year.

Benefits

Fund managers and life companies may also provide financial support for professional development, business tools, such as financial planning software, and compliance services. The value of these benefits would not exceed $5,000 per representative.

All known non-monetary benefits received in relation to a financial product recommendation will be disclosed in our Advice Document. We also maintain an Alternative Remuneration Register. This register lists non-monetary benefits greater than $300 in value and is publicly available.

How Are Fees, Commission or Other Benefits Calculated ?

We may charge you a fee, based on the time we spend developing your advice, or depending on the value of funds you invest. We will advise you of our fee prior to you engaging our services. We will issue a tax invoice for the agreed amount.

We may also agree that you will pay us a management fee annually, or as negotiated, by instalments.

Details of our schedule of fees are set out in the Adviser Profile section of this guide.

Generally, the payment of initial commission we receive will be based on the amount you invest and will range from 1.0% to 4.0% (plus GST) on investment products and from 15.0% to 70.0% (plus GST) of the first year’s premium on risk products. It may vary from one Financial Product issuer to another.

We may also be paid by the Financial Product issuer during the life of your investment or risk product on an ongoing commission. This will generally range from 0.25% to 1.25% (plus GST) on investment products and 8.0% to 20% (plus GST) of each year’s premium on risk products. Details of the payment we receive from Financial Product issuers are contained in the Product Disclosure Statements.

When you receive personal advice, your adviser will tell you about any platform payments, fees, commissions and any other benefits, where possible in actual dollar amounts, in the advice document.

Your Information and Rights To Privacy

We understand the importance of protecting your rights to privacy. In handling your personal information we are subject to the Privacy Act and we comply with the ten National Privacy Principles in the Act.

We are required by law to collect personal information about you for the following purposes:

  •     Provision of accounting and financial planning services both initially and on an ongoing basis.
  •     Completion of associated documentation and application forms.
  •     To provide agreed services to assist in meeting your requirements, goals and objectives.

As the Bongiorno Group comprises of both accounting and financial planning organisations, we are required under various legislative bodies and codes of practice to collect certain information from you in order to provide the range of services noted above.

These include, but are not limited to, The Corporations Act, Superannuation Guarantee Act, Income Tax Assessment Act, certain regulations issued by the Australian Securities and Investments Commission, as well as the Rules of Professional Conduct of the Financial Planning Association (FPA), the Australian Society of Certified Practising Accountants (ASCPA) and the Institute of Chartered Accountants in Australia (ICAA).

In the event we consider it necessary to use or disclose information about you for purposes other than the provision of financial planning, accounting or mortgage referral services, we will seek your consent.

In connection with the provision of services, it may be necessary for us to disclose your personal information to other professionals and organisations, such as financial institutions (including fund managers, life companies, superannuation trustees and share brokers), as well as Government departments, such as the Australian Taxation Office and Centrelink.

We undertake not to use or disclose information collected, for purposes other than those detailed above, or any other related purposes, unless the law requires the disclosure or you have provided us with consent to do so.

A copy of our Privacy Statement can be obtained by calling our Privacy Officer on (03) 9863 3111 or by visiting www.bongiorno.com.au

Anti-Money Laundering and Counter-Terrorism Financing

In 2006, the Australian Government introduced the Anti-Money Laundering and Counter-Terrorism Financing Act (AML/CTF Act). It is designed to assist in combating money laundering and the financing of terrorism.

In line with this Act, BFA conducts applicable customer identification procedures when we make arrangements for you to receive a designated service.

If you would like to learn more about the AML/CTF laws, you can contact the Australian Government Attorney General’s Department. Please call their Customer Information Line on 1800 021 037, e-mail customers@austrac.gov.au or visit www.ag.gov.au/aml

What Should You do if You have a Complaint ?

There are various avenues open to you if a dispute or complaint arises. But we hope that you will raise any query or complaint with us first and that it can be resolved to your satisfaction promptly.

If you have a complaint about the service provided to you, you should take the following steps:

  1. Contact us and tell us about your complaint.
  2. If your complaint is not satisfactorily resolved within 5 days, please contact the Compliance Manager on (03) 9863 3128 or put your complaint in writing and send it to Bongiorno Financial Advisers Pty Ltd, Level 2, 431 St Kilda Road, Melbourne VIC 3004. We will try and resolve your complaint quickly and fairly.
  3. If the complaint cannot be resolved to your satisfaction you have the right to refer the matter to the Financial Ombudsman Service Limited (FOS). They can be contacted on 1300 78 08 08 between 9.00 am and 5.00 pm, Monday to Friday. You can also write to the Investments, Life Insurance & Superannuation Ombudsman, Financial Ombudsman Service Limited, GPO Box 3, Melbourne VIC 3001. Alternatively you may call the ASIC Infoline on 1300 300 630 between 9.00 am and 8.00 pm, Monday to Friday.

 

Professional Indemnity Insurance

We hold a Professional Indemnity Policy. This Policy is designed to pay claims made against us arising out of our Breach of Duty. The policy extends cover for work done by past or present representatives, and satisfies the requirements for compensation arrangements under Section 912B of the Corporations Act 2001.

Our Service Commitment to You

Our philosophy is to provide a superior, professional level of service to our clients. We are committed to this promise.

If, however, you consider our relationship is not progressing satisfactorily, please contact us to discuss an alternative course of action.

We welcome any comments or queries you may have.

 

(Part 2)

ADVISER PROFILE

Julie Bongiorno

Authorised Representative No 270467

Level 2
431 St Kilda Rd
Melbourne, Victoria 3004
Tel: (03) 9863 3306
Fax: (03) 9820 2518
E-mail: juliebongiorno@bongiorno.com.au

Important Information

This Financial Services Guide is an important document. It provides you with information to help you decide whether to use the financial services we offer. You should read Part 1, A Guide To Our Relationship With You, in conjunction with Part 2, Adviser Profile, which provides a short bio on your licensed adviser, their qualifications and the financial services they are authorised to provide under the BFA Australian Financial Services Licence.

WHO IS MY ADVISER ?

Julie Bongiorno is your adviser

Julie graduated from Melbourne University with a Bachelor of Commerce and is also a qualified Chartered Accountant. Until 2004 Julie worked at Deloitte in Business Consulting. Julie has also completed her Diploma of Financial Planning and is RG146 Accredited. Julie specialises in finance and risk management.

Financial Services We Are Authorised To Provide To You

BFA remains responsible for the quality of advice provided to you. All our advisers complete assessments and an annual training program to maintain their knowledge. BFA ensures your financial adviser:

  • Only provides services for which he/she has the appropriate qualifications
  • Stays up to date with relevant industry and legal changes, helping maintain their qualifications
  • Is given the necessary technical support and tools to deliver superior financial planning advice
  • Is provided with high quality financial product research
  • Is monitored and supervised to ensure compliance with the law and the high standards set by BFA

As an authorised representative of BFA, Julie is able to offer strategic, investment and risk product advice on all BFA Authorised and Approved products including:

  • Superannuation – Self Managed, Corporate & Personal
  • Life Insurance Products including Trauma, Income Protection & TPD
  • Managed Investments
  • Options and Warrants
  • Shares and other listed investment products
  • Retirement Savings Accounts
  • Retirement Income Streams
  • Debentures, Stocks & Bonds issued by a government
  • Deposit Products

If you do not wish to receive personal financial advice, we are also able to act on your behalf by carrying out your execution instructions. Please understand that if you do not obtain advice, the Financial Product(s) you select may not be in line with your objectives, financial situation or needs.

Your financial adviser may provide other services independently of BFA

Your financial adviser may provide services other than financial planning services. For example they may also act as your tax adviser or accountant or assist you with finance. While your adviser may provide these services, you should understand that they are not provided under the BFA Licence. Examples of the services which BFA is not responsible for include:

  •     Taxation services, such as completion of tax returns
  •     Accounting services
  •     Self Managed Superannuation Fund returns
  •     Finance Referral to Westpac
  •     Referral for General Insurance Advice

What Will Be The Cost To You For The Provision Of Financial Services & Products ?

You may pay us a commission or a fee based on the time we spend developing your advice or depending upon the value of the funds you invest or a pre-agreed annual rate.

Bongiorno Financial Advisers Pty Ltd, the licensee, receives 100% of all fees and commission.  Julie receives up to 90% of all fees and commission paid to the licensee.

If we provide personal financial advice we will give you an advice document containing details of our fees and any commission payments made to us by any relevant Financial Product issuers.

Will Anyone be Paid for Referring Me to You ?

Where you have been referred to us by someone else, if we pay them a fee or commission in relation to that referral, we will advise you in the advice document who will receive that fee or commission and the amount they will receive.

If you have any further questions about the financial services Bongiorno Financial Advisers Pty Ltd provides, please contact Julie Bongiorno on (03) 9863 3306

Please retain this document for your reference and any future dealings with Julie Bongiorno and Bongiorno Financial Advisers Pty Ltd.