Financial Advice - Finanial Services Guide

As an Australian Financial Services Licensee, GFS is able to provide advice and services on:

• Wealth Creation and Protection
• Retirement Planning
• Regular Investment Programmes
• Buying and Selling of Shares
• Tax Effective Wealth Distribution
• Regular Investment Reviews
• Tax Minimisation Strategies
• Superannuation and Rollover Advice
• Social Security Planning
• Redundancy Payout Planning
• Negative Gearing/Margin Lending
• Personal Insurance (income protection, trauma and life insurance)
• Business Expense Insurance
• Annuities, Superannuation, Allocated Annuities

What advice is Goodall Financial Services licensed to provide?

We may advise you on securities; basic deposit products and deposit products other than basic deposit products; debentures, stocks or bonds issued or proposed to be issued by a government; life products including life insurance and risk insurance; interests in managed investment schemes including investor directed portfolio services; margin lending; retirement savings accounts; and superannuation.

Will I be given advice suitable to my investment needs and financial circumstances?

Your GFS Adviser will recommend strategies and transactions after considering their suitability to your individual investment needs, objectives and financial circumstances.

Should you not provide complete financial information, the recommendations may be inappropriate for your objectives and needs. 

You should ensure you promptly receive written confirmation of transactions from the product provider.

When will I receive a Statement of Advice?

All clients

You are entitled to receive a Statement of Advice (“SoA”) whenever we provide you with any personal financial advice. Personal advice is advice that takes into account any one or more of your objectives, financial situation and needs.

This SoA is a record of the personal financial advice provided to you and includes information on the basis on which this advice is given, and information about fees for services provided.

You will also receive a SOA when you advise GFS and /or your Adviser that your circumstances have changed which may influence the types of investments or the suitability of strategies that have been employed on your behalf.  Any event that has a significant financial impact on your life (e.g. – marriage, retirement, an illness) should be communicated in writing to your Adviser to ensure your investments are suitable to your changed circumstances.

What should I know about any risks of the financial strategies you recommend to me?

Significant known risks relating to the financial products and strategies recommended will be explained to you.  If these are not explained to your satisfaction you should ask your Adviser for more information or explanation.  You need to understand that there are no guarantees on the future performance of investments.

How can you transact with us?

You can instruct you adviser by telephone, fax or other means such as email.

How will I pay for the services I receive?

Initial discussion

As a new client, you may receive a free initial, no obligation introduction to the services provided by GFS.  This free introduction will not include specific financial planning advice or a Statement of Advice, but will help you decide whether the services offered by your GFS Adviser are right for your needs.

Financial Advice Fees

We charge predominately on an hourly basis, with some minimum unit based fees, and these fees are explained in advance and must be agreed to by the client.  No fees are charged without your complete understanding and consent.  We can charge up to $180 (plus GST) per hour for specialised work, subject to an agreed maximum amount.  These fees apply only to the following services, where agreed to by the client: Investment/Portfolio Reviews; Tax Minimisation Strategies; Superannuation and Rollover Advice; Social Security Planning; Redundancy Payout Planning; Negative Gearing; and Personal Insurance reviews (income protection, trauma and life insurance).

Share Transactions  
Execution Only (No advice):       
Shares transactions are charged on the following basis:

For  transactions below $7,500 – $75.00 plus GST  (e.g. if  share value purchased is $5000, total cost would be $5082.50 –  Brokerage being $82.50, including GST).

For  transactions above $7,500 – 1% of the traded value plus GST (e.g. – if  share value purchased is $15,000, total cost would be $15, 165 – brokerage being $165, including GST).

Advisory Transactions:                
These fees will be discussed at the time of advice, agreed in advance before the advice is executed, and then applied as part of the transaction.  These service fees will be disclosed in the SOA. 

Other advisory services              
Any fees for services not mentioned in this FSG relating to such products as insurance, managed funds, or margin lending will be fully disclosed prior to the transaction/investment, and the client will receive documented verification through an SOA and PDS.

There is no direct link between the amount of commission paid to GFS and adviser remuneration.   

How are our representatives remunerated?
Our representatives are paid a salary and do not directly receive any commissions or fees. 

Associations with Product Providers.
GFS has no binding agreement with any other product provider or dealer group.  GFS aims to advise on products such as life insurance and managed funds on the basis of overall suitability to your needs.  All fees for these services will be disclosed in advance.

What can you do if you have a complaint about the financial services provided to you?
GFS has internal complaints handling procedures, so if you have any problems with the services provided you can take the following steps:

Step 1:       Firstly speak to your GFS Adviser to see if your complaint can be resolved.

Step 2:       If not satisfactorily resolved within three days, please contact our Compliance Manager at GFS, Mr Royce Goodall, on (08) 94342722.   Alternatively, send a written complaint to the Licensee at GFS, Mr Royce Goodall, at PO BOX 7276 SPEARWOOD WA 6163.  He will attempt to resolve your complaint quickly and fairly.

Step 3:       If, after providing details of your complaint in writing to GFS, you do not consider a satisfactory solution , you have the right to make a complaint to the Financial Ombudsman Service (FOS), of which GFS is a member, on 1300 78 08 08. 

ASIC (Australian Securities and Investments Commission) also has an infoline on 1300 300 630 which you may use to obtain information about your rights.

If you are further not satisfied with the response, you can refer it to the Australian Financial Complaints Authority. You can contact AFCA on 1800 931 678 or via their website www.afca.org.au.

Our Professional Indemnity Insurance
Goodall Financial Services has in place Professional Indemnity Insurance with SURA Professional Risks. This insurance covers up to $2,000,000 for any one claim inclusive of legal costs arising from the claim(s). The insurance covers claims in relation to financial product dealings (eg. shares), the investment of funds and the provision of advice relating to financial products including any research undertaken by Goodall Financial Services. Should you wish to obtain further information about our insurance, please contact us.

Privacy Statement

Your Adviser will maintain records of your personal profile, which include details of your objectives, financial situation and needs as well as any verbal and written recommendations and disclosures of fees, benefits and other interests made to you.  We are committed to implementing and promoting a privacy policy, which will ensure the privacy and security of your personal information.  If you wish to examine your file, you should ask us, and we will make arrangements for you to do so.

 If your details appear to be inaccurate, please let us know and we will take reasonable steps to correct them.  Your details will not be supplied to other parties.

If you wish to complain about any breach or potential breach of our Privacy Policy or the National Privacy Principles, you should contact our Privacy Officer on (08) 9434 2722 or via email to royce@goodallco.com.au. 

Alternatively, you may send a written complaint to our address.

AML/CTF Disclosure Statement

GFS has policies, procedures and controls to ensure it complies with existing AML/CTF legislation. GFS has procedures to identify and manage the risk of Money Laundering or Terrorism Financing in the provision of its services.   The procedures are focused on the following areas: Customer due diligence/Know Your Customer – GFS has procedures to comply with the legislative obligation to identify customers; Record retention – Customer identification records are maintained for seven (7) years after the accounts are closed; information relating to services provided by GFS is retained for a period of seven (7) years; Monitoring of suspicious activities or transactions – monitoring is carried out through a risk-based approach. Staff receive training on the requirements to identify and report suspicious transactions; Reports of suspicious transactions – GFS will report any suspicious customer activity or transactions to the regulatory authority, AUSTRAC; Employee training program – Training is provided to staff to ensure ongoing compliance with the AML/CTF legislation; Employee due diligence – GFS has procedures to achieve assurance as to the identity, honesty and integrity of its current and prospective employees; Agents of GFS – any agency agreement will be managed in accordance with the AML/CTF legislation; Independent audit and compliance reviews – GFS has both internal and external audit reviews to assess our ongoing compliance; Assessment of payments against proscribed (TF and Sanctions) Lists – GFS has risk based processes to assess inward and outward payments against proscribed lists; Shell banks – GFS does not conduct business with shell banks; Politically Exposed Persons (PEPs) – GFS has a risk based approach to consider customers or beneficial owners who are PEPs as heightened ML/TF risk; Anonymous and numbered accounts – GFS does not provide customers with anonymous accounts, or numbered accounts for which customer identification and KYC is not performed; Regulatory Action – GFS has never been the subject of any investigation or actions for money laundering or terrorist financing-related activities.

Contact Details for GFS

PO Box 7276,

Spearwood WA 6163.

1/235 Rockingham Road

Spearwood WA 6163.

Phone: 08 9434 2722

Fax:  08 9434 1694

Prepared on 22nd May 2019