Financial Services Guide - Shaw and Partners
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Financial Services Guide
Contents About this Financial Services Guide (FSG)............................ 02 About Shaw........................................................................... 02 What services does Shaw provide........................................ 02 Your adviser........................................................................... 05 Buying and selling financial products.................................... 05 Managed Portfolio Service.................................................... 07 Other documents you may also receive................................ 08 Fees and benefits payable to Shaw...................................... 08 How is my personal information dealt with?......................... 14 Complaints............................................................................ 14 Compensation arrangements................................................ 14 Shaw and Partners Limited Shaw and Partners is one of Australia’s preeminent investment and wealth management firms. With a national presence and over $20 billion of assets under advice, Shaw and Partners offers the intimacy of a boutique investment firm, backed by the resources and scale of a major financial group, EFG International. At Shaw and Partners we offer tailored advice and investment solutions, financial planning and corporate advisory services. We act for and on behalf of individuals, institutions, corporates and charities. We are client focused, having helped our clients manage and grow their financial assets for over 30 years. Our emphasis on integrity has enabled us to achieve very high levels of client satisfaction, while unlocking opportunities of significant value. Backed by fresh thinking, robust research and some of the nation’s best investment and wealth experts, our business has been designed to meet the growing needs of our clients. Shaw and Partners offers access to an extensive team of private client advisers, institutional sales and trading specialists, market leading research analysts and strategic corporate financiers. By working closely with clients and targeting their needs, we have forged strong long-term relationships. So, whether you are an ordinary investor, high net worth individual, charity, institution or corporate, our goal is simple: to listen to you, then act according to your needs alone. We welcome you to Shaw and Partners. Your partners in building and preserving wealth. 01 Financial Services Guide
Shaw and Partners
Financial Services Guide
A. About this Financial Services Shaw’s Australian financial services licence
No. 236048 (AFSL) authorises it to carry on a
Guide (FSG) financial services business to provide advice
on, and deal in, a range of financial products as
This FSG provides you with the key information detailed below.
about the services offered by Shaw and
Partners Limited (Shaw) and its advisers to help Shaw is a participant of ASX Limited (ASX)
you decide whether to use those services. This and Chi-X Australia Pty Limited (Chi-X), which
FSG was issued on 1 January 2020. Shaw will provide Shaw with direct access to transact
update its FSG from time to time to provide you in listed securities on your behalf. Shaw is
with information about new services or changes a Sponsoring Broker in the Clearing House
to existing services. Shaw will publish these Electronic Subregister System (CHESS)
changes on its website at operated by ASX Settlement Pty Limited. From
www.shawandpartners.com.au. time to time, Shaw may become a participant of
You acknowledge that you will be bound by any other exchanges. To view the status of Shaw’s
changes 7 days after publication and you will market participation or to see the particulars of
review Shaw’s current FSG prior to undertaking how your order will be executed, please read
any transaction in financial products. Shaw’s Best Execution Policy included in the
Client Account brochure and available at
The purpose of this FSG is to provide you with www.shawandpartners.com.au.
information about: Shaw’s Australian Business Number (ABN) is
• Shaw and its regulators 24 003 221 583.
• the specific services offered by Shaw and its
Authorised Representatives (Advisers) C. What services does
• how your relationship with your Adviser will Shaw provide?
work
• how to buy and sell shares, and other Personal advice
financial products using Shaw and some
Shaw is licensed to provide its clients
of the risks involved in buying and selling
with personal advice, being advice given
financial products
in circumstances where your Adviser has
• the commissions and other benefits that considered one or more of your investment
may be paid to Shaw, your Adviser and objectives, financial situation and needs (your
other relevant persons personal circumstances).
• other documents you may receive from
Where you request such advice and Shaw
Shaw
agrees to provide it, Shaw can give personal
• how your personal information will be dealt advice in respect of:
with, and
• shares
• how complaints against Shaw and your
• derivatives
Adviser are dealt with.
• deposit products
• fixed interest products
B. About Shaw
• managed investment schemes
Shaw is required to comply with the provisions
• managed portfolio services
of the Corporations Act 2001 (Corporations
Act) which are administered by the Australian • margin lending, and
Securities and Investments Commission (ASIC). • superannuation.
02
Financial Services GuideA full description of the types of advice you may booklets. For example, before investing
receive and your relationship with your Adviser in ETOs, you must read Shaw’s PDS for
is set out below under the heading Your Adviser. Exchange Traded Options and the ASX’s
booklet Understanding Options Trading. Each
Domestic Shares document can be viewed online at
www.shawandpartners.com.au or, on request,
Shaw specialises in buying and selling can be mailed to you.
shares for clients in listed companies on
local exchanges such as ASX. Advisers have Cash, Corporate Bonds and Fixed
access to information technology systems and
Interest Products
research services which allow them to provide
you with up to date, expert advice. Cash, corporate bonds and fixed interest
products allow investors with low risk appetites
International Shares greater capital security than investing in most
shares but generally provide better returns
Through our arrangements with international
than basic bank savings accounts. Shaw
brokers, Shaw can provide you with access
can provide you with access to a variety of
to international shares which affords you the
cash products including cash management
opportunity to invest in the world’s biggest
accounts, term deposits and corporate bonds.
companies.
Although the majority of cash and fixed interest
Investing in international shares can provide you products have lower risk associated with them
with greater diversification in your portfolio and than shares or derivatives, there are risks
give you access to sectors which are poorly involved, including risk to your capital resulting
represented in the Australian market. Prior to from default by the issuer and unfavourable
making any investments, you should ensure that movements in interest rates.
you understand the risks involved in investing in
overseas securities, such as exposure to foreign Managed Funds
currency movements.
Shaw provides access to a range of managed
funds. Investing in managed funds allows
Derivatives
you to pool your money with other investors,
Shaw also specialises in buying and selling diversify your portfolio and access a wider
derivatives, in particular, Exchange Traded range of investment opportunities. Such
Options (ETOs). ETOs allow investors to: wider investment opportunities include
access to international markets, hedge funds
• manage risk and hedge their portfolio and infrastructure funds. In addition, some
against a fall in value managed funds can be traded on the ASX
• earn income by writing positions (which (Exchange Traded Funds).
involves taking on risk in return for which the
investor is paid a premium), and Managed Portfolio Service
• benefit from a change in the price of a share Managed Portfolio Services are accounts
without having to pay the full price of a share. in respect of which your Adviser makes
investment decisions on your behalf in
You should note that transacting in derivatives
accordance with your investment objectives.
is, in many instances, riskier than investing in
This service is ideal for wholesale clients that
shares. This is because derivative positions
do not have the time, expertise or inclination
generally provide you with leveraged exposure
to actively manage their investments on a
to the share price of the underlying financial
day-to-day basis but want a more customised
product or index. It is important that you
portfolio than an ordinary managed fund
carefully consider whether transacting in
affords. For further information on this service
derivatives is appropriate for you in light of
please refer to Section F or contact your
your personal circumstances. You should
Adviser.
only transact in derivatives if you understand
the nature of the relevant product or position
Access to capital raisings
and the extent of your exposure to risk. For
instance, it is possible with particular sold Shaw’s Corporate Finance team specialises in
derivatives positions, that you could lose an providing equity capital markets services to small
amount greater than your initial investment. and mid-cap companies. As a Shaw client, you
may be given the opportunity to participate in
Before transacting in derivatives you should
initial public offerings and equity raisings led by
carefully read the relevant Product Disclosure
Shaw Corporate Finance. Generally, you will not
Statement (PDS) and the ASX’s explanatory
03
Financial Services Guidebe charged brokerage on applications for shares place and that any investment recommendation
in initial public offerings and equity raisings, adopted by the trustees complies with those
although Shaw may receive a handling fee or documents.
underwriting fee from the Issuer. Not all offers will
be suitable for all clients and some restrictions Portfolio Service
may apply. The details of any fee will be disclosed
to you in the disclosure documents relating to the Shaw’s Portfolio Service vastly reduces the
issue or by your Adviser. time associated with organising and compiling
your portfolio records. Shaw will compile all the
Research relevant paperwork for you and provide you with
a series of simple to read quarterly and annual
Your Adviser can provide you with research reports which will allow you to more effectively
reports and other publications issued by manage your investments, related income and
Shaw’s Research Department. tax positions. Further information on this service
is available from your Adviser.
Some of the publications issued by Shaw
include:
Nominee Service
• company reports setting out
Shaw’s wholly owned subsidiary McNeil
financial information, valuations and
Nominees Pty Limited (McNeil), as a nominee
recommendations
company, is capable of holding shares as
• daily market commentary and opinions a bare trustee on your behalf. McNeil is an
• specialist reports on dividends, reporting authorised representative of Shaw. With respect
dates and income securities to any financial products held on your behalf by
McNeil, you will remain the beneficial owner at
• company profiles on a range of ASX listed
all times.
stocks, and
• a quarterly research publication which Margin Lending
provides a macroeconomic outlook and
company recommendations. Shaw can introduce you to a range of margin
lending providers. A margin loan allows you
You should bear in mind that these publications to unlock the equity in your existing holdings
are prepared for multiple distribution and and access a line of credit. You can use this
contain information and opinions of a general credit to diversify your holdings or make other
nature. Recommended investments may investments.
not necessarily be suitable for you and you
should view any advice in light of your personal There are a number of risks associated with
circumstances. You should always consult your margin lending, in particular that it provides
Adviser before acting on a recommendation in leveraged exposure to movements in the
any research publication. price of the securities in the portfolio resulting
in magnified losses should the portfolio fall
There is no obligation on an Adviser to provide in value. Borrowers may also be subject to
you with research, to consider whether a immediate changes in a lender’s criteria for
particular publication should be sent to you lending as against particular securities. Losses
or to make contact with you to provide a can exceed the initial investment. You should
recommendation. Shaw’s research publications ensure that you have a proper understanding of
can be accessed via the risks before entering into any margin lending
www.shawandpartners.com.au, subject to agreement.
Shaw’s terms of use. The range of research
publications offered by Shaw is subject to Online information services
change.
Shaw’s website contains a wide range of
Superannuation Funds information to assist you in making investment
decisions. This information includes:
Shaw’s superannuation accredited Advisers
can provide financial product advice for self- • transaction history
managed superannuation funds. In order • access to Shaw’s research library
to make certain types of investments, such • details of your CHESS holdings and
funds may be required to have in place derivatives positions
documentation, such as a formal investment
strategy or a derivatives risk statement. It is • cash balances in your cash management
the responsibility of the trustees of the fund account
to ensure that any such documentation is in • access to confirmations and statements
04
Financial Services Guide• records of each trade you have made personal advice, general advice or no advice
through Shaw depending on the circumstances or your
requirements:
• 20 minute delayed ASX prices (including
exchange traded options), quotes, • Personal advice is advice where your
announcements, company profiles and Adviser considers one or more of your
historical prices, and investment objectives, financial situation and
needs. Due to the nature of personal advice,
• ‘watch lists’ along with a charting package it is important that you immediately notify
to compare ASX listed stocks. your Adviser if your personal circumstances
change. It is important to realise that your
Shaw’s website does not currently contain a
Adviser can only make recommendations
facility for placing trades electronically. The
based on the information provided by you.
features on Shaw’s website are subject to
Without all the necessary information, the
change and usage of the site is subject to its
advice given may not be appropriate for your
terms of use. Continuous availability of the above
personal circumstances.
services or the site is not guaranteed.
• General advice is advice where your
How do I access these services? Adviser does not consider your personal
circumstances. Before acting on any
To access the services offered by Shaw you general advice, you must consider the
must enter into a Client Agreement. If you are a appropriateness of the advice in light of your
new client, then Shaw’s Client Agreement and personal circumstances. Shaw strongly
the various addendums including for derivatives recommends that you obtain a copy of, and
(including Shaw’s PDS for Exchange Traded consider, the PDS (if any) for the relevant
Options) and Managed Portfolio Service, are investment before making any decision.
available from your Adviser, or online from www.
shawandpartners.com.au. You should read • No advice is where you do not require any
the terms of any agreement or other disclosure advice and simply require execution services.
documents carefully. Shaw’s agreements are Your Adviser will not evaluate the merits of
binding in nature therefore you should obtain such transactions or whether the particular
independent legal advice should you have a transaction is appropriate given your personal
question about any agreement. circumstances.
Your Adviser is not obliged to contact you to
D. Your adviser provide advice or recommendations. You are
responsible for monitoring the performance
Your Adviser is an authorised representative of of your investments as well as ensuring that
Shaw authorised to provide some or all of the your investments continue to be appropriate
services outlined in this FSG. Your Adviser is an for you given your personal circumstances.
employee of an independent business that has You should contact your Adviser if you require
entered into a Services Agreement with Shaw assistance. Your Adviser cannot provide any
(as opposed to an employee of Shaw). Shaw legal, accounting or taxation advice. However,
provides that business with the infrastructure your Adviser can work in conjunction with your
necessary for your Adviser to give you advice professional advisers such as your financial
and deal on your behalf. That independent planner or accountant, to help you achieve your
business may be a company, with sub- financial objectives.
authorised representatives, or an individual. Your
Adviser’s details are set out in your Statement
of Advice. If you do not have an Adviser, please E. Buying and selling financial
contact Shaw so that we may introduce you to products
one of our experienced professionals.
Detailed below is some general information
If you already own shares or other financial you will need to consider if you wish to trade in
products, your Adviser can review your portfolio financial products. Further information specific
of holdings and help you decide whether those to derivatives can be found in the Derivatives
financial products are appropriate having regard documentation (including in Shaw’s PDS for
to your personal circumstances. If you do not Exchange Traded Options).
already own shares or other financial products,
your Adviser can help design an investment General disclosure
portfolio to suit your personal circumstances.
Shaw, its Advisers, their associates, respective
Your Adviser can provide you with either officers and employees may have a pecuniary
05
Financial Services Guideor other interest in financial products which you Clearing Participant to directly debit and credit
purchase or sell and may earn fees from dealing your bank account for settlement purposes
in financial products you purchase or sell as (Direct Debit Authority). There are several
outlined in this FSG or as advised to you from advantages to having a CMA or providing a
time to time. Direct Debit Authority, including:
• timely settlement, with your account being
Placing and processing your order credited or debited immediately following a
You can give your Adviser instructions to buy or transaction on the second business day for
sell shares and financial products in person, by shares (T+2) and the next business day for
telephone, facsimile, post or email. Please note derivatives (T+1)
that instructions sent by facsimile, post or email • earning interest on the funds in your CMA
will not be deemed to be received until your (subject to certain minimum deposits) or
Adviser has confirmed receipt in writing or the bank account. With timely settlement the
order is placed. proceeds of any sold financial products
It is essential that you provide your Adviser will earn interest as soon as settlement is
with clear instructions. All instructions to buy complete, and
or sell shares are automatically accepted • reducing your paperwork making it easier
on a ‘good till cancelled’ basis unless you to track transactions and settlements.
instruct otherwise. All instructions to buy or sell
derivatives are accepted on a ‘good for day The Direct Debit and Credit Authority is
only’ basis. contained in the Client Account Opening
Form or can be obtained separately from your
Shaw will process your order(s) in accordance Adviser. You can also settle your transactions
with the relevant ASIC Market Integrity Rules with Shaw’s Clearing Participant using BPAY.
and ASX Operating Rules (Market Rules), Chi-X
Operating Rules and any other relevant law or Settling your sell transactions
rule of ASIC, ASX, ASX Clear, ASX Settlement,
Chi-X or any other relevant regulatory authority Any shares which are CHESS sponsored
or relevant exchange and you agree to be by Shaw and sold through Shaw will settle
bound by these regulations and the rules that automatically. Where you sell shares through
apply to the relevant exchange. Many orders are Shaw which are not CHESS sponsored, you
processed shortly after receipt, however there is will need to provide Shaw with the relevant
no guarantee that your order will be processed shareholder registration number (SRN). You can
within any given time period. The time taken to usually find the SRN for a particular parcel of
process your order will depend upon a number shares on the Holding Statement issued to you
of factors, including your price instructions, the by the relevant company.
state of the market and the number of shares
to be traded. Your order will be processed in CHESS sponsorship
accordance with Shaw’s Best Execution Policy.
Your Adviser can arrange (once you have
Shaw will not act on a discretionary basis on executed the necessary documents) for your
your behalf (except with regard to price and shares to be sponsored by Shaw within the
timing of execution of an order) unless you have CHESS system. CHESS sponsorship makes
entered into a separate written agreement with buying and selling shares easier and far more
Shaw. Once your order is processed, Shaw convenient for you. It relieves you of the need to
(through its Clearing Participant, Pershing provide copies of statements of your holdings
Securities Australia Pty Limited), will issue you when you sell shares. It also greatly reduces the
with a confirmation detailing the transaction risk of late settlement of a sale and allows Shaw
undertaken to buy or sell financial products. to change your registration details on your behalf
Please read this confirmation carefully and if you change your address.
contact Shaw immediately if any details appear
incorrectly. Best Execution Policy
Shaw is committed to providing best execution
Settling your buy transactions and of your orders. Shaw’s Best Execution Policy is
receiving direct credits included in the Client Account brochure and is
Your Adviser can help you establish a Cash available at www.shawandpartners.com.au, or
Management Account (CMA). A CMA can be speak to your Adviser.
used to hold the funds with which you plan to
buy financial products and settle transactions.
Alternatively, you may authorise Shaw’s
06
Financial Services GuideCancellation of trades by an exchange Options, available at www.shawandpartners.
or regulatory authority com.au, before investing in any derivatives. Cash
and fixed interest products carry different risks.
In certain circumstances, the rules or Primarily the holder risks their capital if the issuer
procedures of a relevant regulatory authority defaults or files for bankruptcy.
or exchange allow such regulatory authority
or exchange to take any action they consider
appropriate to deal with erroneous trades, F. Managed Portfolio Service
including cancelling or amending trades. Shaw
is entitled to cancel or amend a trade without With a Managed Portfolio Service (MPS), Shaw
further reference to you where such regulatory invests in financial products using funds or
authority or exchange has recommended or assets provided by you in accordance with the
required it, or where it is permitted under the terms of a MPS Agreement and Investment
rules of the relevant regulatory authority or Program. Your investments are managed as a
exchange. discrete portfolio with you retaining the legal title
and ultimate control of the assets. Shaw does
not pool your assets with those of other clients
Investment risks
or use a custodial service.
Shares, derivatives and any other investments
A MPS is useful if you do not have the time,
can rise or fall in value. The measure of this
desire or market knowledge to manage your
change in value is often referred to as volatility.
investment portfolio. Your Adviser monitors
The more volatile the asset, the greater the
your investments on a regular basis and uses
likelihood of significant gains or losses. Any
their expertise to make investment decisions
financial product may incur daily price changes,
on your behalf. Shaw’s Portfolio Administration
as new information becomes available to
Service is included as part of a MPS, providing
investors. The market is constantly evaluating
you with quarterly reporting that includes a
the strengths and weaknesses of each financial
comprehensive summary of the performance
product in relation to various risk factors. The
of your investments, transactions undertaken
following list sets out some of the possible risks
on your behalf and any income, expenses
associated with investing in listed shares:
and capital gains. Should you choose to use
• Overall Market Factors – the risk of loss Shaw’s MPS service you will retain the freedom
by reason of movements in the share market to instruct Shaw in relation to any investment
generally caused by political, economic, decisions or corporate actions. There is no exit
taxation or legislative factors. fee.
• International Factors – the vulnerability of
a company to international events or market Risks of a MPS
factors, such as movements in exchange The risks associated with a MPS largely
rates, changes in trade or tariff policies and correspond to the risks associated with
changes in other stock or bond markets. investing in the financial products held in
• Sector Specific Factors – these may the MPS (please see Investment risks under
include changes in the demand for the Section E above). There is also a remote risk
type of product the company produces, that the authority granted under the MPS
fluctuations in commodity prices, the Agreement is misused. Shaw has systems in
economic cycle of an industry, changes in place to reduce the likelihood of this occurring.
consumer demands, lifestyle changes and Shaw Advisers and employees are assessed
changes in technology. to ensure they are of good fame and character
and act honestly, efficiently and fairly. You will
• Stock Specific Factors – these may receive confirmations of all transactions entered
include the strength of the company’s into on your behalf. Shaw monitors the trading
management and board, the company’s activities within each MPS. These controls and
profit history, tangible asset base, debt level procedures are subject to review by Shaw’s
and fixed cost structure, litigation, profits regulators.
or losses on particular contracts, drill or
exploration results and competition from How do I open a MPS?
within the sector.
Before Shaw can provide a MPS service to you,
There are additional risks when transacting in you must enter a MPS Agreement. You should
derivatives and partly paid shares. You should read the terms of the MPS Agreement carefully.
ensure that you consider all of Shaw’s relevant Shaw has various obligations under the
documentation regarding such products, MPS Agreement, including obligations to act
including Shaw’s PDS for Exchange Traded
07
Financial Services Guidehonestly, exercise due care and diligence, give the product issuer. The main purpose of a PDS
priority to your interests and not use information is to help you make an informed choice about
about you to Shaw’s advantage or to cause a financial product. A PDS will contain general
detriment to you. information about the product including the
terms and conditions for the product, any
Investment Program significant benefits and risks associated with
holding the product and information about the
You will be provided with an Investment cost of the product.
Program. Shaw will not make investments
until you have received and consented to the Clearing Participant Documents
Investment Program. The Investment Program
will include information about the nature Shaw clears and settles transactions through
and scope of the discretion, the investment Shaw’s Clearing Participant. Shaw’s Clearing
strategy, significant risks, and warnings that the Participant is licensed under the Corporations
Investment Program may not be suitable for Act (AFSL No. 338264) and is a Trading
you. Participant of ASX, a Participant of Chi-X, a
General Participant of ASX Clear Pty Limited
and a Settlement Participant of ASX Settlement
G. Other documents you may also Pty Limited. Shaw’s Clearing Participant carries
receive the clearing and settlement obligations in
respect of any transactions executed through
In addition to this FSG, you may also receive Shaw. When you open a Client Account
a Statement of Advice and a PDS. The at Shaw, you will receive Shaw’s Clearing
circumstances in which these documents will Participant’s Financial Services Guide and any
be provided are set out below. other required documentation.
Statement of Advice (SOA) Other Documents and Agreements
If you are a Retail Client and your Adviser For investments in certain financial products,
provides you with personal advice in relation to your Adviser may need to provide you with
a financial product or service, you are entitled other documentation, including any required
to receive a SOA. The purpose of a SOA is to agreements relating to these financial products.
help you understand and decide whether to Also, if you wish to access certain Shaw
rely on personal advice. The SOA will set out services, such as Managed Portfolio Service
the advice, the basis on which it was given and and portfolio administration services, you will
information about fees, commissions and any be provided with additional documentation,
relationships Shaw has with third parties that including relevant agreements.
may have influenced the advice.
If there is any change in your personal
circumstances after an initial SOA has been
H. Fees and benefits payable
provided, you should immediately notify your to Shaw
Adviser so that an updated SOA can be Shaw may charge brokerage, commission or
provided. a fee depending upon the services that are
If you receive further advice (FA) as an existing provided. Shaw may also pay or receive other
Shaw client, Shaw may rely on the information fees in relation to services supplied to you, but
it already holds in relation to your personal which are not payable by you. All fees are subject
circumstances and you will not receive a further to change. All fees are exclusive of GST and, if
SOA. However, should you wish to receive a applicable, an amount equal to the amount of the
record of the FA, you can request this record GST is payable by you at the same time as the
from your Adviser. fee is due (currently 10%).
Where there is an ongoing fee arrangement,
you will also receive a Fee Disclosure Statement
(FDS) annually. The FDS provides information
about the previous 12 month period of ongoing
fees payable.
Product Disclosure Statement (PDS)
If your Adviser recommends certain types of
financial products, your Adviser will give you a
PDS which has been issued by or on behalf of
08
Financial Services GuideFEES PAYABLE BY YOU – AUSTRALIAN FINANCIAL PRODUCTS AND SERVICES
FEE TYPE WHEN IS IT PAYABLE? HOW MUCH IS PAYABLE?
Brokerage When you buy or sell financial Brokerage is charged as a percentage of the value
products, brokerage is added of the trade. For example, if you buy or sell $15,000
to the purchase price of a buy worth of shares at 1.5% brokerage, you would be
transaction and is deducted from charged brokerage of $225.
the proceeds of a sell transaction.
The rate of brokerage is usually between 1.0% and
Brokerage is settled on T+1 (being
1.75%. All transactions are subject to a minimum
one Business Day after the trade
charge for brokerage, being $125 per trade. Where
date) for derivatives transactions
your order is not completed on the day it is entered,
or T+2 (being two Business Days
you will be charged a $15 fee for each subsequent
after the trade date) for share
day on which that order transacts in the market.
transactions.
The specific rate of brokerage will depend on factors
such as the level of service, the type of advice, the
type of financial product, the size of the transaction
and the frequency of transactions on your account(s).
The actual amount of brokerage payable by you will
be disclosed in the confirmation for the transaction.
Portfolio Service Monthly in arrears should you The PS fee is an annual percentage fee (invoiced ) of
(PS) fee make use of PS. up to 2.5%, calculated on the average value of your
portfolio, with a minimum annual fee of $3,600. A
setup fee may apply in certain circumstances.
Managed Portfolio Monthly in arrears should you The MPS management fee is an annual fee up
Service (MPS) enter into a MPS Agreement. to 3.0%, calculated on the average value of your
management fee portfolio, with a minimum of $3,975. Additionally you
may be charged a performance based fee.
The type and amount of the management fee
payable by you will be set out in your Investment
Program or in an agreement with you.
Nominee company Quarterly in advance if you The fee is based on the number of different company
service fee request that Shaw provides you holdings held with Shaw’s nominee company. The
with the nominee service. annual fees are:
• for 0 holdings, $200
• for 1 – 15 holdings, $1,000
• for 16 – 25 holdings, $2,000
• for over 25 holdings, $3,000.
Ongoing Advice fee As is agreed with your Adviser in An Ongoing Advice Fee is payable, if you instruct
writing. your Adviser in writing to review those portfolio
investments registered with Shaw so as to advise
whether they either remain suitable to your
investment objectives and risk tolerance or to make
appropriate recommendations as to alternative
investments.
The fee may be calculated as a percentage of your
portfolio value subject to a minimum quarterly fee
of $100 per quarter. The type and amount of the
Ongoing Advice Fee payable by you will be set out in
an agreement with you.
Preparation When you request the relevant If a fee is payable, your Adviser will discuss it with you
of a Portfolio document be prepared. prior to preparation of the relevant document.
Review, additional If your personal circumstances change after the
Statement of advice has been prepared and you require further
Advice or Further advice to take account of this change, a further fee
Advice may apply.
09
Financial Services GuideASX Clear fees When you undertake certain Fees in relation to options transactions are included in
transactions in derivative Shaw’s Product Disclosure Statement for Exchange
products. Traded Options. You will receive a copy as part
of Shaw’s Derivatives documentation, or you can
request a copy from your Adviser or download a
copy from www.shawandpartners.com.au.
Search fee If you wish to sell issuer-sponsored $15
securities and you do not
supply an accurate Shareholder
Reference Number (SRN).
Rebooking Fee When you request that your $25 per re-booking.
transaction be re-booked from
one Shaw account to another.
Off market If you wish to transfer securities $100 per transfer.
transfer fee other than through a trading
facility.
Cheque fee When you request that Shaw $15
pay proceeds to you by way of a
cheque.
Dishonoured When a cheque provided by you $50
cheque fee is not honoured on presentation
by Shaw.
Replacement When you require that Shaw re- $50
cheque fee sends a cheque previously issued
to you by Shaw.
Real Time Gross When you request that Shaw $30
Settlement (RTGS) arranges through its bank an
payment fee RTGS payment on your behalf.
International When you request that Shaw $30
telegraphic arranges through its bank an
transfer fee International telegraphic transfer.
Fail fee If you do not settle a trade or Fail fees are charged as a percentage of the trade
supply holder information within value per day. The current rate for a failed sell trade
the T+1 or T+2 timeframe (as is 0.1% of the trade value per day (subject to a $100
the case may be), fail fees will be minimum and a $5,000 maximum per security and
charged to your account. being entirely a fee imposed by ASX, passed on to
you) plus an administration fee of $50.
The current rate for a failed buy trade is 0.04% of the
trade value per day (due to provision of funding by
Shaw) plus an administration fee of $50.
Administration fee When you request that Shaw $50 for simple matters. If the matter is complex
undertakes non-standard or timely a fee will be agreed with you prior to
administration on your behalf. undertaking the task.
Posted Trade When you request that Shaw $2.50 per trade confirmation.
Confirmation Fee provide you with a posted copy
of your trade confirmation.
Early settlement When you request that Shaw Interest at a rate of 0.04% per day on the gross
fee settles your sell transaction prior amount (due to provision of funding by Shaw), plus
to the date due for settlement. an administration fee of $50.
10
Financial Services GuideFEES PAYABLE BY YOU – INTERNATIONAL FINANCIAL PRODUCTS
FEE TYPE WHEN IS IT PAYABLE? HOW MUCH IS PAYABLE?
Brokerage Whenever you buy or sell Brokerage is charged as a percentage of the value
financial products, brokerage is of the trade. For example, if you buy or sell USD
added to the purchase price of a 15,000 worth of shares at 1.5% brokerage, you
buy transaction and is deducted would be charged brokerage of USD 225.
from the proceeds of a sell
transaction. Brokerage is settled The rate of brokerage is usually between 1.0% and
on T plus 2 (being two business 2.0%. All transactions are subject to a minimum
days after the trade date) or T charge for brokerage, being USD 150 per trade.
plus 3 (being three Business
The specific rate of brokerage will depend on factors
Days after the trade date) for
such as the level of service, the type of advice,
share transactions depending on
the size of the transaction and the frequency of
the relevant exchange.
transactions on your account(s). The actual amount
of brokerage payable by you will be disclosed in the
confirmation for the transaction.
Exchange rate movements may affect the final price
for financial products.
Transaction When, as part of a transaction in AUD 50 (this includes the fee for international
processing fee international financial products, telegraphic transfers).
you require an international funds
transfer. If funds are held in your foreign currency account,
this amount is not payable.
Foreign currency When you instruct Shaw to Between 0.1% and 1.0% of the amount the
processing fee arrange a currency conversion on subject of the request, depending on the size of the
your behalf. transaction and the currency pair.
This fee is included in the rate quoted to you.
US Option At the end of a month, this fee is Fees are charged on a per contract basis. Fees vary
Exchange fee charged for international option by exchange and are typically in the range of USD
trades from the previous month. 0.0001 to USD 0.0055 per contract.
An aggregate exchange fee for applicable option
transactions is disclosed on each international
monthly statement.
US Option Clearing At the end of a month, this fee is Fees are charged on a per contract basis and are
Corporation fee charged for international option USD 0.055 per contract.
trades from the previous month.
An aggregate option clearing corporation fee is
disclosed on each international monthly statement.
Custody fees Monthly for non-US listed stocks. USD 2 per account per position per month for non-
US stocks.
Account inactivity If your account is inactive (did USD 25 per annum.
fee not generate (i) a trade or (ii)
free credit or margin interest
of at least USD$100 between
1 January and 31 December.
11
Financial Services GuideStock transfers When you request that stocks Up to AUD 150 per transfer in and AUD150 per
held in the International Nominee transfer out.
account to be transferred to or
from Shaw’s overseas custodian.
Broker to broker transfer fee USD 75 per stock
(non-US stock)
DRS transfer fee (US stock) USD 15-20 per stock
DRS transfer fee (non-US stock) USD 75 per stock
Paper delivery fee If you request paper delivery USD 1 per item.
of a trade confirmation or a
statement.
Cost base When you instruct Shaw to USD 20 per annum per account.
reporting activate cost base reporting.
Dematerialisation When you request a certificated From AUD 200 per security.
holding to be dematerialised. From USD 135 per security (Legal Transfer fee)
Reorganisation Where there is a company USD 50 per event for voluntary items and USD 10
items reorganisation event. per event for mandatory items.
Courier fee When you want Shaw to lodge AUD 75 per delivery.
certificated holdings or a W8-
BEN with Shaw’s overseas
representative.
Margin loan Interest payable on a margin The amount payable will depend on the currency,
interest loan. interest rates in that jurisdiction and the loan amount.
The rate of interest will be between 3% and 10% per
annum and subject to change depending on interest
rates in that jurisdiction where funds are borrowed.
Margin loan Shaw may receive a fee or Any fees or commissions Shaw receives are
commission commission on a margin loan. calculated as a percentage of the amount borrowed.
The rate of commission is usually between 0.1% and
1.5% depending on the currency and size of loan.
Currency Payment When you request a cash USD 10 per transaction.
Fee payment out of your International
Account in any currency.
Transaction costs When you buy or sell a stock that This will vary by stock exchange. Examples include:
of the relevant attracts a fee charged by a stock stamp duty of 0.5% on purchases on the London
stock exchange exchange. Stock Exchange and the Securities Exchange
Commission Section 31 fee rate for sales in the
USA.
Foreign currency When you hold cash in certain The foreign currencies to which this charge applies
credit balance foreign currencies. is subject to change and may include: SEK, EUR,
charge DKK, CHF and JPY.
12
Financial Services GuideFEES PAYABLE BY OTHER PARTIES (NOT YOU)
FEE TYPE WHEN IS IT PAYABLE? HOW MUCH IS PAYABLE?
Cash Management Shaw may receive a fee or Any fees or commissions Shaw receives are
Account (CMA) commission from the relevant calculated as a percentage of the amount deposited
fees/commissions bank on amounts deposited in a in a CMA. The rate of commission is usually between
CMA. 0.1% and 0.5% per annum.
Other commissions Shaw may receive a fee or Any fees or commissions Shaw receives are
commission from the various calculated as a percentage of the amount you invest
financial product issuers on in the Financial Product. The rate of commission is
amounts invested by you in a usually between 0.05% and 1.0% depending on
financial product. the period of investment. The specific rate will be
provided to you with the issuer’s documentation or
PDS or advised to you by your Adviser.
Adviser Shaw collects brokerage on your Advisers receive 100% of the brokerage or
remuneration Adviser’s behalf. commissions and remit a percentage of this
(approximately 50%) to Shaw.
Shaw Corporate Shaw receives payments from Shaw and its Advisers may earn fees, commission or
Finance companies for undertaking income from such corporate finance activities and have
various corporate finance interests directly or indirectly in the securities involved
activities including but not in these activities. Any fees earned by Shaw and its
limited to underwriting, sub- Advisers will be disclosed to you in the documentation
underwriting, placements relating to the offer or by your Adviser.
and initial public offerings of
securities.
Referral fees to A referral fee may be paid The amount of the fees depends on the specific
third parties to a third party, such as a arrangement. For instance, if the referring party
financial planner, for referring receives a share of the brokerage, this is calculated as
your business to Shaw. Any a percentage of the brokerage which Shaw receives
such payment depends on the from you for the transaction. The rate of the share
particular circumstances of the of the brokerage is usually between 0% and 75%.
arrangement with the third party. The specific rate will depend on the terms of the
agreement between Shaw and the third party. You
may request particulars of the referral fee that the third
party will receive from Shaw. Any request must be
made within a reasonable time after you receive this
FSG and before any financial service is provided to
you.
Advice fee Where you receive advice from a The amount of the advice fee depends on the
third party financial adviser (such as arrangement between you and the third party
a financial planner) that has a Direct adviser.
Shares Agreement with Shaw (‘third
party adviser’), Shaw may collect
the advice fee charged by the third
party adviser as their agent and
remit that amount to them.
In addition to the specific fees noted above, Shaw and Partners may pass through to you any additional charge,
or changes to an existing charge, as a result of changes in industry practices.
13
Financial Services GuideI. How is my personal information K. Compensation arrangements
dealt with? Shaw has adequate professional indemnity
The privacy of your personal information insurance in place to cover it for the financial
is important to Shaw. Presently, telephone services it provides and which satisfies the
conversations with your Adviser are not recorded requirements of s912B of the Corporations Act,
however, if this changes, you will be notified. having regard to the following:
For details of Shaw’s Privacy Policy please go • Shaw’s maximum liability under the
to www.shawandpartners.com.au or ask your Australian Financial Complaints Authority of
Adviser for a copy. which it is a member
• volume and nature of Shaw’s business
J. Complaints • number and kind of clients, and
If you have a complaint about the services, advice • the number of Advisers it has.
or any matter provided by Shaw or your Adviser,
you should take the following steps: If you require further information about our
compensation arrangements please contact
• contact your Adviser and discuss the Shaw’s Head of Compliance.
complaint directly, and
• if you do not feel comfortable discussing
the complaint with your Adviser or your
complaint is not satisfactorily resolved within
2 Business Days, please telephone Shaw
and ask to speak with our Complaints
Officer. We suggest you put your complaint in
writing at this time so that the issues are fully
documented and understood by the parties.
Your complaint should be addressed to:
The Complaints Officer
Shaw and Partners Limited
GPO Box 3604
Sydney NSW 2001
Email: compliance@shawandpartners.com.
au
Shaw will review your complaint within 45 days
and attempt resolution. If an issue has not
been resolved to your satisfaction, you can
lodge a complaint with the Australian Financial
Complaints Authority, or AFCA. AFCA provides
fair and independent complaint resolution that is
free to you.
Website: www.afca.org.au
Email: info@afca.org.au
Phone: 1800 931 678 (free call)
Mail: Australian Financial Complaints Authority
GPO Box 3, Melbourne VIC 3001
You may also wish to consult ASIC in relation
to your complaint. ASIC’s website contains
information on complaining about companies
and people and describes the types of
complaints handled by ASIC. ASIC’s details are
as follows:
Tel: 1300 300 630
Email: infoline@asic.gov.au
Website: www.asic.gov.au
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Sydney | Head Office Melbourne Website: www.shawandpartners.com.au
Level 7, Chifley Tower Level 20 Email: enquiries@shawandpartners.com.au
2 Chifley Square 90 Collins Street Shaw and Partners Limited
Sydney NSW 2000 Melbourne VIC 3000 ABN 24 003 221 583
Telephone: +61 2 9238 1238 Telephone: +61 3 9268 1000 Participant of ASX Limited, Chi-X Australia
Toll Free: 1800 636 625 Toll Free: 1800 150 009 Pty Limited and holder of Australian Financial
Services Licence Number 236048
Brisbane Perth All data in this document is current as at
Level 28 Level 20 1 January 2020 and is subject to change.
111 Eagle Street 108 St Georges Terrace
Brisbane QLD 4000 Perth WA 6000
Telephone: +61 7 3036 2500 Telephone: +61 8 9263 5200
Toll Free: 1800 463 972 Toll Free: 1800 198 003
Adelaide Canberra
Level 23 Level 7
91 King William Street 54 Marcus Clarke Street
Adelaide SA 5000 Canberra ACT 2600
Telephone: +61 8 7109 6000 Telephone: +61 2 6113 5300
Toll Free: 1800 636 625 Toll Free: 1800 636 625You can also read
