Financial Services Guide - Virtue Advice
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Financial
Services Guide.
Virtue Advice Pty Ltd
Suite 6, 201 Alison Road, Randwick, NSW 2031
AR 000300321 | ABN 46 144 919 513
P: 02 9398 2722
E: cameron@virtueadvice.com.au
Virtue Advice is a corporate authorised representative 000376438
of Wealth Market AFSL 482898 FSG Version 1 26.03.2021
12Hello.
Welcome to Virtue Advice
Virtue Advice is a corporate authorised representative
of Wealth Market AFSL 482898. Wealth Market have Contents.
an Australian Financial Services License (AFSL) issued
by the Australian Securities & Investment Commission Financial Freedom ........................................... 3
(ASIC), which authorises us to provide you with personal Advice Services ................................................ 4
financial advice.
Financial Advice ............................................... 5
This Financial Services Guide (FSG) will help you make Working With Us .............................................. 6
an informed decision about whether the financial How We Are Paid .............................................. 7
services provided by Virtue Advice are right for you. Who We Are Associated With .......................... 9
Please read it carefully and let your adviser know if you
Privacy Info ...................................................... 10
have any questions.
How to Contact Us .......................................... 11
This guide explains who we are, what we can offer Terms in this FSG
you, and how we work. It also clearly explains our fees,
‘we’, ‘us’ or ‘our’ – refer to Virtue Advice or Wealth
commissions and referral payments. Market.
Wealth Market and Virtue Advice are covered by ‘adviser’ – refers to persons or entities authorised
professional indemnity insurance as required by law. to provide advice under Wealth Market’s
Australian Financial Services Licence.
12
Virtue Advice is a corporate authorised representative 000376438 of Wealth Market AFSL 482898 2Financial freedom.
We can help you plan for that.
PROTECT MANAGE GROW DREAM
Whatever your goals in life, Virtue Advice can help you with a plan to get you there. We are experts in
creating a plan for your future and doing the legwork for you. We can help you protect, manage and grow
your money.
Types of Advice
During your interactions with us you may receive several types of financial advice. Your adviser will help
you choose the most suitable type of advice for your needs.
Personal Advice (Comprehensive)
We consider your personal situation and get to know your individual needs and goals before we make
a recommendation to you. We may do so for a range of issues that you need advice on, in which case
we would provide you with comprehensive personal advice that takes into account your needs and
circumstances.
Personal Advice (Limited)
We may give you advice for a single need – for example – taking out enough life insurance to cover your
mortgage, which is often referred to as limited personal advice.
General Advice
Sometimes you may only want general information about a product or service that you are looking
to purchase. When we provide you with general advice we do not take into account your personal
circumstances and do not make an assessment about whether or not the product or service suits your needs.
12
Virtue Advice is a corporate authorised representative 000376438 of Wealth Market AFSL 482898 3Advice
services.
Money. We can help you Financial products
protect, manage and grow it. We can advise you on these types of financial products:
We provide holistic or one-off financial advice Basic and non-basic Deposit and
depending on your needs. We also offer ongoing Payment Products
services to keep you on track to achieve your goals.
Government Debentures, Stocks or Bonds
Investment Life Insurance Products
We can help with: Life Risk Insurance Products
Personal protection portfolio advice Managed Investment Schemes
Budgeting, cash flow and savings Investor Directed Portfolio Services
Debt management Retirement Savings Accounts
Superannuation Retirement Income Streams
Self Managed Super Funds (SMSF)
Securities (eg, shares)
Investment Advice
Superannuation, including Self Managed
Retirement planning Superannuation Funds (SMSF)
Downsizing
Standard Margin Lending Facility
Aged care
Estate planning We’ll help you decide which ones you need and
Business risk protection recommend the right products for you. We can also help
you to apply for, change or close any of these products.
Tax advice
As a Registered Tax Financial Adviser with the Tax
Practitioners Board, we are qualified to advise you about
the tax implications relating to our recommendations.
Our registration number with the TPB is 25007849. For
comprehensive tax advice, or tax agent services you
should consult a registered tax agent.
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Virtue Advice is a corporate authorised representative 000376438 of Wealth Market AFSL 482898 4Financial advice.
We make it personal.
Get ready to meet your Provide clear strategies and alternatives for the
advice you are seeking
financial adviser. Recommend financial products (where suitable)
Your adviser will ask you to bring some information and
documents with you to the first meeting to help us get a Show you how these strategies and products
better understanding of your current financial position. will meet your goals
Inform you of any fees payable and any commission
We listen and learn that Wealth Market or your adviser will receive.
about you. We put your plan in place.
Your adviser will introduce you to the financial services
Once you’ve discussed and revieytwed your adviser’s
we offer and provide you with this Financial Services
recommendations, we’ll ask for your approval to
Guide (FSG). They’ll ask questions to make sure that
implement your plan, and to sign an Authority to
we have enough information to provide financial advice
Proceed. Your adviser will explain the process and
that meets your needs.
help you with any paperwork. Where appropriate your
Your adviser will: adviser will provide you with any Product Disclosure
information about product features, benefits, conditions
Review your current financial position and needs and costs.
Discuss and identify your personal and In future, any additional financial advice may come with
financial goals a new Statement of Advice, or if your financial situation
and goals haven’t changed significantly, you may
Explain the scope of the advice you need receive a Record of Advice. You can obtain a copy of
your Record of Advice by asking your financial planner or
Provide you with a Client Services Agreement
setting out the scope, terms, fees and charges contacting Wealth Market directly.
for us to prepare your financial plan. If you
decide to proceed with our services, you will need Keep on track with
to sign this agreement before we can start work.
ongoing services.
We research and analyse. Annual services packages are available to help keep
you on track to achieve your goals. You will need to sign
Your adviser will research your current situation and an Annual Services Agreement which sets out the terms
existing financial products to tailor your financial plan to of this relationship, including the services you are entitled
your personal situation and ensure it addresses all the to, when those services will be delivered and the fees
goals in scope for the financial plan. you will be charged. At the end of each service year,
you will need to sign a new Annual Services Agreement
Your financial plan is ready! to maintain the services of your adviser for a further 12
months.
Your adviser will present you with a written financial plan,
Some clients may be on ongoing service agreements
called a Statement of Advice. The plan will:
that continue beyond 12 months in duration. If this is the
Set out your needs and goals, our financial case we will provide you with a Fee Disclosure Statement
advice and the reasons why we made these that outlines the fees you paid, the services you were
recommendations entitled to and the services you received over the past 12
months.
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Virtue Advice is a corporate authorised representative 000376438 of Wealth Market AFSL 482898 5Working with us.
Just some things to know.
Giving your adviser instructions
You can usually instruct your adviser by phone, letter, email or fax.
Sometimes your adviser will need written instructions from you. They’ll let
you know when this is the case.
Disclosing information
We ask for information so that we can provide you with suitable advice
to meet your needs. You don’t have to give us the information we ask for.
But, if you don’t we may not be able to give you our advice and other
services outlined in this Financial Services Guide. If your adviser thinks
that’s the case, they may decline to give you advice.
Verifying your identity
The Anti-Money Laundering and Counter-Terrorism Financing Act 2006
requires your adviser to verify your identity before arranging any financial
products or services.
Where no advice is provided
In some instances you can instruct us to apply for, change or close
a financial product on your behalf, without our advice. In this case,
you’ll receive a confirmation.
Compensation arrangements
Wealth Market has in place Professional Indemnity Insurance for all it’s
authorised representatives. Our policy satisfies the requirements for
client compensation set out as per section 912B of the Corporations
Act. Our policy covers claims in relation to the conduct of our current
representatives as well as those who are no longer with Wealth Market
(but were at the time of the relevant conduct).
Refer your family and friends
We love receiving referrals from our clients. If what we are about to do
for you may be of interest to your family, friends or colleagues do not
hesitate to share our details. The best compliment you can give your
adviser is to refer them a client.
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Virtue Advice is a corporate authorised representative 000376438 of Wealth Market AFSL 482898 6How we are paid.
Your investment in your future.
Advice fees Commissions on life insurance
We have an open and honest fee structure for the We may be paid initial and ongoing commissions for
advice and services we provide. the life insurance advice and products our advisers
recommend. These commissions, which are paid by
The total fee for advice depends on the time it takes to
the insurance company, are included in the product’s
create a financial strategy tailored to your situation.
fees and premiums and are not an additional cost to
The complexity of your situation, the amount of research
you. These commissions operate to reduce the cost of
required and the strategies you may need will all impact
insurance advice fees you would otherwise need to pay
the time it takes to develop and deliver your advice.
us for the time and work involved to deliver your advice.
Our standard hourly rate is between $275 and $660
(incl. GST). Your financial adviser will inform you of the Initial commissions payable can be up to 66% (incl.
applicable hourly rate and seek your formal consent GST) of your initial annual policy premium and up to
prior to commencing work. 31% (incl. GST) of your ongoing annual premium for
ongoing commissions. We will always tell you about these
For most people, the fee for advice is between $1,650pa commissions in your Statement of Advice (SOA).
and $11,000pa (incl. GST). Your fees will be calculated
according to your advice needs and will vary depending Commissions paid directly to us by insurers make advice
on your personal circumstances. In rare circumsances it more affordable for customers. But if you prefer, we can
may be higher than this if your situation is very complex. reduce the initial commissions payable to zero and you
We always inform you of your fees before your proceed can pay advice fees directly to us. This may make the
to the next step and the fees become payable. advice more expensive initially, but it could also reduce
your annual premiums in the long term. Your adviser will
If you are seeking financial advice related to
explain these trade-offs and help you decide which
insurances only, advice fees may not be applicable.
option is best for you.
Advice fees may be invoiced to you personally or in
some cases you may choose to pay them directly from Any commissions paid will align with the Federal
your existing or recommended product. Government’s industry reform recommendations
introduced under the Life Insurance Framework, and
Annual Service fees Corporations Amendment Life Insurance Remuneration
Arrangements Act.
Fees for our annual service packages range between
$2,640pa to $6,600pa (incl. GST). Wealth Market does not receive any additional revenue
from insurers linked to the volume of business placed
You can choose to pay these fees monthly, quarterly with them. All insurance companies pay the same level of
or annually. Fees may be higher or lower than this, commissions which means our advice is not influenced by
depending on your personal circumstances. Your fees how much we receive.
will be calculated according to your advice needs and
will vary depending on your personal situation.
Annual Service fees may be invoiced to you personally
or in some cases you may choose to pay them directly
from your existing or recommended product.
All fees will be agreed to between yourself
and your financial adviser before you proceed
with the agreement.
12
Virtue Advice is a corporate authorised representative 000376438 of Wealth Market AFSL 482898 7How we are paid.
Your investment in your future.
Non-monetary benefits Remuneration
From time to time, Wealth Market financial advisers Wealth Market initially receives all adviser fees (initial
may receive non-monetary benefits from product and ongoing) and commission payments (initial and
providers, up to the value of $300. This may include ongoing) on behalf of the authorised representatives
things like gift vouchers, hampers and entertainment and their franchises and corporate authorised
(eg. lunches, dinners, tickets to theatre or sports events). representatives.
These benefits are recorded in an Alternative Forms of
Remuneration Register where their value is between These payments, less any applicable fees and
$100 and $300. expenses, are then distributed to to us, Virtue Advice.
Virtue Advice pays Wealth Market a fee per adviser, per
Financial advisers may also benefit from free training month not exceeding $2000 plus a share of any revenue
courses or seminars funded by a product provider, or received of between 5% – 10%. The remaining revenue is
from free software that supports the adviser in providing then received by Virtue Advice.
financial product advice. These are also recorded in the
Alternative Forms of Remuneration Register which you The total revenue earned by Virtue Advice can
can review at any time by contacting us on 1800 011 471. contribute to a reduction in the percentage based
Wealth Market licensee cost to a minimum of 5%. We will
disclose any fees payable by you, or any commissions
Referral payments paid to us by a third party, in your Statement of Advice.
From time to time we will work with other professionals
(accountants, mortgage brokers, solicitors) on solutions
that in our view will benefit your overall financial
situation. We may share revenue as part of the work
involved in us discussing your situation, designing the
solution and checking that it aligns with your overall
goals and objectives. We will discuss this with you
before commencing in work with other professionals
and any share of revenue will be fully disclosed for your
information specifically detailing the fees and entity
name. These fees do not add to your costs.
12
Virtue Advice is a corporate authorised representative 000376438 of Wealth Market AFSL 482898 8Associations.
Who we are associated with.
Group structure
Wealth Market is owned by one of Australia’s leading The Group provides a wide range of services, including
family businesses — the White Family Group, featuring but not limited to mortgage broking services, real estate
iconic brands such as Ray White and Loan Market. agency services, financial advice services and general
insurance services.
As an Aussie company that is proudly home-grown,
family owned and led, we know a thing or two about Loan Market Group Pty Ltd (ACN 105 221 967)
taking care of each other, as only families can. Honesty,
integrity and ethics are part of who we are, and we put Loan Market Pty Ltd (ACN 105 230 019)
your best interests first, always.
The Concierge™ businesses operating through
Our financial advisers are supported by a team of REVA Insurance Pty Ltd (ACN 105 230 046)
experienced specialists in the areas of research,
Ray White (Real Estate) Partnership ABN 21 464
technical strategies and compliance. Together we
496 649 - comprising Minglecliff (QLD) Pty Ltd and
provide you with quality advice that is tailored to
Tupman Pty Ltd
your personal circumstances.
Ray White (Real Estate) Pty Ltd (ACN 010 005 473)
Take control. Protect the ones you love. Manage the
everyday. Achieve your dreams. Ray White (Queensland) Pty Ltd (as agent
for The Ray White (Real Estate) Partnership in
At Wealth Market, we make money simple.
Queensland) (ACN 054 743 510)
Ray White (New South Wales) Pty Ltd (as agent for
The Ray White (Real Estate) Partnership in New
South Wales and the ACT) (ACN 054 813 660)
Ray White (Victoria) Pty Ltd (as agent for The
Ray White (Real Estate) Partnership in Victoria
and Tasmania) (ACN 054 890 587)
Ray White (Western Australia) Pty Ltd (as agent
for The Ray White (Real Estate) Partnership in
Western Australia) (ACN 063 321 684)
Fasselton Pty Ltd (as agent for The Ray White
(Real Estate) Partnership in South Australian
and the Northern Territory) (ACN 056 909 141)
12
Virtue Advice is a corporate authorised representative 000376438 of Wealth Market AFSL 482898 9Associations.
Who we are associated with.
Product provider relationships
To help us identify quality products that best meet
your needs, Wealth Market provides us with a regularly
updated Approved Product List with products selected
based on extensive research and expertise. We
believe it gives you access to best of breed investment,
superannuation and insurance product providers in
the market place. Wealth Market is not owned by or
affiliated with the product providers. We choose these
providers based solely on their merits and suitability to
meet our clients’ needs.
Although the Approved Product List streamlines the
product selection process, your adviser is responsible
for conducting their own research into the most suitable
products for you, based on your personal and financial
circumstances. Where such a product is not on our
Approved Product List, your adviser can have this
product considered for approval.
Wealth Market provides regular training on technical
strategies and products to ensure our financial advisers
are at the forefront of the latest information that
supports the advice they provide to clients. This training
is delivered at events like Professional Development
Days, arranged by Wealth Market but often funded
from payments in the form of sponsorship from product
providers.
These payments are permissable by law and are only
used to pay for events where at least 80% of the event
is dedicated to the training and development of our
financial advisers. The payment from each provider
does not exceed $6,000 per annum and each product
provider makes an equal contribution which means
the advice of our financial advisers is not influenced by
these payments.
12
Virtue Advice is a corporate authorised representative 000376438 of Wealth Market AFSL 482898 10Privacy info.
We respect your privacy.
If you have any questions about your personal Any industry body, tribunal, court or otherwise
information or wish to access our full privacy policy in connection with any complaint regarding our
please contact us at privacy@wealthmarket.com, services
on 1800 011 471 or at www.wealthmarket.com.
An organisation that assists us to identify,
The information you provide prevent or investigate fraud, unlawful activity
or misconduct
will be held by us. Any person where we are required by law to do so
We collect your personal information as required
or authorised by law for the purpose of providing Any of our associates, related entities
financial advice and products to you. or contractors
We collect your personal and sensitive information Your referees, such as your employer, to verify
from you or where you consent, via information information you have provided
sourced from (our related bodies corporate) and
from third parties (eg. your employer, your Any person considering acquiring an interest
superannuation fund, your financier, your insurer, in our business or assets
your accountant or solicitor) or where we are
required to or authorised by or under an Any organisation providing online verification
Australian law, or a court/tribunal order. of your identity
Your consent is required for collection of Any person or organisation for any authorised
sensitive information (eg. health information) purpose with your express consent.
unless the collection is required or authorised by
or under an Australian law, or a court/tribunal If you do not provide the information we may
order or otherwise permitted in limited situations not be able to provide our services to you.
as prescribed under the Privacy Act.
We may disclose personal information to our
We may use the personal and sensitive
related bodies corporate and third party suppliers
information you provide us to deliver the financial
services we are authorised to provide under our and service providers located overseas for some of
Australian Financial Services License (AFSL) which the purposes listed. Your personal information may
includes providing personal financial product be stored in the cloud in an overseas country.
advice and dealing in financial products.
In the event that a disclosure is made in that overseas
We may use the personal and sensitive country, the information will not be protected by the
information you provide us for the marketing Australian Privacy Principles. In any event, by providing
and/or promotion of other services to you. your details, you consent to your information being
You have the option to opt out of this at any time. disclosed in this manner.
We may exchange personal information with
the following types of entities, some of which may
be located overseas:
Access correction and
Our employees, related bodies corporate,
complaints
contractors or service providers for the purposes You may gain access to the personal information
of operation of our website or our business, that we hold about you by contacting us. Our privacy
fulfilling requests by you, and to otherwise policy contains information about how you may access
provide products and services to you
or seek correction of the information we hold about you,
Entities who provide financial products to you how we manage that information and our complaints
process.
Financial consultants, accountants, lawyers
and advisers
12
Virtue Advice is a corporate authorised representative 000376438 of Wealth Market AFSL 482898 11We’re here to help.
Don’t hesitate to reach out.
What to do if you’re not happy
with our services.
Please contact your adviser if you have a complaint
about our services and provide as much information
as you can. We may need to contact you for further
details. Once we have enough information we will
resolve your complaint within five business days.
If you are not happy with the proposed resolution,
you may request that our complaints officer reviews
your complaint and our proposed resolutions.
The complaints officer may contact you for more
information. The complaints officer will then come
back to you with their decision.
Wealth Market contact details
P: 1800 011 471
customercare@wealthmarket.com
Wealth Market, GPO Box 5200, Sydney NSW 2000
wealthmarket.com
We will attempt to resolve your complaint efficiently
and fairly. If you are not fully satisfied with our
response, or if you have not received a response
within 45 days, you can have your complaint reviewed
by the Australian Financial Complaints Authority
(AFCA). Our member number with AFCA is 38211.
Australian Financial Complaints Authority (AFCA)
P: 1800 931 678 (free of charge)
info@afca.org.au
GPO Box 3, Melbourne VIC 3001
afca.org.au
How to contact us.
Virtue Advice Pty Limited
Suite 6, 201 Alison Road, Randwick NSW 2031
P: 02 9398 2722
E: cameron@virtueadvice.com.au
W: virtueadvice.com.au
AR 000376438 | ABN 56128350112 12
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