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Not Independent Part of our fee for our advice on risk insurance policies and some investment products are paid by way of commission by the product provider. Our advice on risk insurance and some investment products is therefore not independent. In all other cases, we charge a fee for our advice services and do not receive commissions or other payments from product providers. |
Date Prepared | 24 November, 2021
What is a Financial Services Guide?
This Financial Services Guide is an important document which we are required to provide to you as a condition of our Australian Financial Services Licence.
It contains information about:
- McKinnon Financial Planning
- Dean McKinnon
- The services offered and their cost
- Any conflicts of interest which may impact the services
- How we deal with complaints if you are not satisfied with our services.
When we provide you with financial planning services you may receive:
- A Statement of Advice or Record of Advice which documents the advice we provide to you
- A Product Disclosure Statement which explains the products we have recommended.
McKinnon Financial Planning is different to many financial planning practices as it holds its own Australian Financial Services Licence (licence number: 417488), which has been issued by the Australian Securities and Investments Commission.
McKinnon Financial Planning is owned and managed by Dean McKinnon.
As a licensee we are required to comply with the obligations of the Corporations Act and the conditions of our licence.
Adviser Contact Details
Website: http://www.mckfp.com.au
Street Address: 1 LATROBE STREET, EAST BRISBANE, QLD, 4169
Postal Address: PO Box 7418, EAST BRISBANE, QLD, 4169
Phone Numbers: Mobile: 0411 555 834 | Phone: 1300-261-373 | Fax: 1300-261-056
What services do we provide?
McKinnon Financial Planning holds a licence to provide a comprehensive range of services which include:
- Superannuation and Self-Managed Super Fund advice
- Managed investment advice
- Direct equity advice
- Retirement planning advice
- Personal insurance advice
- Margin lending advice
- Portfolio review services
These services are provided to both wholesale and retail clients.
Your Financial Planner
Dean McKinnon is the Responsible Manager for McKinnon Financial Planning Pty Ltd (the holder of the Australian Financial Services Licence) and will provide these services to you.
You can rely on McKinnon Financial Planning and Dean to deliver professional advice and to stand by that advice.
The financial planning process
We recognise that the objectives and personal circumstances of each client are different.
We will listen to you to understand your objectives and circumstances. We will also ask questions to make sure we address all issues.
When we first provide advice to you it will be explained thoroughly and documented in a Statement of Advice which you can take away and read.The Statement of Advice will explain the basis for the advice, the cost to you of implementing the advice and any commissions or associations which could have influenced the advice.
We will also provide you with a Product Disclosure Statement. This contains information about each product recommended to help you understand the investment being recommended.At all times you are able to contact us and ask questions about the advice and investments recommended.
We provide an annual review service to keep your plan up to date for changes in your circumstances, changes in the law and changes in the economy and products available. This will be documented in a Record of Advice.
Fees
Your first meeting with us is complimentary and obligation free.
Plan Preparation Fee
The Plan Preparation fee includes all meetings with you, the time we take to determine our advice and the production of the Statement of Advice.
The Plan Preparation fee will range between $1,100.00 and $5,500 dependent on the scope and complexity of advice provided to you, and will We will agree the fee with you at our first meeting.
Plan Implementation Fee
If you decide to proceed with our advice we will charge a fee for the time we spend assisting you with implementation and will range between $550 and $1,650 dependent on the type of financial product being arranged for you.
We will let you know what the fee will be in the Statement of Advice.
Ongoing Services Fees
Once your investments and life insurance policies are established we will meet with you at least every twelve months to provide performance reports for your investments and review your life insurance requirements and update this advice.
The updates will consider the latest investment and life insurance research from industry experts, changes in legislation, new products available in the market and any changes to your personal circumstances.
Ongoing fees will depend on what ongoing service are provided, and may be either an agreed fixed fee ranging between $3,300 and $5,500 per year, dependent on the complexity of your financial circumstances, or a percentage of your account balance, ranging between 0.1% to 1.1%, or a combination of both.Full details of your service fees will be provided to you in the Statement of Advice.
Commissions
McKinnon Financial Planning and Dean McKinnon receive commissions from some product providers.
The commission amount will vary depending on the product which is recommended.
We will tell you the exact amount in the Statement of Advice.
Investment Commissions
We may receive a monthly commission payment from some investment providers. These will be based on your account balance, ranging between 0% and 1.1%, and will continue to be paid for as long as you hold the product.
We will tell you the exact amount in the Statement of Advice.
Insurance Commissions
We may receive a one-off upfront commission when you take out an insurance policy we recommend, ranging between 0% and 88% of the annual insurance premium.
We also may receive a monthly commission payment for as long as you continue to hold the policy, ranging between 0% and 33% of the annual insurance premium.
We will tell you the exact amount in the Statement of Advice.
Licensee Commission
Some product providers may pay an additional licensee commission. This is based on the total funds invested in their products or the total insurance premiums for their policies across our entire client base, and range between 0% and 1.1% of the invested funds.
Other Benefits
We may also receive additional benefits by way of sponsorship of educations seminars, conference or training days. Details of any benefits received above three hundred dollars ($300) will be maintained on a register which is available to you on request.
Referral Fees
We may receive a referral fee from other professional advisers such as accountants, solicitors, car brokers, real estate agents and any other entity that we may refer you to for goods or services, ranging between $110 to $1,100, depending on the type of service provided or goods purchased.
If applicable, we will tell you the exact amount in the Statement of Advice.
Making a Complaint
We endeavour to provide you with the best advice and service at all times.
If you are not satisfied with our services then we encourage you to contact us.
Please call us at or our office or put your complaint in writing.
If you are not satisfied with our response you can refer your complaint to the Australian Financial Complaints Authority ("AFCA"). You can contact the AFCA by calling them on 1800-931-678, or by visiting their website https://www.afca.org.au. This service is provided to you free of charge.
Our Compensation Arrangements
McKinnon Financial Planning holds a Professional Indemnity insurance policy that is compliant with Section 912B of The Corporations Act 2001, to provide compensation for any negligent advice provided to you.
Please contract our office should you require details of our current policy. He
Your Privacy
McKinnon Financial Planning is committed to protecting your privacy. We have a Privacy Policy which sets out how we collect, hold, use and disclose your personal information.
We will collect personal information from you so that we can understand your personal situation and provide you with advice which meets your needs and objectives.
We will also collect information from you to meet our obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act.
We will generally collect this information directly from you however in some cases we will seek your authority to collect it from other parties such as your accountant or your superannuation fund.
If you do not provide us with all of the information that we request, we may not be able to provide our services to you.
We will hold and use your personal information so that we can continue to provide our services to you. We will only disclose your personal information to external parties where:
- The law requires us to do so
- You consent for us to do so
Our Privacy Policy contains further information on how we collect, hold, use and disclose your personal information. It also sets out how you can access the information we hold about you, how to have it corrected and how to complain where you are not satisfied with how we have handled your personal information. Our full Privacy Policy is available on our website (https://www.mckfs.com.au).
