Financial Services Guide and Fees
A simple flat fee for the administration and audit of your fund.
$1,800 per year paid in advance . (minimum of two members per fund) If you have a property or where gearing is involved thru a trust then the administration fee is $240.00 per month.
As a Self Managed Super Institute client, you will also be referred to expert financial planning advice, tailored to meet the needs of your self and the other members within the fund. The financial planners sourced by us will give you specialist superannuation advice and assistance with your investment strategy. You can get advice on any aspect of your superannuation fund, whether you be in the accumulation phase or whether you are contemplating a retirement pension.
Specialist strategic advice for members:
If you choose to use our service then we can refer you to specialist self managed super advisers who can tailor specific investment portfolios for each member consistent with their risk profile and time horizon.
Corporate trustees:
If you require a corporate trustee for your self managed superannuation fund,we can establish a company, with the name of your choice for a once only fee of $880.00
Audit of your fund.
The audit of your fund is charged at $525.00 per fund and is paid after the fund receives an invoice.
Our Financial Services Guide
Our Financial Services guide contains important information about who we are, the services we provide, how you pay for our services and our complaints resolution procedures.
The Self managed super institute was established as a professional specialist superannuation administration company in 2004. We are not aligned to any bank or financial institution and are free of conflicts or incentives by other providers.You are entitled to ask us what type of advice we provide, what are the applicable charges, how our staff and representatives are remunerated and how complaints are resolved.
When you engage our services you should receive:
Our financial services guide (either paper or electronic).
A statement of advice document (either paper or electronic) This is only provided after we have taking into account your personal objectives, financial situation and needs to be addressed. You can refuse to provide this information and request only limited advice which will mean the scope of our advice will be specific and tailored to only those things that you want to address. We will not be responsible if this adice is not appropriate and fails to address all your financial concerns.
If a financial product is discussed then you can expect to recieve a product disclosure document (PDS). A self managed super fund is not considered a product and therefore you will not receive a product disclosure document. You will however receive an administration agreement which outlines all the services that we provide.
How is the Self Managed Super Institute paid for its services?
We charge a fee to set up a self managed superannution fund seperately if you do not engage our administration services. This fee will be charged on a cases by case situation.
If you engage our administration service and sign an administration agreement then we will waive this fee.
As a financial services licence holder we are entitled to receive service fees and ongoing asset management fees and commissions from financial institutions on behalf of consumers. This service fee varies and is disclosed once we are appointed to service a product or service. In a SOA this fee will be seperately disclosed based on the specific product recommended.
You may appoint us to represent you to other financial advisers and institutions and we may also be entitled to a fee. If this is the case we will seperately disclose this to you.
How are our staff paid?
All our staff receive a salary plus bonuses based on achieving performance targets and sales milestones. Our representatives who are self employed businesses receive a fee or commission that is disclosed to all clients. They may also be entitled to bonuses paid by the licence holder also based on milestones.
All staff may be entitled to profit share and shareholding.
What about dispute resolutions?
The Self managed super institute is a member of the Financial Services Ombudsman Service (FOS). If you have a complaint about our service please tell us. We will refer it to our complaints officer for resolution. If the matter cannot be resolved within 20 days of receipt of your complaint then you can apply to FOS to get it resolved by mediation. You can contact them on 1300 780 808 or write to FOS Post Office Box 579 Collins Street West, Melbourne Victoria 8007.
What does our Financial Services Licence allow us to do?
Under our licence we can provide product advice for the folowing classes of financial products.
Basis deposit products, general insurance products, life insurance and disability products, managed investment schemes, retirement savings accounts, securities, superannuation and dealing in a financial product on behalf of another person.
This has been updated in 2012.