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Financial Services Guide (FSG)

Download StatePlus FSG 6 July 2020

Introduction

This Financial Services Guide (FSG) provides you with information about State Super Financial Services Australia Limited, trading as StatePlus (StatePlus, we, our or us), ABN 86 003 742 756 under its Australian Financial Services Licence (AFSL) No. 238430 to help you decide whether to use the financial services we provide.

When providing financial advice, or arranging product transactions, these services may be provided to you by either:

  1. First State Super Services Pty Ltd (FSS Services) (ACN 633 384 059), Authorised Representative No. 1278650; or
  2. VicSuper Pty Ltd (VicSuper) (ABN 69 087 619 412), Authorised Representative No. 1282289;

as corporate authorised representatives of StatePlus (Corporate Authorised Representatives). Details of the relevant providing entity will be disclosed in your Statement of Advice.

This FSG is issued by us and explains:

  • Who we are;
  • The services and products which are available to you;
  • How we are remunerated for these services;
  • How we look after your personal information; and
  • Our internal and external complaints handling procedures.

Who is StatePlus?

StatePlus is licensed under the Corporations Act to provide financial services and products to you as outlined in this guide.

StatePlus is the responsible entity for the StatePlus Investment Funds and is authorised to issue interests in these managed investment schemes, as well as operate managed investment schemes which hold financial assets.

Financial advice will be provided by a suitably qualified employee of our Corporate Authorised Representatives, who act specifically for you under their appointment by StatePlus.

In accordance with our obligations under the Corporations Act, we hold professional indemnity insurance in respect of our regulated activities (including those of our Corporate Authorised Representatives).

Relationship between First State Super, FSS Services, VicSuper, StatePlus and First State Super Legal

FSS Trustee Corporation (ABN 11 118 202 672 and AFSL 293340) as trustee of the First State Superannuation Scheme (ABN 53 226 460 365) (First State Super) is the issuer of retirement and superannuation products. First State Super also owns:

  1. StatePlus;
  2. FSS Services;
  3. VicSuper; and
  4. First State Super Legal Pty Ltd.

Some executives of First State Super are also Directors of StatePlus.

How to contact us

You can contact us and FSS Services by:

You can contact VicSuper by:

The advice and services we can provide you

Our financial planners are authorised to provide you with general and personal advice in relation to certain financial products, as well as arrange transactions for you on these products.

We set out below a list of the areas of advice we can help you with as well as the products and services we can arrange.

We can provide advice in the following areas:

  • Superannuation
  • Retirement planning
  • Wealth creation
  • Cashflow and budgeting management
  • Retrenchment and redundancy planning
  • Accessing Centrelink and other government benefits
  • Aged care issues
  • Personal risk management including life insurances
  • Securities*

*Limited to general advice on securities as an asset class.

We can advise on and arrange for the following products and services:

  • Deposit products
  • Superannuation
  • Retirement income streams, and annuities
  • Managed investments, including investor directed portfolios services
  • Government debentures, stocks and bonds
  • Life insurance products, including insurance bonds and funeral bonds
  • Life risk insurance products

To check our financial planners’ qualifications and what they are individually allowed to provide advice on, please go to www.moneysmart.gov.au/financial-advice/financial-advisers-register.

First State Super’s products are included on our approved product list. While there may be other products on the market that may also suit your circumstances, our planners will only recommend products that StatePlus or First State Super issue, or other products that have been thoroughly researched and we consider meet the needs of our clients.

Documents you may receive from us

When we provide you with personal advice, you will normally receive a Statement of Advice (SoA) at that time. Your SoA will include important information regarding the basis of the advice, details of the fees that apply to the recommended products and details of remuneration paid (if any) related to the advice.

If we provide you with further advice, we may provide you with another advice document, in most cases another SoA or a Record of Advice (RoA).

You can ask for a copy of these at any time from your financial planner or by contacting us using the details in this guide.

Before you acquire an interest in a new financial product, we will also provide you with the relevant Product Disclosure Statement (PDS). The PDS contains information about the particular product including details of features and benefits and the fees and charges. It will assist you in making an informed decision about the product.

Paying for the services we provide

There are two different ways of getting advice. You can:

  • Partner with us for ongoing advice; or
  • Seek advice on demand whenever you need it.

You can elect to see a financial planner at one of our locations, or you can talk to a financial planner over the phone, giving you choice and flexibility in how you want to deal with us.

The fee charged to you will depend on:

  • The nature of the advice we provide;
  • Whether the advice is needed for a specific situation or is ongoing;
  • Whether the advice is relatively simple such as making additional contributions to your super fund;
  • Or more complex such as developing your retirement plan;
  • Whether specialist advice including aged care, life insurance, or estate planning services from one of our estate planning lawyers is required.

No fee is payable for your initial appointment with our financial planners. This provides us with an opportunity to get to know you and to understand your situation, financial needs and the complexity of the potential advice needed.

Once your advice needs are identified we will discuss and agree, together with you on the fees and scope of advice, so you know which services will be provided to you and an estimate of what they will cost, before any services commence.

The actual costs will be outlined in your advice document when the advice is finalised.

You may choose to pay your fees directly or, where possible, they may be deducted from your product.

Our Advice fees

The fees you pay for our advice will reflect the advice you need and may be based on:

  • A set dollar amount that is agreed between you and us. Fees can range between $660 and $8,500 (including GST) depending on the complexity of the advice;
  • A percentage-based fee for ongoing advice of up to 0.75% pa. This is calculated on the value of assets in the following products: Flexible Income Plan, Allocated Pension, Term Allocated Pension, Transition to Retirement Plan, Tailored Super Plan, Personal Retirement Plan, Investment Fund A and Investment Fund B, up to the maximum advice fee of $8,000 (including GST).

The fee:

  • Is generally calculated daily;
  • Can be deducted from these product(s);
  • Is deducted from your account monthly, in arrears; or
  • Can be a combination of the above.

Where the fees are calculated at the time the personal advice is given, these will be disclosed at the same time or as soon as practicable after that time.

Specialist Advice

If the advice we provide to you is in relation to ‘specialist advice’ (personal insurances and aged care), we may charge you an additional one-off advice fee.

Any additional advice fees payable will be agreed with you prior to providing you with our advice and will be confirmed in documentation received from us. You are able to pay the advice fee directly to StatePlus.

Where we refer you to one of our estate planning lawyers from First State Super Legal Pty Ltd, they may also charge you an additional one-off fee.

Simple Superannuation Advice

For eligible members, simple personal advice on their existing superannuation interest can be accessed at no additional cost. First State Super pays StatePlus a fee to provide this service. The cost of providing this service is deducted out of the administration fee First State Super charges its members.

Please check your respective PDS issued by First State Super for your eligibility.

Further clarification or information about our advice fees can be requested from your financial planner.

What benefits are received?

StatePlus receives the product fees on the StatePlus Investment Funds as detailed in the PDS.

StatePlus is paid the advice fees described under ‘Our Advice Fees’ (except for specialist estate planning services).

As part of the payment for advice services that involve insurance, StatePlus may receive commissions from the life insurer recommended to you. These payments are not a further cost to you.

This upfront commission is up to 66% of the initial annual premium amount. For example, if your insurance premium is

$2,000 the life insurance provider may pay StatePlus an upfront commission amount of up to 66%, equivalent to

$1,320 (including GST). In addition to the upfront commission payment, StatePlus may also receive ongoing commissions of up to 22% per annum based on the renewal of your premium for as long as you hold the policy.

The amounts that are received by StatePlus will be disclosed in the advice document once a product is recommended.

Where a First State Super product is issued following a recommendation by StatePlus, applicable product fees as detailed in the relevant PDS are received by First State Super or otherwise paid as described in the PDS.

Neither StatePlus nor its Corporate Authorised Representatives receive any commission from the placement of monies into First State Super.

Our financial planners are paid a salary and may be eligible for an incentive payment once a year based on the achievement of pre-determined compliance, professional and service standards, as well as business objectives.

These payments cannot be ascertained at the time this FSG is provided to you.

Alternative forms of remuneration

Our financial planners, Executives and Directors may receive the occasional gift or invitations to events from a product provider or referral partnership, although this is rare.

How is my personal information dealt with?

The privacy of your personal information is important to us.

We collect your personal information to ensure we are able to provide you with the advice, products and services most appropriate to your needs. We maintain a record of your personal profile which can include details of your needs and objectives and your individual financial situation generally.

You may request access to the personal information that we hold about you by writing to us as outlined in our privacy brochure. A copy of our privacy brochure is available at each of our regional offices or on the First State Super website at www.firststatesuper.com.au.

What should I do if I have a complaint?

Internal complaint handling processes

If, for any reason, you are not satisfied with the advice or service you receive from us, or our Corporate Authorised Representatives (including their employees), you are entitled to make a complaint.

You should contact us as a first point of call. We have established procedures to ensure all complaints are resolved fairly, free of charge, and within the prescribed timeframe.

If you wish to make a complaint about us, or any aspect of our advice service, please:

  1. Contact the Complaints Manager by writing to us at GPO Box 5336 Sydney NSW 2001 or by emailing advicecomplaints@firststatesuper.com.au
  2. Lodge your complaint with the regional office employee you deal with; and/or
  3. Contact the local Advice Delivery Manager of the office where you received advice.

External complaint handling processes

If you do not receive a satisfactory outcome to your complaint you can lodge a complaint with an external complaints handling service.

The Australian Financial Complaints Authority (AFCA) is available to deal with complaints from consumers in the financial services industry. These services are provided to you free of charge. Contact details for AFCA are as follows:

GPO Box 3, Melbourne VIC 3001

Tel: 1800 931 678

E-mail: info@afca.gov.au or

Website: www.afca.org.au

The Australian Securities and Investment Commission (ASIC) also has an info line on 1300 300 630 which you may use to make a complaint or obtain information about your rights.

If you have concerns involving ethical and professional conduct, you may wish to consider raising your concerns with the Financial Planning Association of Australia (FPA). They can be contacted at GPO Box 4285, Sydney NSW 2001.



Issued by State Super Financial Services Australia Limited trading as StatePlus ABN 86 003 742 756, AFS Licence No 238430