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Financial Services Guide (FSG)

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Introduction

This Financial Services Guide (FSG) provides you with information about State Super Financial Services Australia Limited trading as StatePlus ABN 86 003 742 756 (StatePlus, we, our, or us) to help you decide whether to use the financial services we provide.

This FSG is issued by us and explains:

  • who we are;
  • the services and products which are available to you;
  • how we and our planners are remunerated for these services;
  • how we look after your personal information; and
  • our internal and external complaints handling procedures and how you can access them.

Who are we?

With origins dating back to 1990, StatePlus has a strong heritage of providing specialist retirement financial services to hardworking Australians.

StatePlus is licensed under the Corporations Act to provide financial services and products to you as outlined in this guide. All financial services offered will be provided by a suitably qualified employee of StatePlus.

When providing financial advice and arranging for product transactions, we act specifically for you under our own financial services licence.

Our Australian Financial Services Licence (AFSL) number is 238430. In accordance with our obligations under the Corporations Act, we hold professional indemnity insurance in respect of our regulated activities.

StatePlus Locations

StatePlus has offices located across Australia. Go to www.stateplus.com.au/locations for details of our office locations.

You can contact us by:

Relationship between First State Super and StatePlus

In 2016, First State Super – one of Australia’s largest industry superannuation funds – acquired StatePlus. Combined, the two organisations help everyday Australians get the most out of their superannuation and retirement.

To capitalise on our increased scale and deliver improved efficiency to our clients, on 1 July 2019 the following products were transferred to the First State Superannuation Scheme
(ABN 53 226 460 365):

  • Allocated Pension Fund
  • Term Allocation Pension Fund
  • Flexible Income Plan
  • Transition to Retirement Pension
  • Personal Retirement Plan
  • Tailored Super Plan

From 1 July 2019, FSS Trustee Corporation (ABN 11 118 202 672, AFSL 293340), as the Trustee of the First State Superannuation Scheme, became the issuer of each of these products.

StatePlus continues to be the responsible entity for the StatePlus Investment Funds and the trustee of the Fixed Term Pension Plan.

None of First State Super, as trustee of the First State Superannuation Scheme, the SAS Trustee Corporation (STC), New South Wales Government or any other Australian Government Authorities - Local, State, Territory or Commonwealth, takes any responsibility for any of the services offered by StatePlus. Neither they nor StatePlus guarantees the performance of any product recommended or provided by StatePlus, or provided by First State Super.

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

First State Super’s products are included on StatePlus’ Approved Product List. Neither StatePlus nor its employees receive any commissions from the placement of monies into First State Super.

Some directors of First State Super are also directors of StatePlus.

The advice and services we can provide you

StatePlus is authorised to issue interests in its own managed investment schemes, as well as operating managed investment schemes which hold financial assets.

StatePlus is also 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
  • Access 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 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

Our planners will only recommend financial products which have been authorised by us. While there may be other products on the market that may also suit your circumstances, our planners will only recommend products that we or First State Super issue, or other products that have been thoroughly researched and we consider meet the needs of our clients.

Superannuation Advice Team

For eligible First State Super members accessing simple, single issue advice, it will be limited to their existing superannuation interest. Eligible First State Super members are defined as those invested in the following First State Super accounts: Personal Super; Employer-Sponsored Super; Ambulance Officers’ Super; Police Blue Ribbon Super; Transition to Retirement Income Stream; and Retirement Income Stream.

Documents you may receive from us

When we provide you with personal advice, you will normally receive a Statement of Advice (SoA). 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, another SoA may not be required. Where another SoA is not required, we may provide you with 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.

If we recommend a new financial product we will also provide you with the relevant 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

StatePlus offers different ways of getting advice.

You can:

  • Partner with StatePlus for regular advice; or
  • Work with one of our planners whenever you need.

You can elect to see a planner at one of our locations, or you can talk to a 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.

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

Once your advice needs are identified, we will discuss and agree the fees and the scope of advice with you. This will be documented in an agreement and you will therefore know the services to be provided to you and an estimate of what they will cost, before any services commence.

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

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

Superannuation Advice Team

Advice received by eligible First State Super members on their existing superannuation interest, is provided 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.

Our fees

The fees you pay for our advice and services 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, Transition to Retirement Plan, Tailored Super Plan and Investment Fund B, up to the maximum advice fee of $8,000 (including GST). The fee
    • can be deducted from these product(s) and paid to us;
    • is generally calculated daily and deducted from your account, monthly, in arrears; or
    • is a combination of the above.

    Alternatively, if you are invested in any of the First State Super Personal Retirement Plan, Allocated Pension Fund, or Term Allocated Pension Fund, we receive from the trustee a fee for advice services that are provided to members of these products. In respect of the StatePlus Investment Funds Class A, a single ongoing management fee is charged that covers the cost of investment management and administration as well as gaining access to most StatePlus advice services. Additional advice fees may be charged where you are invested in one of these products.

Specialist Advice fees

If the advice we provide to you is in relation to ‘specialist advice’ (personal insurances and aged care or voluntary redundancy), 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 us.

What benefits are received?

StatePlus is paid the advice fees described in the previous section.

StatePlus financial planners are paid a salary and may be eligible for an incentive payment twice 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.

StatePlus receives product fees in relation to the StatePlus Investment Funds and StatePlus Fixed Term Pension Plan as described in the relevant product disclosure documents and updates.

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.

Superannuation Advice Team

StatePlus Superannuation Advisers are paid a salary and may be eligible for an incentive payment once a year based on the achievement of pre-determined compliance, 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

StatePlus financial planners, Executives and Directors may receive the occasional gift or invitations to events from a product provider or referral partnership, although it is rare. Details of any alternative forms of remuneration are available on a specially maintained Register which is available for your viewing from Head Office.

How is my personal information dealt with?

At StatePlus 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 our website at www.stateplus.com.au.

What should I do if I have a complaint?

If, for any reason, you are not satisfied with the advice or service you receive from us, you are entitled to make a complaint. We have established procedures to ensure all complaints are resolved quickly and fairly, free of charge.

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

  1. Lodge your complaint with the regional office employee you deal with; and/or
  2. Contact the local Regional Manager of the office where you received advice.

Alternatively, you can contact the Complaints Manager by writing to us at GPO Box 5336 SYDNEY NSW 2001 or by email to complaints@stateplus.com.au.

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. Contact details for AFCA are as follows:

GPO Box 3, Melbourne VICTORIA 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.

These services are provided to you free of charge.

Contact us

If you have any questions about the products or services provided by StatePlus please contact your local regional office or call 1800 620 305.


Issue date: 1 July 2019