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Financial Services Guide (FSG)

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 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?

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. We are a member of the Association of Superannuation Funds of Australia (ASFA); the Financial Services Council (FSC); and a Financial Planning Association of Australia (FPA) Professional Partner.

We were established in 1990 by the SAS Trustee Corporation (STC), to provide specialised financial planning advice on the complexities of NSW public sector defined benefit schemes.  Today our range of professional financial planning and investment services are available to all current and former public sector employees across Australia and their immediate family members, including members of the Australian Defence Force. 

StatePlus has offices located across Australia.  Our registered office is:

  • Level 7, 83 Clarence Street, Sydney NSW 2000.

You can contact us: 

  • by writing to us at GPO Box 5336, Sydney NSW 2001, or
  • by calling 1800 620 305 or your nearest regional office (see the Contact Us page on our website at www.stateplus.com.au).

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.

We do not act as a representative of any other licensee, nor do we act on behalf of any third party in providing advice or other financial services to you.  StatePlus is a separate legal entity to the STC. None of the STC, the New South Wales Government or any other Australian Government Authorities - Local, State, Territory or Commonwealth - or the Australian Defence Force, takes any responsibility for any of the services offered, and neither they nor StatePlus guarantees the performance of any product provided by StatePlus. 

We are not aware of any association or relationship between any of our related companies and other product issuers which may reasonably be expected to influence us in providing financial services to you. 

Relationship between First State Super and StatePlus 

State Super Financial Services Australia Limited trading as StatePlus, is wholly owned by FSS Trustee Corporation (ABN 11 118 202 672 and AFSL 293340) as trustee of the First State Superannuation Scheme (ABN 53 226 460 365). 

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

The advice and services we can provide you

StatePlus is 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. 
The following table sets out 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:  We can arrange for the following products and services: 
Saving through superannuation  Superannuation 
Planning for and managing retirement  Managed Investments 
Saving for the future and creating wealth  Retirement income streams 
Managing your cashflow and budgeting   
Planning in the event of a retrenchment and redundancy   
Accessing Centrelink and other government benefits 

 


Personal advice occurs when we take into account your needs, objectives and personal financial situation.  General advice does not take into account your needs, objectives and personal financial situation.  Accordingly, you should consider the appropriateness of the advice before acting on it.

If the general advice you receive relates to a particular product you should obtain a copy of the Product Disclosure Statement (PDS) or relevant scheme information before making a decision to acquire the product. 

We will only recommend a financial product issued by us or your existing product provider after considering its suitability to your needs, objectives and financial situation.

Other 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 investments and details of remuneration paid (if any) in relation 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).  

We keep copies of all the advice we have provided you for seven years.  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 investment in a financial product we will also provide you with the relevant PDS.  The PDS contains information about the particular product including details of any fees and charges relating to investments in that product and 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 be advised on a one-off event or partner with a planner for ongoing advice.  You can select 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.

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.  

The fee charged to you will depend on the nature of the advice we provide.  It will depend on whether the advice is relatively simple such as making additional contributions to your existing super fund, or more complex such as establishing a transition to retirement solution.  It will also depend on whether the advice is needed for a specific situation or ongoing. 

Once your advice needs are identified, we will discuss and agree the fees with you in a Terms of Engagement.  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 be outlined in your SoA or RoA when the advice is finalised.  No fees apply until the final advice is agreed.

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

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 and invoiced directly to you where the advice is for a specific situation. 
  • A percentage-based fee up to 0.75% of the value of your investment, paid via your product or directly to us.
  • A combination of the above.

All fees will be quoted on a GST inclusive basis.

When you decide to invest in one of our superannuation funds or managed investment schemes that we operate, you will pay: 

  • an ongoing management fee that covers the cost of  investment management and administration.  This fee will be deducted from the assets of the funds you invest in.  For further information in relation to the ongoing management fee please refer to the relevant PDS for each product; and
  • an ongoing member advice fee when you enter into an ongoing advice relationship with us.  The ongoing member advice fee is up to 0.75% pa of the value of assets you have invested in our superannuation funds or managed investment schemes.  Your SoA or RoA will provide you with further information about our ongoing advice services and how ongoing member advice fees are charged.

What fees, commissions or other benefits are received?

StatePlus does not receive any commissions, brokerage or other benefits. 

Employees of StatePlus who give advice do not receive commissions, brokerage or other benefits for the giving of that advice.  These employees receive a salary and may be entitled to an incentive payment from us.  All salaries and incentives paid to such employees are from the fees we receive for providing advice and operating our superannuation funds and managed investment schemes. They are not an additional cost to you. 

The amount of incentive payable (if any) is based on meeting key performance indicators (KPIs).  These KPIs are based on the services provided by the employee and compliance with our standards and procedures.  The applicable KPIs will depend on the employee’s role.  For financial planners who advise on StatePlus products, KPIs include meeting our quality and service standards, compliance with policies and procedures, and the amount of advice revenue earned.  The amount of incentive payable cannot be ascertained at the time this FSG is provided to you.

If applicable, incentives may be paid yearly or half yearly following 31 December and 30 June.

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. 

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 your local Regional Manager. 

Alternatively, you can contact the General Manager, Financial Planning by telephoning 02 9333 9555, writing to us at GPO Box 5336 SYDNEY NSW 2001 or by email to complaints@stateplus.com.au

External Complaint Handling Mechanisms 

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

The Superannuation Complaints Tribunal (SCT) can deal with matters regarding the conduct and decisions of trustees of superannuation funds and insurers in relation to insurance benefits provided under superannuation funds.  Should your complaint not be satisfactorily resolved within 90 days, the matter may be referred to the SCT.  Contact details for the SCT are as follows: 

Locked Bag 3060, Melbourne VICTORIA 3001

Tel: 1300 884 114

Fax: 03 8635 5588 

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

Website: www.sct.gov.au 

The Financial Ombudsman Service (FOS) will consider all other matters.  You should contact FOS if your complaint has not been satisfactorily resolved within 45 days of making a complaint.

Contact details for FOS are as follows: 

GPO Box 3, Melbourne VICTORIA 3001

Tel: 1300 780 808

Fax: 03 9613 6399  

E-mail: info@fos.org.au

Website: www.fos.org.au

StatePlus is a member of FOS and is subject to the jurisdiction of the SCT.

Similarly, 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.

Contact Us

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


Issue date: 17 December 2016