Financial Services Guide
Issued 1 July 2024
About This Guide
This Financial Services Guide (FSG) explains the financial services provided by RI Advice Group and your adviser (who is authorised through RI Advice Group). It is designed to help you make a fully informed decision about whether you want to use our services.
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Please take the time to read this guide carefully. Sound financial advice is based on open communication.Understanding our services and our fees is the cornerstone of this communication.
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It’s also important that you know who authorises your adviser, the nature of their associations and relationships and what to do if you have a complaint.
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If you have further questions, or if there is anything that isn’t clear, please talk to your adviser or
contact us.
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This guide must be accompanied by an Adviser Profile which outlines your adviser’s skills, qualifications and the services they are authorised to provide.
Not Independent
We provide services in relation to products on our Approved Product List, which doesn’t include all possibleproducts available in the market. In addition, we may receive commission on life insurance products as explained in this FSG under the heading ‘How we are paid’. For these reasons, we do not refer to ourselves or our advice as independent, impartial or unbiased.
About Us
Helping you make the most of life
At its heart, good financial advice is all about making the most of life – helping you to decide what you want to achieve and setting the financial strategies to help you do it. Everyone has different goals in life, but for most of us, financesplay an important role in reaching them.
That’s where we can help. Since 1979 advisers with RI Advice Group (formerly RetireInvest) have helped thousands ofAustralians to create, grow and protect their wealth.
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Your adviser provides professional advice to help you achieve what you want out of life. RI Advice practices are locally owned, employing highly qualified financial advisers. Each adviser has a legal obligation and an ethical duty to act with integrity and in the best interests of their clients. Your adviser is a self-employed practice owner or employed by the practice. The Adviser Profile provided with this guide has specific information about your adviser.
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Your adviser, or the practice they work for, has chosen to partner with RI Advice Group, who provides your adviser with research, training, compliance, technical and operational support. RI Advice Group is responsible for any financial service your adviser provides on its behalf.
RI Advice is a wholly owned subsidiary of Rhombus Advisory Pty Limited (Rhombus Advisory). Rhombus Advisory provides various services and support to RI Advice to enable it to operate its business and support its clients.
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RI Advice Group Pty Ltd
ABN 23 001 774 125 | AFSL 238429
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Suite 3, Level 8, 309 Kent St
Sydney NSW 2000
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Phone: 02 9127 7699
Email: enquiries@rhombusadvisory.com.au
Website: www.riadvice.com.au
Retirement Advice Specialists
Products and Services We Provide
Our network of advisers provide a range of financial services including investing, superannuation, retirement andinsurance. Specific information about the services your adviser is authorised to provide and their qualifications arecontained in the attached Adviser Profile.
Important documents you can expect to receive
When your adviser provides personal financial advice for the first time, you will generally be given a Statement of Advice(SoA). The SoA sets out your personal advice, the basis on which it is given, the cost of the advice, and information about anyassociations or relationships that could influence the advice.
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If you require further advice at a later time, providing your circumstances have not changed significantly since your previousSoA, your adviser may be able to provide the further advice verbally or via a shorter Record of Advice (RoA). If you are given verbal advice, your adviser will document the discussion and a copy of this record can bemade available to you on request. If you are given further advice and your circumstances have changed significantly sinceyour previous SoA, you will generally be given another SoA.
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To help you make an informed decision about a financial product, you will generally be given a Product Disclosure Statement (PDS) which outlines the product features and costs in detail. In certain circumstances, there is no requirement to provide a PDS (including, for example, where you already have one).
If you ask your adviser to undertake a transaction without receiving advice from that adviser, you may be given a letterconfirming your instructions and disclosing any costs payable by you in relation to that transaction.
Our Approved Products List
Our Approved Products List (APL) is a list of what we consider to be sound quality, fully researched products, but doesn’tinclude all possible products
available in the market. Only products and services that have been examined by our experienced research team are placed on our APL.
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When selecting products for you, your adviser is generally limited to the range of investment products and a selection of 12insurance providers on the APL.
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Your adviser will first source from the APL before providing any recommendations. They will only recommend a product or service after considering itsb appropriateness in relation to your individual objectives, financial situation, needs and best interests. Where your strategy requires products and services other than those on the APL to act in your best interests, our research team will be consulted and we will seek to find an alternative solution.
Important Relationships and Other Benefits
You should also be aware of the following relationships and benefits that we may receive. Any payments noted below are not an additional cost to you and will only be made to the extent permitted by law. Any other arrangements you need to be aware of will be set out in the Adviser Profile attached to this document. Arrangements that are relevant to the advice being provided to you will also be disclosed in your written advice.
Product and service provider benefits
RI Advice Group may receive sponsorship payments from product and service providers to fund technical and professional development training for our advisers. Our practice owners or advisers may also apply for and may qualify to receive commercial terms on a range of banking products and services such as interest rates and limited recourse terms.
Advisory fees
Product providers may pay advisory fees to RI Advice Group or an investment management entity associated with RI Advice Group. This fee is for the provision of portfolio management advisory services where RI Advice Group model portfolios are utilised via managed accounts or separately managed accounts. In the event of this occurring, the fee is calculated as apercentage, likely to be up to 0.15% of the managed account or separately managed account portfolio balance. Your adviser will not receive any of this fee.
Referral partners
Your adviser may have referral relationships with third parties. These third parties may include accountants, mortgage brokers, general insurance brokers, solicitors, real estate agents and other third parties who specialise in a specific field.Any referral arrangements you need to be aware of and specific details of any referral payments we may receive will be set out in the ‘Important relationships’ section of the Adviser Profile attached to this document. Referral arrangements that are relevant to any advice being provided to you will also be disclosed in your written advice. Where you are referred to a third party (including to other financial advisers) by your adviser, neither your adviser nor RI Advice Group approve or endorse their advice and won’t be liable for the provision of advice and services provided by the third party. You must assess the merits of their advice in the light of your own circumstances and objectives.
Referrals to a third party
Where you are referred to a third party (including to other financial advisers) by your adviser, your adviser does not receive any payment for that referral. We also do not approve or endorse their advice. You must assess the merits of their advice in the light of your own circumstances and objectives.
Associated businesses
Your adviser may have associations with other related businesses, such as an accountancy firm.
Other payments
We keep a full register of any benefits received by advisers of between $100 to $300. By law, your adviser is not permitted to receive benefits in excess of $300 per year from a product issuer. In addition,RI Advice Group keeps a register of any othernon-monetary benefits your adviser may receive in relation to education, training, technology support or software that is relevant to the provision of financial advice. If you would like a copy of either register, please ask your adviser and one will be made available to you.
How We
are Paid
We receive remuneration from:
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Advice and service fees paid by you (fee for service)
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Commissions from insurance providers
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Other payments and benefits as outlined above under the heading ‘Important relationships and other benefits
As the licensee, RI Advice Group collects all fees and commissions which are paid on to your adviser’s practice. The Adviser Profile explains how your adviser is paid. RI Advice Group receives a licensee fee from your adviser’s practice of up to $165,000 per annum, which is in part based on remuneration paid to your adviser’s practice.
Advice and service fees paid by you
Before providing personal advice, your adviser will agree the fees and payment options with you. These fees will be based on your individual circumstances, the complexity of your situation and the time it takes to prepare your personal financial advice. Fees and commissions that are relevant to the advice being provided will also be disclosed in the written advice provided to you.
The types of fees you may be asked to pay can include:
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Statement of Advice (SoA) fee – a fee to gather information, analyse your situation and prepare your SoA.
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Implementation fee – a fee to implement the recommendations contained in your SoA.
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Review service fee – a fee for the provision of review services if you enter into a service agreement with your adviser.
Your adviser may also charge other fees for the ad hoc provision of advice or services, including if you instruct your adviser to complete a transaction on your behalf such as buying or selling specific financial products.
If you have a Complaint
If you have a complaint about financial services provided to you, your complaint can be directed to your adviser in the first instance. You can also raise your complaint at any time by contacting us at:
Email: advicecomplaints@rhombusadvisory.com.au
In writing to:
Dispute Resolution Team
Suite 3, Level 8, 309 Kent Street,
Sydney NSW 2000
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Phone: 02 9127 7699
We will investigate and endeavour to resolve your complaint promptly and fairly. if your complaint has not been resolved to your satisfaction within 30 days, you can lodge a complaint with the Australian Financial Complaints Authority (AFCA).
AFCA is an external dispute resolution scheme which provides fair and independent financial services complaint resolution that is free to consumers.AFCA’s contact details are:
Email: info@afca.org.au
Website: www.afca.org.au
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In writing to:
Australian Financial
Complaints Authority
GPO Box 3, Melbourne VIC 3001
Phone: 1800 931 678
The Australian Securities and Investment Commission (ASIC) has an information line 1300 300 630 which you may use to obtain information about your rights, and to make a complaint.
For more information, please visit their website:
www.asic.gov.au
Professional indemnity insurance
RI Advice Group is covered by professional indemnity insurance satisfying the requirements under the Corporations Act for compensation arrangements.
Our insurance arrangements cover claims made against us as the licensee and both our current and former authorised representatives.
Our Privacy
Policy
We are committed to maintaining the privacy andsecurity of your personal information.
Any personal information collected by RI Advice Group will be handled in accordance with its Privacy Policy (https://riadvice.com.au/privacy-policy).
The way in which your adviser handles your personal information is outlined in their Adviser Profile.
Want More Information?
If you have any questions about the information in this guide or about our services, talk to your adviser or contact RI Advice Group directly.
Call 02 9127 7699
Email: enquiries@rhombusadvisory.com.au
Website: www.riadvice.com.au
Retirement Advice Specialists
RI Advice Group Pty Ltd | ABN 23 001 774 125 AFSL 238429 | Suite 3, Level 8, 309 Kent St, Sydney NSW 2000
RI Advice has authorised the distribution of the FSG by its authorised representatives. RI Advice Group acts on your behalf when providing services to you or when financial services are provided to you on its behalf.
1 July 2024 | RI/FSG/PartA