Distribution of this FSG by your adviser, who is a Lifespan Authorised Representative, is authorised by the licensee, Lifespan.
This FSG dated 8 December 2023 describes our financial planning and advisory services to assist you to decide whether to use our services. It also outlines your rights as a client and our obligations and responsibilities as the licensee and your adviser.
You have the right to ask us about our charges, the type of advice we will provide to you, and what you can do if you have a complaint about our services. This FSG is intended to inform you of certain basic matters relating to our relationship, prior to us providing you with a financial service.
| Michael Stratton is an Authorised representative (ASIC No.312357) of Lifespan Financial Planning Pty Ltd (AFSL: 229892). | Your Financial Future 477 South Road, Bentleigh VIC 3804 Tel: (03) 9939 9339 Mobile: 0412 685 065 Email: michaels@yourfinancialfuture.com.au |
Michael completed his secondary schooling and then completed an advanced Diploma of Financial Planning. He is currently completing a Bachelor Degree in Finance at Kaplan University.
Michael initially worked with NAB before joining a mid-tier financial planning firm. Whilst in these roles, Michael gained valuable experience advising hundreds of clients on a wide variety of financial planning issues.
Michael established Your Financial Future in 2011 and has since help hundreds of clients work through their financial future.
An initial meeting to discuss your financial circumstances is free of charge. At this meeting Michael will establish how he can assist you and gather the information required to prepare a financial plan.
Michael will discuss the fee basis with you and agree on the method of charging prior to proceeding.
Payment will be either by way of a fee based on a percentage of funds under advice or from the brokerage paid by the product issuers or as invoiced. A fee for portfolio preparation or, if investment recommendations are not implemented, may also be charged. Ongoing advice that includes portfolio reviews may be charged on a percentage fee basis which varies according to the portfolio amount, complexity and structure, or as a fixed dollar amount as agreed between you and Michael.
The basis for the fee for the SoA will be agreed upon with you before any advice is provided or costs incurred. All other fees are fully disclosed in the Statement of Advice and Product Disclosure Statement prior to any charges being incurred.
| Preparation of Statement of Advice (SoA) (depending on complexity) | $1650 to $5500 |
| Investment Portfolio Establishment | 1.1% Or a set dollar amount to be Negotiated |
| Annual Portfolio Management & Review | 0.55% to
1.1% Or a set dollar amount to be Negotiated |
| Insurance Upfront commission Ongoing commission *% based on amount of premium and is paid by the insurance provider |
Up to 66%* Up to 33%* |
All fees include 10% GST.
All fees are payable to Lifespan. Lifespan retains 7% and pays Your Financial Future Pty Ltd 93%. Michael, as director of Your Financial Future Pty Ltd is entitled to a Director’s drawing and/or dividend if and when paid.
Fee Examples:
Example for Investment Products
If you receive advice regarding an investment of $100,000, the SoA fee could be $1,650, of which $115.50 is retained by Lifespan, $1,534.50 is paid to Your Financial Future Pty Ltd. If you invest $100,000 the establishment fee will be $1,100, of which $77 is retained by Lifespan, $1,023 is paid to Your Financial Future. If you maintained the investment and assuming the balance of the investment remains at $100,000, the annual portfolio management & review fee
will be $1,100 per annum, of which $77 is retained by Lifespan, $1,023 is paid to Your Financial Future Pty Ltd.
Example for Risk Products
If you receive advice regarding insurance, the SoA fee could be $1,650, of which $115.50 is retained by Lifespan, $1,534.50 is paid Your Financial Future Pty Ltd. Should you proceed with the advice, then the SoA fee may be waived. However, if the policy is cancelled in the first two years (‘responsibility period’) you will be liable for the portion of the commission clawed back.
If you take out a life insurance policy with an annual premium of $1500, assuming the highest commission for the Upfront Option is selected at 66%, the upfront payment to Lifespan would be $990, of which $69.30 is retained by Lifespan, $920.70 is paid to Your Financial Future Pty Ltd. The maximum ongoing commission for the Upfront Option is currently 22% per annum which could result in a payment of $330 per annum for as long as the policy remains in force, of which $23.10 is retained by Lifespan, $306.90 is paid to Your Financial Future Pty Ltd. Where a level commission option is selected, it could be as much as 33%, or $495, of which $34.65 is retained by Lifespan, $460.35 is paid to Your Financial Future Pty Ltd.
This commission has what is called a ‘responsibility period’ imposed by the risk product issuer. This means that if the policy is cancelled within the first 1-2 years of inception commission is returned to the product issuer by Lifespan.
Referral Fees
Your Financial Future Pty Ltd may pay the person who referred you to us a fee or commission in relation to that referral. If the referrer receives a fee or commission, we will tell you in the Statement of Advice who will receive that fee or commission and the amount they will receive.
The financial services are provided by Lifespan and your adviser. When Lifespan and your adviser provide you with financial services, we will act on your behalf and in your best interests.
You should also be aware that you must receive a Statemen of Advice (SOA) and a Product Disclosure Statement(s) when personal advice involving a financial product is provided to you, i.e. advice that takes into consideration your personal objectives, financial position and needs. The SOA will contain the advice, the basis on which it is given which may have influenced the advice and how Lifespan and your adviser will be remunerated for the advice we give you. If your adviser provides further advice to you, but not in writing, and that further advice is related to the advice provided in a previous SOA, that further advice will be recorded in a Record of Advice (ROA). You may request an ROA from your adviser or Lifespan up to seven years after the further advice was provided, at no additional cost. In the event we make a recommendation to acquire a particular financial product (other than securities), we must also provide you with a Product Disclosure Statement containing information about the particular product’s risks, benefits, features and costs to enable you to make an informed decision.
Lifespan is a holder of an Australian Financial Services Licence which enables it to act as a financial services provider under the Corporations Act. Lifespan was established in August 1994 and is privately owned by the family interests of the Executive Chairman, John Ardino, who has over 30 years’ experience in financial planning. Lifespan provides a wide range of services to a large network of advisers across Australia to enable them to provide advice that is in the best interests of clients.
These services include: compliance, supervision, investment research and advice, ongoing professional development and training, an adviser help desk across all financial planning issues and general technical support and advice.
Not Independent
Lifespan and its authorised representatives are not independent in relation to the provision of personal advice. Lifespan operates its own Managed Discretionary Account (MDA) service and receives fees in respect of the MDA service. Lifespan is an investment manager for some Managed Portfolios and receives fees in respect of this activity. Lifespan may also receive commissions from life insurance providers when we recommend life insurance to our clients. Lifespan may act as promoter and investment manager in conjunction with OpenInvest and may receive fees for promoting and managing the portfolios.
Your adviser acts on behalf of Lifespan who is responsible for the advice provided to you. However, your adviser may operate separate businesses, and provide other services through those businesses, which are NOT authorised by Lifespan and do NOT involve Lifespan in any way, such as: accounting, auditing, tax return preparation, self-managed super fund compliance and administration, property sales and referrals, and other products and activities. Lifespan is NOT responsible for any advice and services you receive from your adviser that are not authorised by Lifespan. If you are uncertain, you should ask either your adviser or Lifespan Head Office who is responsible for that particular advice, service, or transaction.
Lifespan operates its own Managed Discretionary Account (MDA) service and receives fees in respect of the MDA service. Lifespan is an investment manager for some Managed Portfolios and receives fees in respect of this activity. Lifespan may act as promoter and investment manager in conjunction with OpenInvest and may receive fees for promoting and managing the portfolios.
Our high-quality financial planning and advisory service involves:
Unless their authorisation is restricted (see the Adviser Profile) Lifespan advisers can generally provide you with sound advice relating to a wide range of important areas such as wealth creation, retirement, redundancy, superannuation, risk insurance, estate planning, Centrelink payments, cashflow management, budgeting and debt repayments, structuring of investment portfolios, borrowing to invest, complex company and trust structures, and so on. Lifespan's research and technical support services enables advisers to provide value added advice on a broad spectrum of financial problems which takes into account relevant regulations pertaining to your financial position and goals.
Lifespan is licensed to deal in and provide financial advice on the following range of financial products: deposit and payment products, standard margin lending, managed investment schemes (including Investor Directed Portfolio Services and Managed Discretionary Accounts), securities including shares, Retirement Savings Accounts, superannuation, life insurance investment and risk products and government issued debentures, stocks, and bonds.
If you would like to discuss any of these financial products, please contact your adviser.
Lifespan advisers will act on your instructions following your acceptance of their recommendations in your SOA. They and we should not act independently of your specific instructions (unless you decide to use Lifespan’s MDA service). Instructions you provide should be communicated to your adviser in writing. These instructions should be forwarded in an email, fax or posted letter to your adviser.
Lifespan advisers usually provide advice tailored to your individual circumstances and also have the capacity to implement the advice they give, except where this may require the use of other professionals (for example accountants and lawyers). You may choose to enter into an agreement with your adviser to provide you with both initial advice and ongoing advice. If appropriate, we may also provide general advice only, where you are ultimately responsible for ensuring that this advice is suitable to your particular needs, objectives and financial situation. In this case, you should also obtain any relevant product disclosure statements to assist in this purpose.
No. Lifespan does not allow advisers to receive your investment funds into their own account or into any Lifespan account. You should only transfer investment funds for a financial product to the approved financial institution that issues the financial product (as specified in the Product Disclosure Statement or similar document). You should never transfer investment funds to any other entity or person.
You should also not sign any blank forms or appoint your adviser as your attorney (or authorised signatory). You should not appoint any other person as your attorney or authorised signatory unless you have received legal advice.
You will need to provide your adviser with your personal objectives and your current financial situation including details of assets, liabilities, income and living expenses. This can best be accomplished by completing a Lifespan Client Data Form. The amount and type of information we will require from you depends on what financial services you require.
It is important that you provide us with complete and accurate information about your current personal circumstances and financial situation.
If you choose not to supply the required information or provide us with inaccurate information, the advice you receive may not be appropriate to your needs, objectives, and financial situation.
You should read the warnings contained in the SOA, check any assumptions we make and review the basis for our advice carefully before making a decision about whether to proceed with the advice. You should also obtain and read any relevant product disclosure statements prior to applying for a financial product.
Your adviser's specific method of remuneration and fees, including referral fees, are detailed in their Adviser Profile. The exact remuneration and fee details will be disclosed to you in your SOA. All fees will be payable to Lifespan. If your adviser's remuneration includes commission paid by a product provider, such commission payment will be made to Lifespan. Lifespan retains between 0% and 40% of all commissions and fees we receive. The remainder is passed on to your adviser.
The three stages of financial planning are Initial Advice, Implementation, and further Advice. There is usually a separate fee for each of the three stages. Your adviser's remuneration structure for each advice stage will be found in their Adviser Profile and the dollar value disclosed to you in the SOA.
All commissions are payments made by the insurance product provider and are calculated as a percentage of the premium paid on insurance products. Commissions are of two types: (a) upfront or initial; and (b) ongoing or trail.
Fees can be based on a percentage of funds invested or funds under advice, hourly rates multiplied by the hours worked, an agreed dollar amount for the value of the specific service being performed, or a combination of these.
The fees can be collected by platforms and other product providers.
The typical ranges of fee rates for investments and commissions for insurance products are as follows:
All applicable fees and commissions will be agreed to with your adviser and disclosed in your SoA or other advice document.
Lifespan advisers may only recommend to you investment products that are researched, analysed and approved by Lifespan. Your adviser should explain any significant risks of investments and financial planning strategies. If the adviser does not do so, you should contact us to explain those risks to you.
If you have a complaint about the service provided to you, you should take the following steps:
Lifespan is a member of AFCA.
Our Public Complaints Policy is available on our website or can be provided to you on request.
Lifespan Professional Indemnity Insurance and Compensation Arrangements
Lifespan holds Professional Indemnity Insurance that complies with the compensation arrangements under Section 912B of the Corporations Act. The Professional Indemnity Insurance policy we hold covers the financial services provided by Lifespan’s past and present representatives, including our advisers, subject to the terms, conditions, and exclusions of the policy wording. This insurance is not intended to cover product failure or general investment losses. Lifespan’s policy covers loss or damage suffered by retail clients due to breaches by Lifespan or your adviser of their respective obligations under Chapter 7 of the Corporations Act. This includes negligent, fraudulent, or dishonest conduct.
Privacy Collection Statement
The type of personal information we collect includes your name, address, contact details, trust or fund name, bank account details and tax file number (TFN).
We are authorised to collect the TFNs of investors under applicable taxation, personal assistance, and superannuation laws, including the Income Tax Assessment Act 1936 (Tax Laws). The collection, use and disclosure of TFNs is regulated by applicable Tax Laws, the Privacy (Tax File Number) Rule made under the Privacy Act and the Australian Privacy
Principles. We only collect your TFN for purposes required or authorised by law, including for the purpose of reporting information to the Australian Taxation Office or to give you any TFN information that we may hold about you.
It is not an offence to withhold your TFN. However, if you choose not to provide your TFN when you open an account with us, there may be financial consequences such as your investments being charged at a higher tax rate than would otherwise apply.
We collect, hold, use, and disclose personal information for a range of purposes, including to:
We may disclose personal information to organisations that assist us with the above purposes including our authorised representatives, other financial advisers, and our external service providers such as administrators and electronic identity verification providers. We may also disclose your personal information to law enforcement or government agencies (if requested and permitted under the law).
If you do not provide us with some or all the personal information that we ask for, we may not be able to provide you with personal financial product advice or assist you with your investments or insurance.
Lifespan may disclose your personal information to overseas recipients. If Lifespan discloses your personal information to an overseas insurance recipient, Lifespan will ensure that the overseas recipient is required to comply with the Australian Privacy Principles unless the recipient is subject to an equivalent or stricter privacy regime.
More detailed information about the way Lifespan uses and discloses your personal information is set out in our comprehensive Privacy Policy on Lifespan’s website. Our Privacy Policy includes information about how you may access and seek correction of your personal information and how you may make a complaint about how your personal information has been handled by us.
If you have any questions regarding this Collection Notice, please contact Lifespan.
Lifespan Financial Planning Pty Ltd
Suite 4, Level 24, 1 Market Street
Sydney NSW 2000
Postal Address:
PO BOX Q1917
Queen Victoria Building Sydney NSW 1230
Telephone: (02) 9252 2000
advice@lifespanfp.com.au
Lifespan Financial Planning Pty Ltd
(ABN 23 065 921 735)
Australian Financial Services Licence No: 229892