General advice warning: this information has been issued by Powerwrap Limited (ABN 67 129 756 850/AFS Licence 329829).
The information contained herein is of a general nature only and is not intended to represent investment or professional advice. We have not taken your circumstances into account when preparing this information so it may not be applicable to you.
Powerwrap understands that you are concerned about how we deal with your private and financial information. Our aim is to deliver the best possible service and we will only collect the information necessary to enable us to do so.
Powerwrap’s websites will not collect information about individuals using our websites except where it is knowingly provided.
In order to provide financial services to our investors, we need to request and retain some personal information. This allows us to process applications, administer your accounts and provide you with information. We may also use your personal details to communicate with you about products and services and comply with relevant laws. We consider all information about our investors to be private and confidential.
These laws regulate the way organisations:
This policy tells you what information we collect and keep, what we do with it, and what your rights are in relation to that information.
Financial Services Guide (‘FSG’)
Australian Financial Services Licence Number 329829
1 July 2014
Powerwrap Investment Account (‘PIA’)
Powerwrap Limited ABN 67 129 756 850 (‘Powerwrap’, ‘we’, ‘us’, ‘our’) provides investment administration and software services to investors through licensed financial advisers.
What is a Financial Services Guide?
This FSG provides information on who we are and the services that we offer under our Australian Financial Services Licence (‘AFSL’). It contains information about the types of remuneration which may be payable to Powerwrap or related entities for the services provided to you, and describes how complaints about Powerwrap are handled.
The Product Disclosure Statement (‘PDS’) for the Powerwrap Investment Account (‘PIA’) provides information that will help you make an informed decision about whether or not to invest through the PIA. This FSG is designed to assist you in deciding whether to use our financial services.
Where you invest through the Powerwrap Investment Account, your adviser will provide you a copy of the PDS for the PIA (containing the information you reasonably need to make an informed decision) as well as a Statement of Advice (that provides a written record of the advice provided in support of the recommendation to invest through the PIA). Powerwrap will only provide you with general financial product advice or factual information about the PIA.
This FSG together with the PDS and advice from a licensed financial planner should help you decide whether or not to use the services provided by Powerwrap.
The services that Powerwrap provides
Powerwrap’s AFSL authorises it to provide the following services:
This FSG only relates to services in relation to the PIA, a registered Managed Investment Scheme that operates as a consolidated investment account providing access to managed funds and model portfolios of direct equities.
Powerwrap will only provide you with general and factual information about the PIA. You must seek advice from a licensed financial planner before investing through the PIA.
Powerwrap does not act as your agent, nor does it act as the representative of other licensees in relation to the PIA.
Payments received by Powerwrap and associated parties in relation to the PIA
All fees and costs and remuneration related to investing through the PIA are described in the PDS.
Powerwrap receives fees for providing the PIA as set out on the PDS. The remuneration is derived from the fees received for the administration services provided by Powerwrap. The actual amount of remuneration will vary depending on the account balance of individual investor portfolios administered through the PIA, the product features selected, and the payment amounts agreed between investors and their financial advisers.
Powerwrap will not receive any other form of payment in relation to the PIA. Powerwrap does not get paid for the provision of advice. When you invest in the PIA, you agree with your financial adviser the amount that will be paid for the provision of advice. Powerwrap will then pay that amount to your financial adviser on the basis described in the PDS.
Where personal financial advice is provided, your financial adviser will provide you with a Statement of Advice that details the way that remuneration is calculated. These payments may be one-off or ongoing.
Employees of Powerwrap may receive remuneration in the form of salaries, bonuses, and shares in Powerwrap but do not receive other benefits from any product issuers. However, they will not provide you with personal financial advice.
Payments received by AFSL Holders and Authorised Representatives in relation to the PIA
All remuneration paid to AFSL Holders and Authorised Representatives relating to investing through the PIA are disclosed in the PDS.
AFSL Holders may elect to receive administration and research fees relating to the provision of the PIA. The remuneration received by AFSL Holders will range between 0% up to 2% (plus GST) per annum of funds invested through the PIA.
Financial advisers are also entitled to receive remuneration for providing financial advice relating to the PIA. You can agree to pay your financial adviser an upfront commission of 0% - 5% (plus GST) of each amount invested through the PIA and ongoing remuneration of 0% - 4% (plus GST) per annum.
You can contact Powerwrap Monday to Friday, 9.00am to 5.00pm Melbourne time.
Telephone: 03 8681 4600
565 Bourke Street
Melbourne, Vic, 3000
PO Box 16071
Collins Street West VIC, 8007
We are committed to providing a high standard of client service and we need to know if you have any concerns or complaints over the service provided to you. We have a procedure for dealing with any queries or complaints. Quite often, problems can be solved over the phone but in some cases you may prefer to write to us particularly if there are complex issues.
Any written enquiries or complaints should be sent and marked to the attention of:
The Complaints Officer
Level 14, 565 Bourke Street Melbourne Vic 3000
Financial Ombudsman Service
If you are not satisfied with the response from us, you can contact the Financial Ombudsman Service (FOS) ABN 67 131 124 448, an independent external industry complaints resolution scheme on 1300 780 808 or write to:
Financial Ombudsman Service Limited
GPO Box 3, Melbourne VIC 3001
Fax: (03) 9613 6399
We have compensation arrangements in place, including Professional Indemnity insurance cover that is adequate for the type of financial services we provide and also for any potential liability arising from compensation claims. These arrangements comply with section 912B of the Corporations Act.
Powerwrap surround ourselves with quality, best of breed partners to ensure we deliver an innovative, comprehensive and elegant solution to you and your clients: