In addition, your Adviser is able to offer you a review service for your investment portfolio or life insurance program.  

We provide financial product advice for the following financial products:

• • Deposit and payment products, including basic deposit products, deposit products other than basic deposit products and non-cash payment products 
• • Debentures, stocks or bonds issued or proposed to be issued by a government 
• • Risk insurance products, including life, trauma, income protection and total and permanent disability insurance 
• • Retirement savings accounts 
• • Securities 
• • Superannuation 
• • Managed investments 
• • Direct Property Recommendations 
• • Margin Lending

We will only recommend a financial product to you after considering its suitability for your individual needs, objectives and financial situation. The products we recommend are selected from our approved list of products and they have been researched by external experts.

Tax Issues 

Please note that we are only able to give you general or incidental advice as to the potential taxation implications associated with our financial advice. We cannot assist you to claim entitlements or to satisfy liabilities or obligations that arise in relation to your taxation matters as we are not a registered tax agent under the Tax Agent Services Act 2009. For assistance in this regard you should seek specialist advice from an accountant, a registered tax agent or other taxation specialist.

How will I pay for the service?

Initial & On-going Commissions and Fees 

As a client of Omniwealth Pty Ltd you will initially be charged a ‘Strategy Fee’ which can range from $500 (+GST).This is a once off payment and is determined by the support package you decide upon.

At Omniwealth Pty Ltd we may also charge an ongoing retainer fee, this starts from $1,200pa (+GST). The amount is determined by the support package you decide upon. A detailed description of the various support packages is available in the Omniwealth ‘Letter of Appointment’.

From time to time Omniwealth may underwrite a bid on an initial public offering (IPO). This may or may not result in Omniwealth receiving an underwriting fee.

The upfront commission for risk insurance financial products can range between 40% and 120% depending on the product provider, while on-going commission may range between 10% and 33%. For example, on an insurance premium of $1,000 paying 120% initial commission and 10% on-going commission, the upfront commission would be $1,200 and the on-going commission $100 per year.

Or
Fee for Service 

If a fee for service is payable rather than commission, the hourly fee rate is $400 per hour (+GST) with an Omniwealth Pty Ltd Director or $250 per hour (+GST) for a Senior Financial Planner. Any fee for service must be paid within seven (7) days of the date of the tax invoice being issued to you.

Other Fees 

At Omniwealth Pty Ltd we provide all clients with a written recommendation called a Statement of Advice (SoA) for all initial advice or a Record of Advice (RoA) for any subsequent advice. We will charge you a minimum of $1,500 (+GST) for the preparation of this document. Usually this cost will be covered by revenue from the investments recommended but in the unlikely event this doesn’t occur this fee will be imposed.

Do Any Relationships Exist With Product Providers Which May Influence The Advice Being Given? 

Omniwealth Services Pty Ltd holds its own Australian Financial Services License and does not have any commercial relationships with product providers that may influence our advice.

Other Benefits and Associations 

The shareholders of Omniwealth Services Pty Ltd are also the shareholders of Omniwealth Pty Ltd. They are also the shareholders of Omniwealth Mortgage and Finance Pty Ltd, which is a mortgage broking business. From time to time we may refer you to Omniwealth Mortgage and Finance Pty Ltd for mortgage broking purposes.

Omniwealth Services Pty Ltd has a shareholding in Associated Advisory Practices Ltd. (AAP), a service company that provides compliance training and business development support to Omniwealth Pty Ltd and or its licensee company Omniwealth Services Pty Ltd. This shareholding entitles Omniwealth to receive a share of the distribution of any profits via an annual dividend. The amount of the dividend receivable is solely at the discretion of the AAP Board of Directors.

When You Get Our Advice

Do I get detailed information about actual commissions and other benefits my adviser gets from making the recommendations? 

Yes. You have the right to know about details of commissions and/or other benefits your Adviser receives for recommending investments. We will provide this information to you when we make specific recommendations in the Statement of Advice or Record of Advice.

Will you give me advice that is suitable to my needs objectives and financial circumstances? 
Yes. However, to do so we need to find out your individual objectives, financial situation and needs before we recommend any financial product to you. You have the right not to divulge this information to us, if you do not wish to do so. In that case, we are required to warn you about the possible consequences of us not having your full personal information. You should read the warnings carefully.

What should I know about any risks of the investments or investment strategies recommended to me?

We will explain to you any significant risks of investments and strategies that we recommend to you. If we do not do so, you should ask us for further clarification. 

What information do you maintain in my file and can I examine my file?

We maintain a record of your personal profile that includes details of your objectives, financial situation and needs. We also maintain records of any recommendations made to you. If you wish to examine your file, you should ask us and we will make arrangements for you to do so.

We are committed to implementing and promoting a Privacy Policy which will ensure the privacy and security of your personal information. A copy of our Privacy Policy is available on this website or upon request for your information.

Can I tell you how I wish to instruct you to buy or sell my investment?

Yes. You may specify how you would like to give us instructions. For example by telephone, email, fax or other means. But in all cases we must receive a written confirmation of these instructions.

If You Have Any Complaints

Who can I speak to if I have a complaint about the advisory service?

We are committed to providing quality advice to our clients. This commitment extends to providing accessible complaint resolution mechanisms for our clients. If you have any complaint about the service provided to you, you should take the following steps:

Contact the General Manager of Omniwealth Pty Ltd on 02 9112 4300 about your complaint.

We will try and resolve your complaint quickly and fairly.

If we cannot reach a satisfactory resolution, you can raise your concerns with the Financial Ombudsman Service (FOS) on 1300 780 808 or by post at GPO Box 3, Melbourne, Vic. 3001.

We are a member of FOS’ complaints resolution service. The Australian Securities & Investments Commission (ASIC) also has a freecall Infoline on 1300 300 630 which you may use to make a complaint or obtain information about your rights.

Compensation Arrangements

Omniwealth Services Pty Ltd has professional indemnity insurance arrangements in place to meet its obligations as the holder of an AFSL. Omniwealth Services’ insurance arrangements are intended to respond to civil liability resulting from significant claims for compensation made against us for financial services provided by us or our current and former representatives (where Omniwealth Services is responsible for the conduct of the staff member at the time of the relevant conduct).

Our compensation arrangements comply with the legal requirements set out in s912B of the Corporations Act.1

1 s912B requires financial services licensees who provide financial services to retail clients to have arrangements for compensating those persons for loss or damage suffered because of breaches of relevant legal obligations by a licensee or its representatives.