Section 961 Confirmation for {whatIs}
This document covers the provision of retail financial product advice by Paul Melling & Associates Pty Limited (AFSL 231247) to {whatIs}.
Paul Melling & Associates Pty Limited has obligations under the Corporations Act 2001 to ensure that all advice provided to its retail financial advice clients is provided in the clients best interest. These requirements are laid out in Section 961 and the subsections to Section 961 in the Corporations Act 2001.
Paul Melling & Associates Pty Limited considers that the Melling Managed Portfolio Service is a Core Service of Paul Melling Retirement Planning. This Managed Portfolio Service allows us to provide a cost effective, efficiently administered and actively managed investment management service to our clients. This structure is critical to our ability to deliver to our clients our primary service deliverable - Peace of Mind In Retirement.
The Managed Portfolio Service is a portfolio management service which is offered to investors by Paul Melling & Associates only via the Colonial First State FirstChoice Platform. The FirstChoice system is a unique 'mandate'-based system system which is powerful, efficient and low-cost.
We recognise that the Managed Portfolio Service is not suitable to all investors. A non-exhaustive list of investors who the Managed Portfolio Service may not be suitable for might include the following:
- It is not suitable to investors who do not want an adviser to actively manage their portfolio.
- It is not suitable to an investor who wants to own direct shares in their investment portfolio.
- It is not suitable to an investor who is simply seeking to minimise their ongoing fees and who does not want to pay ongoing fees to a financial adviser.
Paul Melling & Associates Pty Limited does not aim to provide services which are suitable to everyone. We make our assessment of whether we think the Managed Portfolio Service is or is not suitable to you based on the assumption that you have provided us with full, accurate and complete information on your needs, goals, circumstances and preferences (as required by Corporations Act section 961H). Where we think the Managed Portfolio Service may not be suitable for an investor, we are happy to refer that investor onwards to a service provider whose services may be more suited to that investors needs and preferences.
It follows then that where we do recommend the use of the Managed Portfolio Service, we make that recommendation on the following basis:
1) We have taken the view that the Managed Portfolio Service is indeed appropriate for you (Section 961G of the Corporations Act and FASEA Standard 5) and;
2) We have taken the view that recommending the Managed Portfolio Service is indeed In your
best interests (Section 961B of the Corporations Act and FASEA Standard 2) and;
3) We have given priority to your interests when recommending the Managed Portfolio Service, despite the fact that we have a financial incentive to recommend our Managed Portfolio Service and thus have a conflict of interest in this recommendation as contemplated by section 961J of the Corporations Act and by FASEA Standard 3.
We only seek and retain clients who are suited to using our Managed Portfolio Service, who would benefit from using our Managed Portfolio Service and who wish to use our Managed Portfolio Service. We happily elect not to provide financial advice to investors to whom the Managed Portfolio Service is not suited.
Section 961 Acknowledgement for {whatIs}
By e-signing this document you acknowedge that you have read and understood the above Section 961 Confirmation and that our recommendation to you to use the Managed Portfolio Service is based on our assessment that you as a client are suited to the Managed Portfolio Service and that if you were not suited to the Managed Portfolio Service we would happily refer you to another adviser who may be able to otherwise assist you.
This is a digital e-signature document - no physical signature is necessary.
Once digitally signed a certificate will be attached to this document.