Financial Services Guide
My life Insured Financial Services Guide
Licensee:
Choice Financial Advisors Pty Ltd
AFSL 324987 ABN 83 086 835 832
Level 3, 163 Eastern Rd,
South Melbourne VIC 3205
Corporate Authorised Representative:
JTMR Pty Ltd (ACN 676 259 564) as trustee for the JTMR Trust
Trading as My Life Insured
ASIC # 001308848
Authorised Representatives:
Marc Rummel ASIC #000330956
Not Independent
My Life Insured is not classed as Independent under section 923A(2)(a)(i) of the Corporations Act because we receive commissions and/or other benefits from risk insurance and some investment product providers. We take transparency seriously, and further information on how we are paid can be found in the following pages.
Welcome
This Financial Services Guide (FSG) will help you decide whether to use the services that we* offer. It contains information about:
- My Life Insured & Choice Financial Advisors being the licensee
- The services we offer and their cost
- Any conflicts of interest which may impact the services
- How we are remunerated
- How we deal with complaints if you are not satisfied with our
When we provide you with financial planning services you may receive:
A Statement of Advice (SoA) or Record of Advice (RoA) which documents the advice we provide to
- A Product Disclosure Statement (PDS) which explains the products we have
* In this document ‘we’ refers to My Life Insured and your Financial Advisor.
Choice Financial Advisors holds an Australian Financial Services Licence (324987) which has been issued by the Australian Securities and Investments Commission (ASIC).
As a licensee, Choice Financial Advisors is required to comply with the obligations of the Corporations Act and the conditions of its licence.
This includes the need to have compensation arrangements in place with a Professional Indemnity insurer for the services that its representatives provide.
My Life Insured and Your Financial Adviser
JTMR Pty Ltd trading as My Life Insured Pty Ltd has been appointed as a Corporate Authorised Representative of Choice Financial Advisors. We act on behalf of Choice Financial Advisors who is responsible for the services that we provide.
Your Financial Adviser is an authorised representative of Choice Financial Advisors.
Your Financial Adviser
Marc Rummel – Financial planner
Grad, Dip (financial Planning)
Tax Financial Adviser
SMSF Specialist accredited
Member of Financial Advice Association Australia (FAAA)
Marc is a director of My Life Insured. The Licensee, Choice Financial Advisors Pty Ltd, is responsible for the services provided by Marc.
Our Services
My Life Insured provides advice on a range of financial areas and products including:
• Superannuation and Self-Managed Super Funds (SMSF)
• Personal Insurance
• Insurance Tax advice
The Advice Process
We recognise that each client is different. We will listen to you to understand your objectives and circumstances. We will also ask questions to make sure we address all issues. When we first provide advice to you it will be explained thoroughly and documented in a Statement of Advice which is yours to keep and digest.
The Statement of Advice will explain the basis for the advice, the cost to you of implementing the advice and any fees associated with the advice, and we will provide you with a Product Disclosure Statement for insurance recommendations. This contains information to help you understand the product being recommended.
As your circumstances, the law, the economy, and products change, we may provide further advice to keep your plan up to date which will typically be documented in a Record of Advice. You can request a copy of your ROA at any time.
At all times you are able to contact us to ask questions about the advice and investments recommended. You can provide instructions to us in writing, via phone or via email. More information on our advice process can be found on our website.
How we get paid
Marc Rummel is a director of the JTMR Pty Ltd Trading as My Life Insured which has equity owned by Marc Rummel and the Choice Capital business. He receives distributions from JTMR Pty Ltd.
Our Pricing Structure
Insurance Advice
Insurance advice is remunerated via payments from the insurance companies on successful establishment of a new policy on behalf of a client and ongoing for continuing policies. The remuneration received may vary and is always detailed within your Statement of Advice.
Commissions
Choice Financial Advisors Pty Ltd receives commissions and other benefits from some product and service providers. The commission will vary depending on the product or service which is recommended.
Insurance
For insurance products established and/or managed by My Life Insured, we receive an ongoing commission from the Product Provider. This can range between 11% and 60% of the first year’s premium and 20% ongoing. As an example, for an insurance premium of $1,000 paying 11% ongoing commission, the ongoing commission would be $110pa. This is paid by the product provider to My Life Insured and is retained by the business. This commission covers any costs associated with the ongoing maintenance of your insurance policies, reviews as required and assistance and support at claim time and throughout the period of ownership of your policy, as required.
Referrals
In some situations, we receive fees or commissions where we refer you to external parties. We will disclose the referral arrangements to you whenever we refer you to an external party.
In some situations, we pay fees or commissions to external parties who have referred you to us. We will disclose the referral arrangements to you when we provide you with a SoA.
Other benefits
We may also receive additional benefits. These can include educational/IT support and tickets to sporting or entertainment events. Details of any benefits received above $100 will be maintained on a register which is available to you on request.
The services, fees, and commissions specific to you, will be set out in the SoA or RoA that we provide to you.
Your Privacy
My Life Insured and its representatives are committed to protecting your privacy. Our Privacy Policy sets out how we collect, hold, use and disclose your personal information.
We will collect personal information from you so that we can understand your personal situation and provide you with advice that meets your needs and objectives.
We will also collect information from you to meet our obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act.
We will generally collect this information directly from you, however, in some cases, we will seek your authority to collect it from other parties such as your accountant or your superannuation fund. If you do not provide us with all of the information that we request, we may not be able to provide our services to you.
We will hold and use your personal information so that we can continue to provide our services to you. We will only disclose your personal information to external parties where:
• The law requires us to do so
• You consent for us to do so
• To product providers we recommend, and you agree to use