Why Banksia Partners

Guiding Principles:

Banksia Partners, its representatives and its employees:

1. Recognise their fiduciary obligation to each client, meaning that the company and its employees shall act in the client’s best interest at all times and maintain high standards of honesty and integrity.
2. Are expected to avoid situations where their personal interests could conflict or appear to conflict with their fiduciary responsibilities to clients. Where a conflict of interest does exist it shall be disclosed to clients. Representatives and employees should avoid any investment, interest, association or other relationship that interferes, might interfere, or might be thought to interfere, with the independent exercise of good judgment.
3. Will undertake continuing professional development and ongoing education to ensure they maintain the necessary levels of knowledge, technical skill, and expertise in order to advise clients appropriately. 
4. Will conduct themselves in a professional manner at all times and not bring the firm into disrepute.
5. Shall not recommend a financial service or product that replaces an existing equally suitable or similar financial service or product. Where a recommendation to replace one financial service or product with another is made the basis for the recommendation will be fully disclosed in accordance with the Corporations Law and Australian Securities and Investment Commission (ASIC) guidance.
6. Shall disclose all forms of remuneration to each client in the course of the provision of its services, including fees, commissions, and other pecuniary or non-pecuniary benefits, together with payments to any referral source or any costs born by the client that should reasonably be disclosed.
7. Will act within the limitations of Banksia Partners Australian Financial Services License (AFSL) and representatives will advise the client of any limitations in their ability to provide objective advice. Where a breach under the terms of Banksia Partners AFSL occurs the representative or employee will advise the firms Compliance Officer of the breach and the Compliance Officer shall note the breach, any remedial action proposed or taken, and communicate such proposals or actions to the client.
8. Shall respect the confidentiality of client information and observe the Banksia Partners’ Privacy Policy at all times. Representatives and employees shall not misuse client information. Access to client information shall be provided on a need-to-know basis. With client permission, information may be shared with, Accountants, Lawyers, Fund managers, Agents, Custodians, Life insurers, etc to support the objectives of the client.
   

1. Meeting with a Banksia Partners Financial Advisor for the first time

The first meeting between you and your prospective Banksia Partners advisor should establish an understanding of what it is that you are seeking from your prospective advisor, how you are currently situated from both a ‘lifestyle’ and financial perspective, and what your future goals and aspirations are. 

In order to better understand your personal circumstances you will find that your advisor will ask a series of personal questions about yourself and your financial situation, where we obtain such information from you it is kept in the strictest confidence as per the Banksia Partners Privacy Policy. 

The information we gather is part of our "fact finding" process, and becomes the personal ‘qualitative’ information that is specifically about ‘you’. Your advisor will ultimately utilise this information to develop a strategic financial plan that is tailor-made to your exact circumstances, so that the plan we put in place really does deliver the results you're hoping to achieve. 

During your initial meeting your advisor will discuss a range of issues, including:

• Identifying any immediate financial weaknesses that present themselves
• Clearly identify any short, medium, or longer term financial objectives
• Developing an understanding of your tolerance to different levels of investment risk 
• Whether you have dependents, own a business, have a family trust, Self Managed Superannuation fund, etc.
• Estate planning matters (maybe as simple as ‘do you have a Will?)
• When you might like to retire – or ‘transition’ towards retirement 
• How Banksia Partners is remunerated for its services should you proceed further, and so forth

Your initial consultation is free of charge and carries no obligation. At this point we should have answered any questions you have concerning our services and you should be able to decide whether you wish to cement a relationship with Banksia Partners and your Banksia Partners advisor. In most instances (unless we have already had a long term client/advisor relationship) A Letter of Engagement will be issued which outlines Banksia Partners obligations to you and your obligations to Banksia Partners, the ‘scope’ our engagement and the agreed fee structure and methods of payment.

2. Strategic analysis & preparation of a suggested financial strategy

Having agreed the term of engagement and obtained a clear understanding of your financial position, your financial needs, objectives, your investment preferences and tolerance to various levels of investment risk, your advisor will begin preparation of our advice document (known as a ‘Statement of Advice’ or its acronym ‘SoA’).

At this point your advisor will:

• Analyse your current financial position and relevant financial documentation. 
• Model various financial strategies incorporating ‘cash flow’ management, debt management, superannuation and other savings, income requirements, taxation, savings capacity, risk management, etc.
• Clarify any resulting queries with you and determine a ‘best options’ outcome before completing a final detailed strategy.
• Undertake a checking process to ensure our recommended strategies and advice are technically sound.

3. Preparation of the client’s ‘Statement of Advice’

The SoA contains an explanation of the financial strategies your advisor is recommending you consider, together with any supporting material such as income projections, product disclosure documents, investment research, etc.

The SoA should also contain specific information such as:

• The scope of our advice and any limitation to that advice you should be aware of;
• Any assumptions upon which our advice is based;
• A summary of your financial needs and objectives;
• Our understanding of your investment ‘Risk Profile’;
• The basis for our recommendations and the anticipated outcomes of implementing our recommendations;
• Ongoing services provided;
• Fees and/or commissions payable to Banksia Partners
• Our ‘client identification’ processes;
• The process for implementing our recommendations.

4. Presenting the Statement of Advice

Normally your Banksia advisor and you will meet again so that your advisor can present the SoA. 

This provides an opportunity for the SoA to be fully explained to you and for you to ask any questions or make changes to the SoA. If you are satisfied with the recommended strategies contained within the SoA you will need to sign an ‘Authority to Proceed’ with the implementation of the recommendations outlined in the SoA.

If any changes are agreed for whatever reason, you can amend these at the time or you can arrange another meeting after your advisor has considered alternative strategies.

5. Implementing agreed strategies

Your Banksia advisor will assist in the completion and submitting of any required applications, superannuation ‘roll over’ requests, share broker transfers, etc. 

No actions are undertaken without your express written instructions or sign off on applications.

Your Banksia advisor and other Banksia team members will follow the progress of any pending transfers, insurances, or investment lodgements, to ensure they complete as anticipated.

6. Reviewing your financial strategies and investments

Your Banksia advisor will remain in contact to ensure that your instructions have been fully implemented within the agreed time frames.

Based on your requirements, the SoA sets out the agreed minimum standards for monitoring and reporting on your investments, regular meetings will then be scheduled (if any) to meet and review investment performance, confirm whether you are on target to achieve your financial objectives and agreed strategies and whether your investments continue to meet your financial objectives, or if your personal situation has changed and you need to review your financial strategies going forward.