dolphin partners financial services guide
TRANSCRIPT
Dolphin Partners Financial Services Guide (FSG)
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Table of Contents
AboutDolphinPartners ........................... 2
OurCurrentAdvisors ............................... 2
TypesofFinancialProductsandServices 3
FinancialServicesGuide: ......................... 3 StatementofAdvice(SOA) ......................... 4 ActingintheClient’sbestinterests .......... 4 ProductDisclosureStatement(“PDS”) ..... 4 Prospectus: .................................................. 4
WhoIsDolphinPartners? ........................ 5
WhatservicesdoesDolphinPartnersprovide? ..................................................... 5
YourAdvisor: ............................................ 5
Advice: ....................................................... 5
OnlineInformationServices .................... 6 HowdoIaccesstheseservices? ................ 6 CashManagementAccount ........................ 6
Howyoucangiveusinstructions ............ 7 CancellationofMarketTransaction ......... 7
ChargesandMeansofRemuneration ..... 7 Howyoupayforservices ........................... 7 Calculationofbrokerage,commissionandothercharges .............................................. 7 Options ........................................................ 8 BrokeragesFees: ........................................ 8
CHESSSponsorship ................................... 9
Provision of Financial Advice ...................... 10 PortfolioAdministrationServiceFee: .... 10 Newissues,PrivatisationsandFloats .... 10 FixedInterest/CashManagementAccounts .................................................... 10
AustralianClearingCorporationFees .... 11 MeansofRemuneration ........................... 11 ReferralFeespaidtoThirdParties ........ 11
YourRights .............................................. 12
ProvisionofInformationtoLicencedDealerinSecurities ................................. 12 Whatarethepossibleconsequencesofnotprovidingthisinformation? .............. 12
LimitationsofResearch–ResearchServices .................................................... 13
General Risk Disclosure Statement and Guidance for Investors ............................... 13 Introduction .............................................. 13
What are the risks? .................................... 14 Overall Market Risk ..................................... 14 Domestic Vs International Factors ............... 14 Stock Specific Factors ................................... 14
BasicInvestmentStrategiesandwhatarethey? ......................................................... 14
DolphinPrivacyPolicy ............................ 15 DolphinandthecollectionofPersonalInformation ............................................... 15
CollectionofPersonalInformation ........ 15 TaxFileNumber ....................................... 15 DisclosureofInformationtooverseasRecipients .................................................. 15 UseandDisclosureofPersonalInformation ............................................... 15
Professional Indemnity Insurance Cover .... 16
Dolphin Partners Anti Money Laundering & Counter Terrorism Financing Policy ............ 16
Complaints ............................................... 17
GlossaryofTerms: ................................... 18
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AboutDolphinPartners
DolphinPartnersholdsanAustralianFinancialServicesLicenceNo.364512(AFSL).OurAustralianBusinessNumber(ABN)is55142380176.
AsaholderofanAFSLicence,DolphinPartnersisrequiredtocomplywiththeprovisionsoftheCorporationsAct2001(CorporationsAct)whichareadministeredbytheAustralianSecuritiesandInvestmentsCommission(ASIC).
IfyouhaveanyquestionsinrelationtothisFinancialServicesGuideortheservicesDolphinPartnersoffers,pleasecontactDolphinPartnersoryourAdvisoronthenumberslistedbelow
Office: (03)-99828500Email: [email protected]: www.dolphinpartners.com.au
OurCurrentAdvisors
Ourcurrentadvisorsarelistedbelow:
Advisor ContactEmailLewisVassos [email protected]
DarrenKerford [email protected]
TonyNeasmith [email protected]
DarrenLight [email protected]
NicholasThomas [email protected]
GeorgeMaikousis [email protected]
PeterClarke [email protected]
JohnJoglou [email protected]
MarkTrent [email protected]
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TypesofFinancialProductsandServices TypesofFinancialServices TypesofFinancialProductsProvideFinancialProductAdviceDealinaFinancialProduct(Applyfor,acquire,varyordisposeofafinancialproductonbehalfofanother)
Deposit&PaymentProducts:- BasicDepositProducts
Deposit&PaymentProducts:- NonBasicDepositProducts
DerivativesManagedInvestmentSchemes(ExcludingIDPSSecurities)SecuritiesSuperannuationStandardMarginLendingFacility
- Financialinvestmentproducts
DealinaFinancialProduct(Applyfor,acquire,varyordisposeofafinancialproductonbehalfofanother)
DepositandPaymentProducts- Basicdepositproducts- NonBasicProducts
DerivativesManagedInvestmentSchemes(ExcludingIDPSSecurities)SecuritiesSuperannuationStandardMarginLendingFacility
- FinancialInvestmentProducts
FinancialServicesGuide: ThisFinancialServicesGuide(FSG)isanimportantdocumentwhichcontainsimportantinformationaboutthetypesoffinancialserviceswecanprovideyou.Inthisdocument,“we”,“us”and“Dolphin”meanDolphinPartners.ThepurposeoftheFSGistoexplainimportantinformationaboutthetypesoffinancialserviceswecanprovidetoyou,ourmethodsofremuneration,detailsofsomeoftherisksinvolvedinmakinganinvestment,andwhatyoumaydoincaseyouwishtomakeacomplaint.ThematterscoveredbytheFSGinclude:• Whoweareandhowwecanbecontacted• Whatservicesandtypesofproductsweareauthorisedtoprovide• Howwe(andotherrelevantparties)areremunerated• Detailsofourinternalandexternaldisputeresolutionproceduresandhowcomplaintsaredealtwith
ItisintendedthatthisFSGshouldassistyouindeterminingwhethertouseanyofourservices.Ifyouchoosetouseanyofourproductsandservices,youmayalsoreceiveotherdocumentswhichyoushouldreadcarefully.Thesedocumentsmayincludethefollowing:-
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StatementofAdvice(SOA)Thiswillusuallybegivenifweprovideyouwithpersonaladvicethatisfinancialproductadvicewherewetakeintoaccountyourpersonalobjectives,financialsituationandneeds.TheSOAwillcontainthepersonaladvice,thebasisonwhichitisgivenandotherinformationincludingdetailsaboutourfees,chargesandotherbenefits,commissionsandassociationswhichmayhaveinfluencedtheprovision(s)oftheadvice.YouwillnotreceiveanSOAifyourAdvisorisprovidingyouwithfurtherAdvice(“-FA-”).Generallyspeaking,advicewillconstitutefurtheradviceif;
• yourAdvisorhaspreviouslygivenyouanSOAthatsetsoutyourpersonalcircumstances;
• yourAdvisorprovidesyouwithfurtheradvicerecommendingthatyoubuyorsellshares,options,otherlistedsecuritiesorfinancialproducts;and
• yourpersonalcircumstancesandthebasisonwhichthefurtheradvicewasgivenhavenotsignificantlychangedsincethepreviousadvicewasgiven.
IfyouhavenotalreadybeenprovidedwitharecordofthefurtheradviceFAyoumayrequestyourAdvisortoprovideyouwithsucharecord.DolphinPartnersmaintainsallrecordswhichrelatetotheprovisionoffurtheradviceforseven(7)years.ActingintheClient’sbestinterests Whenprovidingpersonaladvicetoretailclients,DolphinPartnerswill:
- actinthebestinterestsoftheirclients;
- provideappropriateadvice;
- warntheclientifadviceisbasedonincompleteorin-accurateinformation;and
- prioritisetheclient’sinterests
ProductDisclosureStatement(“PDS”) APDSwillusuallybeprovidedwhenwemakearecommendationtoyoutoacquire,continuetoholdordisposeofafinancialproduct(otherthansecurities)oroffertoissueorarrangetheissueofsuchafinancialproductonyourbehalf.APDSisproducedandmadeavailablebytheissuerofthefinancialproductsnecessaryforyoutomakeaninformeddecisionaboutwhethertoacquire,holdordisposeofthatproduct.Prospectus: AProspectuswillusuallybeprovidedwhenwemakearecommendationtoyoutoacquiresecuritiesunderanewissueofferingorafloat,priortoquotationofthesecuritiesonaprescribedfinancialmarketsuchastheAustralianSecuritiesExchange(-ASX-).TheProspectuswillcontaininformationaboutthesecuritiesandissuernecessaryforyoutomakeaninformeddecisionaboutwhethertoacquirethesecurities.
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WhoIsDolphinPartners?DolphinPartnersholdsAFSLLicenceNo.364512issuedbytheAustralianSecuritiesandInvestmentCommission(ASIC).Thecompanycommencedoperationson01-02-2011.
WhatservicesdoesDolphinPartnersprovide? DolphinPartnersAFSLicenceenablesittoprovidearangeofsecuritiesandadviceservicesincludingthefollowing:• Buyingandsellingsharesofsecurities,participatingininitialpublicofferings;placementsandother
corporateactions;• Dealinginderivativesincludingexchangetradedoptionsandwarrants;• Dealingininternationalequities;• Dealinginbankbills;companydebenturesandconvertiblenotesasagent;• Facilitatingaccesstocashmanagementtrusts;• Dealinginmanagedfunds;• Investmentstrategiesforself-managedsuperannuationfunds.DolphinPartnerssuperannuationaccredited
Advisorscanprovidefinancialproductadviceforself-managedsuperannuationfunds.Allsuchfundsarerequiredtohaveaformalinvestmentstrategy.Itistheresponsibilityofthetrusteesofthefundtoensurethattheinvestmentportfolioiswithinthebenchmarkssetoutintheinvestmentstrategy.DolphinPartnersaccreditedAdvisorscanassistthetrusteetoimplementtheinvestmentstrategy;
• Aportfolioadministrationservicewhichincludessharetradingsummaries,portfoliovaluations,incomereportsandsectoranalysis;
• Standardmarginlendingandonlineinformationservices(directlyorindirectly)throughanapprovedDolphinPartnersserviceprovider
DolphinPartnersisrequiredunderitsAFSLLicencetohaveinplaceprofessionalindemnityinsurancesufficienttocoveritforthefinancialservicesitprovides.
YourAdvisor: YourAdvisorisadirector,employeeand/orauthorisedrepresentativeofDolphinPartnersandisauthorisedtoprovideyouwithsomeoralloftheaboveservices.DetailsofyourAdvisorareincludedwiththisFSG.DolphinPartnersisresponsibleforanyadvisoryservicesyoureceive.Inprovidingyouwiththesefinancialservices,wewillbeactingonyourbehalf.Ifyoualreadyownsharesorotherfinancialproducts,yourAdvisorcanreviewyourportfolioandhelpyoudecidewhetherthefinancialproductsyouholdarestillappropriatehavingregardtoyourpersonalcircumstances.Ifyoudonotalreadyownsharesorotherfinancialproducts,yourAdvisorcanhelpyoudesignaportfoliotosuityourpersonalcircumstances.
Advice: Ifweprovideyouwithadvice,youwillreceiveeitherpersonalfinancialproductadvice(PersonalAdvice)orgeneralfinancialproductadvice(GeneralAdvice).InorderforyoutoreceivePersonalAdviceyouwillneedtogiveDolphinPartnersdetailsofyourpersonalobjectives,currentfinancialsituationandneeds,andanyotherrelevantinformation,sothatwecanprovideyouwiththeappropriateadvice.
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WemayalsoprovideyouwithlimitedPersonalAdvice,thatis,advicethatislimitedtoaparticularfinancialproductrangeand/orbasedonlimitedrelevantinformation.Thismaymeantheadviceandresultinginvestmentmaynotbeappropriatetoyourneeds,objectivesandcircumstances.Furthermore,youmayneedtoformyourownassessmentoftheappropriatenessofanysuchadvicegiven.Wewillonlygive“PersonalAdvice”toyouifyouengageoneofourAdvisorsandspecifythatwearegivingyou“PersonalAdvice”.“PersonalAdvice”isnotprovidedinourregularupdatesormarketingmaterialwhenvisitingourwebsiteorwhencontactingnon-advisorystaff.GeneralAdviceisadvicethatdoesnotcontainanydirectorimplicitrecommendationthatthefinancialproductsreferredtoareappropriatetoyourowninvestmentobjectivesandpersonalcircumstances.Youshouldnotrelyon“GeneralAdvice”withoutmakingyourowninquiriesorassessmentaboutsuitabilityofthefinancialproducttoyourownindividualinvestmentobjectives,financialsituationandneeds.
OnlineInformationServices DolphinPartnerswebsitecontainsawiderangeofinformationtoassistyoutomakeinvestmentdecisions.OurwebsitewilllinkyoutoyourCMCMARKETSLimited(ABN69081002852)AFSLicence246381(CMCMarketsLimited)accountwhereinformationcanincludethefollowing;• AccesstoCMCMARKETSresearch;• AccesstoyourCHESSholdings;• CashbalancesinyourlinkedANZV2cashmanagementaccountorMacquarieBankCashManagement
Account;• Transactionhistory;• Confirmations(contractnotes)onlineandviaemail;• ComprehensiverecordsoftheoptiontradesyouhavemadethroughyourCMCMARKETSaccount;• ASXprices(realtimeor20minutedelayed),quotes,announcements,companyprofilesandhistoricalprices;
and• Customisablewatchlistsandcharts
HowdoIaccesstheseservices?ToaccesstheservicesofferedbyDolphinPartnersyoushouldenterintoaclientagreementrelevanttotheparticularservice.IfyouareanewclientofDolphinPartnersyouwillneedtocompleteaDolphinPartnersclientagreementforequities,optionsorwarrantspriortotransacting.WhereyouareprovidedwithassociatedfinancialservicesyouwillbeprovidedwithanadditionalFSGrelatingtotheservicesofferedbythatprovidere.g.CMCMarketsLimited.ClientagreementsareavailablefromDolphinPartnersoryourAdvisor.Ifyouhaveanyquestionsaboutanyclientagreements,youshouldseekindependentlegaladvice.PleasenoteyourAdvisorcannotgiveyoulegaladvice.CashManagementAccountWeofferclientstheconvenienceofestablishingacashmanagementaccountfortransactionsontheirportfolio.DolphinPartnerspreferredcashmanagementisthe“MacquarieBankCMA”
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Howyoucangiveusinstructions Youcangiveusinstructionsinrelationtomarkettransactionsbytelephone,facsimile,letter,emailorbyanyothermeansasmaybemutuallyagreedinwriting.However,whengivingDolphinPartnersorderinstructions,unlessyouspeaktooneofourAdvisorswecannotguaranteethatyourorderwillbecarriedout.Forallotherinstructionsyouwillneedtoprovideuswithwrittenandsigneddocumentation.Theseinstructionsdonotapplyto(“DolphinPartnersOnlineAccounts”),whereallsharetradingordersareexecutedthroughCMCMARKETSdirectlywithnoadvicegiven. CancellationofMarketTransactionUnderASXGroupRules,theASXispermittedtodirectCMCMARKETS(ourexecutionandclearingASXparticipant)tocanceloramendanymarkettransactionthatiseffectedbyanerrororomission.Underthoserules,CMCMARKETSmayelect(byagreementwiththeotherbroker)tocanceloramendamarkettransaction(s),orCMCMARKETSmaybedirectedbytheASXGrouptocanceloramendamarkettransaction(s)dueto;(a)anhonestandgenuinemistakeinrelationtothecharacteristics,detailsorexecutionofamarkettransaction,or(b)abreakdownormalfunctionoftheASXGroupssystemsoranyothertechnicaloradministrativeerroreffectingthemarkettransaction.WhereatransactionisexecutedbyDolphinPartnersonyourbehalf,youconsenttoanydecisionmadebyusorCMCMARKETSLIMITED,tocanceloramendsuchmarkettransaction(s),oranydirectionbyASXcompellingCMCMARKETStocancelsuchmarkettransaction(s)andagreethatCMCMARKETSandDolphinPartnerswillnotbeliabletoyouoranyotherpersonincontactortortoranyotherbasisforanyloss,damage,costorexpensearisingdirectlyorindirectlyfromsuchcancellationoramendment.
ChargesandMeansofRemuneration Howyoupayforservices Brokerageandotherchargeswhichapplytotheadvisoryservicesweofferareexplainedbelow.Feesforportfolioadministrationandinvestmentproductsarealsoexplainedbelow.Newslettersandindependentresearchreportsareprovidedfreeofcharge.Allbrokerage,commissionandotherchargesaretobepaidbyyou,asperconfirmation(s)fromCMCMARKETSoratourdirectionforservicesprovidedbyDolphinPartners. Calculationofbrokerage,commissionandotherchargesBrokeragechargesapplytothepurchaseandsaleofproductsquotedfortradingonprescribedfinancialmarketssuchasASXinvolvingequities,options,warrants,fixedinterestproductsandinterestsinlistedmanagedinvestmentschemes.Thescheduleoffeesisshownbelow:Online:Minimumbrokerage $19.95exclusiveofGST(GoodsandServicesTax)forequitiesor
options.Maximumbrokerage 0.1%exclusiveofGST(GoodsandServicesTax).*AdvisorExecutionOnlyTransactionsmaxbrokerage0.5%exclusiveofGST
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AdvisorTransactions:CMCMarketsLimitedMinimumbrokerage $75exclusiveofGST(GoodsandServicesTax)forequities.Maximumbrokerage 2.5%exclusiveofGST(GoodsandServicesTax).Brokerageischargedoneachtransaction,andiscalculatedasapercentageofthedollarvalueofthetransactionplus(GST).Brokerageratesarenegotiableandwillbeagreedwithyoupriortotheexecutionofatransaction. MaximumandMinimumbrokeragearesubjecttochange Example:TradingOnlinewithCMCMarketsLimited:Thepurchaseof$1000ofsharesonlinewillattractbrokerageof$19.95+GSTwiththetotalconsiderationbeing$1021.95.Example:AdvisortradingwithCMCMarketsLimited:Thepurchaseof$1000ofshareswillattractbrokerageof$95+GSTwiththetotalconsiderationbeing$1104.50 Options TheASXmarketrulesrequireoptiontransactionstobesettledonthenextbusinessdayafterthetransactionwasundertaken(T+1)Aminimumchargeof$95+GSTappliesforoptiontransactions.BrokeragesFees:DolphinPartnersorderallocationpolicyisinaccordancewiththeASXmarketrulesonallordersoriginatingfromDolphinPartnersclients.Thespecificrateofbrokeragewilldependonfactorssuchasthelevelofservice,thetypeofadvice,thetypeoffinancialproduct,thesizeofthetransactionandthefrequencyofthetransactionsonyouraccount(s).Theactualamountofbrokeragepayablebyyouwillbedisclosedintheconfirmation(contractnote)forthetransaction.IfyoureceivePersonalAdviceinrelationtoafinancialproductandtheamountofbrokeragecanbecalculatedatthattime,theactualamountwillalsobesetoutinanySOAorrecordofpersonaladviceorconfirmation(contractnote)thatmaybeprovidedtoyou.Forapurchase,thebrokerage+GSTisaddedtothetransactionvaluetoformthetotalconsiderationpayablebyyoutoCMCMARKETS.Forasale,thebrokerage+GSTisdeductedfromthetransactionvaluetoformthetotalconsiderationpayabletoyoufromCMCMARKETS.FailfeesYoumayalsobecharged‘failfees’or‘latepaymentfees’(chargedbyASX)andpassedontoyoubyCMCMARKETSIfyoufailtosettleapurchaseorsaletransactionbythetimeanddatespecifiedontheconfirmation.Thesefeesareshownbelow.Thefollowingfeesmaybechargedagainstyouraccount,inrespectofafailuretosettletransactions;
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FailFee-$55+ASXFeeperfaileddayLateSettlementFee-$55+0.1%ofvalueoftradefeeperfaileddayOverdraftinterestchargesinlinewithbankchargeswillapplyforaccountswherethereareinsufficientfunds.Afeeof$2.42willbechargedperconfirmationforcontractnotespostedviamail.AllChargesaresubjecttochange.
CHESSSponsorship YouradvisorcanarrangeCHESSsponsorshipthroughCMCMARKETSOnceyouhaveexecutedthenecessarydocuments.CHESSsponsorshipmakesbuyingandsellingshareseasierandfarmoreconvenientforyou.Itrelievesyouoftheneedtoprovidecopiesofthestatementsofyourholdingswhenyousellshares.BecauseallyourholdingsareheldwithCMCMARKETSitgreatlyreducestheriskoflatesettlementofasale.Italsofacilitatestheprocessofchangingyourregistrationdetailsifyouchangeyouraddress. BestExecutionPolicy.CMCMarkets-actingasourclearing,settlementandexecutionproviderClause1CMCMarketsarerequiredtotakeallreasonablestepstoobtainthebestoutcomeforyouwhenhandlingandexecutingyourorders.ThisrequirementisoutlinedintheASICMarketIntegrityRules(CompetitioninExchangeMarkets)2011(“ExchangeMarketRules”). Clause2Inordertomeettheirobligationstoyou,CMCMARKETSwillplaceallclientordersontheASXCentralLimitOrderBook(“ASXCLOB”).CMCMARKETSplacesordersaccordingtoprice-timepriority,whichmeansthefirstvalidordertheyreceiveatagivenpriceforaparticularFinancialProductwillbethefirstordertheysubmittotheASXCLOB. Clause3IntheeventyougiveyourDolphinAdvisoraninstructiontorefrainfromobtainingthebestoutcomeforyoui.e.(whereforexampleyouplacean“AtLimitOrder”CMCMARKETSwillfollowyourinstructions,howeverpleasenotethattheeffectofthismaybethatyouwillnotobtainthebestoutcomeorthebestprice. Clause4IfyourequireproofthatCMCMARKETShavefulfilledourbestexecutionobligations,pleasecontactyourFinancialAdvisoratDolphinPartners.Clause5UndertheASICMarketIntegrityRules2010andtheCorporationsAct,youhavecertainobligationswhenyoutradeinFinancialProducts,forexampletonotmanipulatethemarkets,andtorefrainfrominsidertrading.CMCMARKETSuseorderentryfilterstovetallordersbeforetheyareplacedintothemarkettoensurethatordersareconsistentwiththeselaws.Asaresult,CMCMARKETSmayrejectyourorderorreferitformanualreviewbyoneoftheirDesignatedTradingRepresentatives,assetoutinClause11.2oftheTermsandConditions.Clause6CMCMARKETSwillreviewthispolicyanditseffectivenessregularly,andinformyou(inaccordancewiththeseterms)ofanychangestothebestexecutionpolicy.
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Provision of Financial Advice DolphinPartnersmaychargeafeefortheprovisionoffinancialadvice.Thisfeewillvarydependingonthecomplexityoftheadviceandstrategyprovided(basedonhourstopreparetheadvice).YourAdvisorwillagreethefeewithyoupriortothepreparationofthefinancialadvice.WherePersonalAdviceisprovided,furtherdetailsofthefeesforadviceprovidedwillbecontainedintheSOAyoureceive.PortfolioAdministrationServiceFee: DolphinPartnersviaPraemium(preferred3rdpartyplatform)canprovideadministrationservicesforyourinvestmentportfolio.AsummaryofthefeesthatwillapplytothatservicearesetoutinthetablebelowPortfolioAdministrationServiceFee;EstablishmentFee NoneCashOnly NoCharge
Cash&Investments NoCharge
AdministrationServiceFee Minimum$250.00+GSTperquarter.MaximumFeesubjecttoagreementwithyourDolphinadvisor.
ByExampleThemarketvalueoftheinvestmentweadministeronyourbehalfis$100000attheendofthemonth.Theservicefeewhichmaybechargedforthatmonthisonetwelfthof$1000or$83.33plusGSTof$8.34.OtherfeesandchargesdescribedinthisFSGareadditionaltothePortfolioAdministrationServicefee.Forexample,brokeragewillapplyonallASXtradedsecuritiestransactionswithinthePortfolioAdministrationService.Newissues,PrivatisationsandFloats Youarenotchargedbrokerageorcommissionwhenmakinganapplicationforsecuritiesinanewissue,privatisationorafloat.Ifhowever,yourapplicationisstampedbyDolphinPartnersandissuccessful,wemaybeentitledtoreceivealodgementfeefromthecompany,governmentorrelevantissuer,whichwillvarydependingontheissuer.Whereweactasthelodginglicenceddealerofanissue,wewillreceivefeesforactinginthatcapacity.Detailsoflodgementandotherfeeswillbedisclosedintheprospectusfortheissueandwilldependontheindividualcircumstancesandtypeofissue.FixedInterest/CashManagementAccounts Nobrokerageorcommissionischargedbyuswhenlodgingfundsonyourbehalfinacashmanagementtrustorwhereyoupurchasefixedinterestsecuritiesintheprimarymarket,thatis,throughaprospectusor(PDS).Wemayreceiveacommissionfromfixedinterestborrowersandcashmanagementtrusteesforanyfundslodgedwiththemonbehalfofourclients.Thiscommissionispayableonlytolicencedinstitutions,suchasourselves,andisnotpayabletoinvestors.Youareinnowaydisadvantagedbyarrangingthesefacilitiesthroughus.Theamount
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ofcommissionwereceivevariesdependingontheidentityoftheissuerandthenatureoftheproduct,buttypicallyrangesfrom0.25%(inclusiveofGST)to0.44%(inclusiveofGST)oftheaveragedailybalanceoftheamountlodged.Wherewepurchasediscountedsecuritiessuchasbankbillsofexchangeorpromissorynotes,ourfeewillbe$100flatfeeexclusiveofGSTpertransaction.AustralianClearingCorporationFees TheAustralianClearingCorporation(ACC)determinesthechargesandfeespayablebyyou.PleasecontactyourDolphinadvisorforanup-to-datefeecostforoptioncontractsandthecurrentexercisefeeforexercisingashareoptionpercontract.Inthecaseofindexoptions,ACCchargesafeepercontractforboththetransactionfeeandexercisefee.Theexactcostofyourtransactionfeeswillbedisclosedinanyconfirmationwhichwillbeprovidedtoyou.
MeansofRemuneration DirectorsandclientAdvisorsofDolphinPartnersareremuneratedbysalaryoronacommissionbasisoracombinedsalary/commissionbasis.Advisorswillreceiveupto80%ofthefollowing
• Brokerage.
• PortfolioAdministrationServicesFees.
• Newissues,privatisationandfloatcommissions.
• Trailingandroll-overcommissions.
ReferralFeespaidtoThirdParties AreferralfeemaybepaidtoathirdpartysuchasafinancialplannerforreferringyourbusinesstoDolphinPartners.Anysuchpaymentdependsontheparticularcircumstancesofeacharrangementwiththatthirdparty.DolphinPartnerswillpayashareofbrokeragetoathirdpartywhenevershares,optionsorothersecuritiesareboughtandsoldbyyouasaresultofthatreferral.TheshareofbrokerageiscalculatedasapercentageofthebrokeragewhichDolphinPartnersreceivesfromyouforthetransaction.ThespecificratewilldependonthetermsoftheagreementbetweenDolphinPartnersandthethirdparty.CMCMARKETSandDolphinPartners,haveenteredintoanagreementwhereCMCMARKETSwillprovideexecutionandclearingservices,CHESSsponsorshipandotherbrokingservicestoclientsofDolphinPartnersforaspecifiedfeewhichformsallorpartofthebrokerageshownonconfirmationnotes(contractnotes)issuedbyCMCMARKETSLIMITED.CMCMARKETSwillretainapartofthebrokeragethatappearsonyourconfirmationadvice(contractnote)whenshares,optionsorothersecuritiesareboughtandsoldthroughCMCMARKETSLIMITED.ThebrokerageretainedisdependentonthetermsoftheagreementbetweenDolphinPartnersandCMCMARKETSLIMITED.Thetotalamountofbrokeragepayablebyyouwillbedisclosedintheconfirmation(contractnote)forthetransaction.
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YoumayrequestparticularsofthefeeathirdpartywillreceivefromDolphinPartners.AnyrequestmustbemadewithinareasonabletimeafteryoureceivethisFSGandbeforeanyfinancialserviceisprovidedtoyou.Ifyoureceivepersonaladviceinrelationtoafinancialproductandtheamountoftheshareofbrokeragecanbecalculatedatthattime,theactualamountwillbedisclosedatthetimethepersonaladviceisgivenorassoonaspracticableafterthattime.
YourRights WhereyoureceivePersonalAdvice,yourAdvisorisobligedtohaveareasonablebasisformakingthatrecommendation.ThismeansthatyourAdvisormustgiveconsiderationtotheinformationavailableaboutyourinvestmentobjectives,financialsituationandparticularneeds.Ifyoudonotwishtoprovidesuchinformation,oryouonlyprovidelimitedinformationyourAdvisorwillbelimitedinhisorherabilitytoprovidefinancialadvicespecifiedtoyourrequirement.Insuchcases,anyfinancialadvicegivenwillonlybegeneralinnature.YouhavetherighttoknowaboutdetailsofcommissionsandotherbenefitsyouAdvisorreceivesforprovidingfinancialadvicetoyouandweareobligedtodiscloseanyinterestoftheadvisorthatmayreasonablybeexpectedtobecapableofinfluencingfinancialadviceprovidedtoyou.Wewillprovidetheinformationtoyouwhenweprovidethatadvice.
ProvisionofInformationtoLicencedDealerinSecuritiesWhenyoucontactaclientadvisorofDolphinPartners,heorshewillgenerallypresumethatyouhavealreadymadethedecisiontoinvestaparticularpartofyourinvestableassetsinequitiesratherthansomeotherassetclass.Ifyouhavenotmadethisdecisionoryourequireassistancewithit,youshouldlettheclientadvisorknow,sothatheorshecanadviseyouappropriatelyorreferyouelsewhere.Inorderforustoprovideadvicewhichisappropriatetoyourpersonalcircumstances,youwillbeaskedtoprovidecertaindetailedpersonalinformationaboutyourinvestmentobjectives,financialsituationandparticularneeds,eitherinwritingororally.Thisinformationwillbekeptstrictlyconfidential.Ifyouwishtorelyonouradviceitisincumbentuponyoutohaveprovideduswithfulldetailsofyourpersonalcircumstancessothatwecanmakeaproperjudgementastothesuitabilityorotherwiseofthesecuritiesunderdiscussion.IfyouchoosetoprovidethisinformationyoushouldensurethatyourAdvisorbecomesawareofanychangesthatmayberelevantwhenadviceisgiveninthefuture.Whatarethepossibleconsequencesofnotprovidingthisinformation? Youareofcourseatlibertytodeclinetoprovidesomeorallofthisinformation,butifyoudonotprovideit,yourclientAdvisorwillonlybeabletoprovideyouwithGeneralAdviceonthebasisoftheinformationyoudoprovide.Ifyoudonotprovideinformationrelevanttoyourinvestmentobjectives,financialsituationandparticularneeds:
(a) wemaynotbeabletoundertakeacomprehensiveanalysisofyourinvestmentobjectives,financialsituationandparticularneeds;
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(b) accordingly,ouradvicemaybebasedonincompleteorinaccurateinformationrelatingtoyourrelevantpersonalcircumstances;and
(c) beforeactingontheadvice,youneedtoconsiderwhetherourgeneraladviceisappropriatehavingregardtoyourrelevantpersonalcircumstances.
Thisprocessdoesnotapplyinrelationtotheprovisionofwrittenororalgeneraladvice,suchasthatcontainedinnewslettersandresearchreports.Generaladviceisbasedsolelyontheinvestmentmeritsofthefinancialproducts,andispreparedwithoutconsiderationoftheinvestmentobjectives,needsandfinancialcircumstancesofanyparticularinvestorandincludesthewarningthattheadviceisnotarecommendationofthatparticulartransactionandthosefinancialproductsmaynotbeappropriateorsuitablefortherecipientoftheadvice.
LimitationsofResearch–ResearchServices YourAdvisorcanprovideyouwithindependentresearchreportsandotherinformationissuedbyDolphinPartnersand/orapprovedthirdpartyproviders.SomeoftheResearchreportsissuedinclude:
• ComprehensiveindependentcompanyreportsanalysingASXstocks,includingfinancials,valuationsandrecommendation(E.g.Morningstar);
• Dailymorningcomments;
• Specialisedreportswhichcoverseconomicoutlookandcompanyrecommendations
YourAdvisorcanalsoprovideananalysisofyourshareportfolioandmakerecommendations.Youshouldbearinmindthatresearchreportsarepreparedformultipledistributionsandcontaininformationandopinionsofageneralnature.Theymaynotnecessarilybesuitableortakeintoconsiderationyourpersonalcircumstances.YoushouldalwaysconsultyourAdvisorbeforeactingonanyresearchreports.
General Risk Disclosure Statement and Guidance for Investors Introduction Wewillexplaintoyouanysignificantrisksassociatedwithinvestmentsandstrategieswhichwerecommendtoyou.Youcanaskustoexplainthoseriskstoyouatanytime.Equitysecurities,incommonwithallotherassetclasses(egrealpropertyandgovernmentbonds)candeclineinvalueaswellasappreciate.Themeasureofthischangeinvalueisoftenreferredtoasvolatility,i.e.themorethevaluevariesovertime,themorevolatiletheassetisandthereforegenerallythemoreriskinvolvedininvestinginit.Ontheotherhand,thelessvolatiletheassetthelesslikelyisthesignificantcapitalgainorlossfrominvestinginthatasset.Equitysecuritiesaregenerallymorevolatilethanotherassetclasses;howeverthemarketsforotherassetclassesarenotnearlyastransparentasthestockmarketintermsoftheinformationavailabletoinvestorsandtheprocessforcontinuouslydeterminingandmakingpublictherealtimemarketvalueoftheparticularasset.Forthisreasontherealbenefitinthevolatilityofequitysecuritiesisoftenseenasanegativefeatureandnotfullyappreciated.Youshouldconsultwithyouradvisorforfurtherclarification.
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What are the risks? Ingeneraltherisksofinvestinginequitiescanbecategorisedinthefollowingmanner.(Pleasenotethatthelistbelowdoesnotpurporttobecomplete,asitwouldnotbefeasibletolistallthepossiblerisksineachcategory.) Overall Market Risk Thisistheriskoflossbyreasonofmovementsinthesharemarketgenerally.Thesecanbecausedbyanynumberoffactors.Specificexamplesarechangesininterestrates,politicalchanges,changesintaxationorsuperannuationlaws,internationalcrisesornaturaldisasters. Domestic Vs International Factors Thevulnerabilityofacompanytointernationaleventsormarketfactorscaninfluencethevalueofitsshares.Thesewouldincludemovementsinexchangerates,changesintradeortariffpoliciesandchangesinotherstockorbondmarkets. Stock Specific Factors Thesewouldincludethecompany’sdirectors,thestrengthofthecompany’smanagementandthesignificanceofanykeypersonnel,thecompany’sprofithistory,thecompany’stangibleassetbase,debtlevelandfixedcoststructure,productrecalls,litigationprofitsorlossesonparticularcontracts,drillresults,competitionfromwithinthesectorandwhetherthecompanyalreadyhasaprofitablebusinessorwhetheritisexploringforrecoverableresourcesorisdevelopinganewproduct.
BasicInvestmentStrategiesandwhatarethey?Income–youmayneedanincomestream,perhapstomeetyourlivingexpenses.Youmaywishtoavoidshareswhichdonotpayfrankeddividends.Carefulconsiderationshouldbemadewhendecidingwhethertoinvestincompaniespayingfrankeddividendsandyourpersonaltaxposition.Growth–asecureincomestreammaynotbenecessary,asyourincomeneedsaremetfromothersources.Youmayontheotherhandprefercapitalgrowthtoprovideahedgeagainstinflation,toaccumulatewealthandasaresult,growthstockorientated.Shareswithgrowthlikecharacteristicscanalsoincurcapitallossesandtheshareswiththegreatestpotentialforgrowthmayalsohavethegreatestpotentialforlossinvalue.Mixofgrowthandincome–yourneedsmayincludebothasecureincomestreamandsomemeasureofcapitalgrowth.Shorttermtrading–youmaywishtotradeinshareswithaviewtoprofitingfromshorttermpricemovements.Mixtureoftheabove–sharestobeacquiredtoobtainamixoftheabovepurposes.
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DolphinPrivacyPolicy DolphinPartnersPtyLtd(Dolphin)isanAustralianFinancialServiceslicenseeandissubjecttolegislativeandregulatoryrequirementswhichrequireDolphintoobtainandholdinformationwhichpersonallyidentifiesthosepersonswhichwhomwetransactbusiness.DolphinisboundbytheAustralianPrivacyPrinciples(APPs)establishedundertheprivacyact1988andtheprivacyAmendment(EnhancingPrivacyProtection)Act2012.DolphinandthecollectionofPersonalInformation Personalinformationisinformationoranopinionaboutidentifyinganindividualandwhethertheinformationrecordedismaterialornot.
CollectionofPersonalInformation Dolphincanprovidefinancialproductsandservicestoclientsafterobtainingpersonalinformation.Theinformationwillbeusedasabasisfordeterminingtheclientsinvestmentobjectives,financialsituationandparticularneeds.DolphinmayundercurrentlegislationbeunabletoopenormaintainexistingaccountsforclientswhoareunwillingtoprovideinformationwhichmaycontraveneexistinglegalorregulatoryrequirementsasofanAFSlicencees.Clientsmustbeawarethatfailingtoprovidedetailedinformationmayresultininvestmentadvicebeingprovidedthatmaynotmeettheclient’sinvestmentobjectives,financialsituationorparticularneeds.TaxFileNumber Dolphinencourageclientstoprovidetheirtaxfilenumber,howevertheprivacycommissionhasstatedthatthedisclosureofaTFNtoanAFSLholderisnotmandatory.Dolphinonlycollectsinformationaboutaclienttoensurewecomplywithaspectsoftheclientsidentityforanti-moneylaunderingpurposesandensurewedonotcollectedun-solicitedpersonalinformation.Intheeventwereceiveun-solicitedinformationwewilldestroyitassoonaspracticableandifitislawful.DisclosureofInformationtooverseasRecipients DolphinPartnersisrequiredunderthePrivacyActtodisclosewhetheritislikelytodisclosepersonalinformationtooverseasrecipients.Atpresent,wedonotdiscloseinformationtooverseasrecipientsandintheeventwedowewillrequestpermissionfromtheclient.UseandDisclosureofPersonalInformation InformationcollectedbyDolphinenablesusto:
- Determinewhetherwewillopenanaccountforyouandmayincludeassessingyourcreditworthiness;- Consideryourinvestmentobjectives,financialsituationandparticularneedswhenprovidingpersonal
advice- Transactinshares,provideCHESSSponsorshipandotherfinancialservicessuchasPortfolioService
Agreement(PAS)
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- FacilitatecompliancewiththetermsandconditionsofyouraccountwithDolphinandyournominatedexecution,settlementandclearingmemberoftheASX,andlegalandregulatorybodies.
Professional Indemnity Insurance Cover DolphinPartnershasinplaceProfessionalIndemnityInsurancewhichsatisfiestherequirementsofSection912BoftheCorporationsAct.Section912BrelatestoRetailClientcompensationarrangements.Inverygeneralterms,Section912BrequiresDolphinPartnerstohavearrangementsforcompensatingaretailclientforlossordamagesufferedbecauseofbreachesbyDolphinPartners,orbyourrepresentativesand/oremployees,TheProfessionalIndemnityInsurancewehaveinplacewillcoverclaimsinrelationtotheconductofrepresentativesand/oremployeeswhonolongerworkforDolphinPartnersbutwhodidatthetimeoftherelevantconduct.
Dolphin Partners Anti Money Laundering & Counter Terrorism Financing Policy TheAnti-MoneyLaunderingandCounterTerrorismFinancingAct(TheAML/CTFAct)imposesstrictobligationsinrelationtoclientidentification.UndertheActDolphinPartnersisrequiredtoundertakeanumberofprocessesaimedatensuringcompliancewiththeAct.DolphinPartnerswillobtainfromclientswhoelecttodobusinesswithus:
- identificationdocumentsthatarecurrent,validandcertifiedandinthecaseofentitiesotherthannaturalpersons,wewillrequireidentificationdocumentsforallpersonswhooperatetheentityand/orhaveabeneficialinterestintheentity.
DolphinwillobtainanyadditionalinformationitrequiresfromneworexistingclientsifitconsidersthattheinformationwecurrentlyholdisinsufficienttomeetcurrentAML/CTFidentificationrequirements.DolphinPartnerswillalsokeeparecordoftheidentificationdocumentsyousupplyusandthesemayberequestedbytherelevantregulatorforinspectionandverification.AUSTRACistherelevantregulatorandtheirwebsiteiswww.austrac.gov.auThiswebsitesetsouttherelevantlegislationontheAML/CTFActanditsimplicationsYourPrivacyisimportanttoDolphinandwewillabidebytherequirementsofthePrivacyAct.OurPrivacypolicyisavailablebycontactingyourrelevantDolphinAdvisorandrequestingacopy.
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Complaints Toimproveourlevelofcustomerservice,DolphinPartnershasacomplaintshandlingprocedure.Ifyouhaveacomplaintabouttheserviceprovidedtoyou,youshouldtakethefollowingsteps:
(a) ContactyourAdvisorandtellhim/heraboutyourcomplaint
(b) Ifyourcomplaintisnotsatisfactorilyresolvedwithin3days,pleasecontactourComplianceManageron(03)99828583,orputyourcomplaintinwritingandsendittousaddressedto:
TheComplianceManager,DolphinPartnersPtyLtdLevel2,156CollinsSt.,Melbourne3000.Wewilltryandresolveyourcomplaintfairlyandexpeditiously.
(c) Ifyoustilldonotobtainasatisfactoryoutcome,youhavetherighttocomplaininwritingto:
AustralianFinancialComplaintsAuthorityGPOBox3MelbourneVIC3001Tel:1800931678orFax:0396136399Website:www.afca.org.au
DolphinPartnersisamemberofanexternaldisputeresolutionschemeoperatedbytheAustralianFinancialComplaintsAuthorityLimited(AFCA).IfyouarenotsatisfiedwithyourresponsefromDolphinPartnersyoumayreferthemattertoAFCAwithintwoyearsofthefinalresponsefromDolphinPartners.Weareamemberofthisscheme.Ourmembershipnumberis22896ASICalsohasafreecallinfolineon1300300630whichyoumayusetomakeacomplaintandobtaininformationaboutyourrights.
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GlossaryofTerms:
Term Meaning ASIC AustralianSecuritiesandInvestmentCommission AFCA AustralianFinancialComplaintsAuthority FSG FinancialServicesGuide ACH AustralianClearingCorporation SOA StatementofAdvice PDS ProductDisclosureStatement ACN AustralianCompanyNumberABN AustralianBusinessNumberAFSL AustralianFinancialServicesLicenceAML/CTF AntiMoneyLaunderingandCounterTerrorismFinancingActGuidelines ASX AustralianSecuritiesExchangeGST GoodsandServicesTaxCHESS ClearingHouseElectronicSub-registerSystemCorpAct CorporationsAct2001Dolphin DolphinPartnersPtyLtdFA FurtherAdvicePAS PortfolioAdministrationServiceCMCMarketsLimited
ExecutionandSettlementServicesProvider
DolphinOnline RegisteredbusinessnameofDolphinPartnersPA PersonalAdviceGA GeneralAdviceT+1settlement Tradedayplusonebusinessday
Last Updated - 26 August 2019
Level 2, 156 Collins Street, Melbourne VIC 3000
Telephone: (03) 9982 8500
Website: www.dolphinpartners.com.au
Email: [email protected]
Holder of Australian Financial Service Licence Number - 364512
Australian Business Number (ABN) - 55142380176