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Financial Planning

THE FIRM

McMillan Financial Planning Pty Ltd is part of the McMillan Partners group who are owned and controlled locally. We are licensed with the Australian Securities and Investments Commission and are principal members of the Financial Planning Association of Australia.

Financial Planning is run by Gerard Witts, who is a Fellow of the Institute of Chartered Accountants and has in excess of 25 years experience in the industry.

At McMillans we recognise that there can be difficulties faced when investing. Our approach is to ensure your investment objectives are reached. We strongly believe that it is impossible to give accurate and independent advice without first gathering your information. The type of investments you make then become obvious once we understand where you are headed.

WHAT FINANCIAL PLANNING SERVICES ARE AVAILABLE TO YOU

Generally we offer a very broad range of services. There are certain areas in which we have specialist skills and we are also very open to using experts outside our firm where this will benefit you. Below, we have outlined a brief summary of the services we have available to you.

1. Preparation of Financial Plans.

This can cover all areas of financial planning from buying shares to calculating how much money you need to be able to retire. The Plan is a very thorough and detailed document, which is personalised to suit your needs and is set out in a clear easy to understand manner.

2. Assistance with Superannuation and Rollovers.

Whether it is starting a Superannuation plan or retiring with your rollover, we can set up a Plan to help you. This will also address the relevant tax issues.

3. Assistance with the purchase or sale of shares based on broker recommendation.

We use two stockbrokers and obtain opinions from both. This way we are able to provide more in-depth research for you. We have access to an extensive range of information via our brokers

4. Portfolio Reviews.

The Financial Planning process should include regular reviews of your portfolio. We are able to set these out in a meaningful, simple way. You will be able to see the value of each investment in your portfolio and in total. We also provide details on your asset spread and check this against your risk profile.

5. Centrelink assistance and advice.

Over the years, we have established an indepth knowledge of Centrelink entitlements. This includes all the various Pensions, cards etc. We can advise on how Centrelink applies numerous tests to applicants before they can gain a benefit. Our advice extends to strategies, which can increase your benefits from the Government.

6. Insurance assistance and advice.

The area of Life Insurance is often neglected. We see this as a very important issue, which should be addressed. Our approach is to use an Insurance Broker who will obtain the best cover at the lowest price for each client. This specialist advice provided by a broker, who works for you and not just for one insurer, is an excellent service.

Refer to the attached appendix in relation to further disclosure for Insurance and Superannuation advice.

7. Self-Managed Superannuation funds.

This is an area which has grown enormously in recent years. Unfortunately, as with many things in the investment area, they become flavour of the month and people enter these funds with the wrong, little or no advice. We are able to provide an opinion on whether a Self-Managed Superannuation Fund is right for you. Our unique position means that we are equally comfortable either with a managed or self managed fund. We can also help you after the fund is set up should you choose this route. Our accounting practice can attend to all the accounting, tax and auditing requirements of the fund.

We provide advice on:

  • Shares (via our stockbrokers)
  • Allocated Pensions
  • Share/Equity Based Trusts
  • Immediate Annuities
  • Property Trusts - listed and unlisted
  • Deferred Annuities
  • Mortgage Trusts
  • Debentures/Government Bonds
  • Cash Management Trusts
  • Gearing Facilities/Funding
  • Fixed Interest Trusts
  • Life Insurance
  • Diversified Trusts
  • Superannuation/Rollover
  • Investments
  • Funeral Bonds

All the products we recommend are subject to detailed research and analysis before being placed on our Approved Products List. Investment products are examined for:

  • Consistent performance
  • Asset allocation
  • Expertise and philosophy of the management team.

FEES: A FAIRER WAY TO PAY FOR ADVICE

Our policy is to operate on a fee for service basis, and if we recommend any products which would normally pay an upfront commission, we will rebate this to you. This is a fairer pricing policy and can save you a significant amount of costs.

The Industry average for commission payments is 3%. This can lead to a very high cost being paid by you when it is not justified.

Your fee from McMillan Financial Planning Pty Ltd is based on the time spent to assess your current position and prepare and implement your plan, or complete your review.

HOW MUCH COMMISSION DOES MCMILLAN FINANCIAL PLANNING PTY LTD RECEIVE?

No upfront or initial commission.

Some funds pay an ongoing commission, which they will not rebate. This money is paid direct by the fund manager and is not deducted from your investment. Details are outlined in each financial plan prepared.

All representatives and employees are paid on a salary.

HOW ARE FEES CALCULATED?

Fees are charged, based on the work involved.

WHEN YOU GET OUR ADVICE: WILL YOU RECEIVE ADVICE WHICH IS SUITABLE TO YOUR INVESTMENT NEEDS AND FINANCIAL CIRCUMSTANCES?

Yes. But to do so we need to find out your individual investment objectives, financial situation and needs, before we can recommend any investment to you.

We strongly believe that is impossible to give you accurate and independent advice without first gathering that information.

We then prepare our advice. This is directed at clarifying your objectives - the things that you want, the things that matter 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 YOU KNOW ABOUT ANY RISKS OF THE INVESTMENT STRATEGIES RECOMMENDED TO YOU?

We will explain to you all significant risks of investments and strategies, which we recommend to you. If we do not do so, you should ask us to explain those risks to you.

CAN YOU TELL US HOW YOU WOULD LIKE US TO BUY OR SELL YOUR INVESTMENTS?

Yes. You may specify how you would like to give us the instructions. For example by telephone, fax or other means.