Table of contents [hideshow]
This Financial Services Guide (FSG) helps you decide whether to use our financial services and contains important information.
Important information about this FSG
We are legally obliged to provide this FSG to you.
This document is designed to inform you of your relationship with us before you are provided financial advice. This FSG is intended to assist you in deciding as to whether to use any services provided by us.
This FSG contains information about:
- Who we are;
- The financial services we provide;
- The related financial products;
- How we are remunerated in terms of these products;
- Our privacy policy;
- How complaints are dealt with; and
- How you can contact us.
This FSG is provided by MF & Co. Asset Management Pty Ltd (“MFAM”) ABN 99 622 929 597 AFSL 520442, trading as MF & Co. Asset Management, also referred to as ‘we’ or ‘us’ or ‘our’.
Financial services offered by MFAM will be provided by MFAM advisers.
About us
MFAM is authorised under the Corporations Act to provide financial services. The financial services are provided under Australian Financial Services Licence Number (“AFSL”) 520442.
MFAM is a financial services company providing services to retail and wholesale clients.
MFAM has intermediary relationships with Australian Investment Exchange Limited (“AUSIEX”) (ABN 71 076 515 930 AFSL 241400), CMC Markets Stockbroking Limited (ABN 69 081 002 851 AFSL 246381), Interactive Brokers Australia Pty Ltd (ABN 98 166 929 568 AFSL 245574) and Morrison Securities (ABN 50 001 430 342 AFSL 241737).
Our details are:
- Head office:
- Suite 803, 70 Pitt St, Sydney NSW 2000
- Website:
- http://mfam.com.au
- Telephone:
- 1300 889 603
- Email:
- [email protected]
The financial services we offer
MFAM is authorised to provide general financial product advice and deal in the following classes of financial products:
- Deposit and payment products, limited to basic deposit products and deposit products other than basic deposit products;
- Derivatives, limited to arrangements entered into on a licensed market;
- Debentures, stocks or bonds issued or proposed to be issued by a government; and
- Securities.
MFAM may also prepare and issue research reports.
For a full scope of our AFSL license, please visit www.asic.gov.au. Financial services will be provided by our authorised representatives or directly through us.
Advice provided is general advice only. Trading undertaken based on our general advice does not take into consideration your personal financial needs, objectives or current situation. Advice given may trigger legal, taxation and estate planning issues and as we are not specialists in these areas, you should seek independent advice from specialists in these areas.
MFAM execute, clear and settle Australian listed securities, ETOs and warrants through its intermediaries AUSIEX, CMC Markets Stockbroking Limited and Interactive Brokers Australia. Trades in international securities, futures and ETOs execute, clear and settle via Interactive Brokers Australia.
Other documents you may receive
Other documents may also be provided to you when we provide other products or services.
Product Disclosure Statement (PDS)
General information about financial products including terms and conditions will be provided in a PDS. Conditions, any significant risks associated with the product and information about the costs, fees and charges by the product provider will be included in the PDS. A PDS may also be given to you when we recommend a product to you, we offer to issue a product to you and when we issue a product to you. Copies of the relevant PDS is available on our website and can be provided to you if requested.
Disclosure Statements
As part of our intermediary relationship, AUSIEX, CMC Markets Stockbroking Limited and Interactive Brokers Australia will provide you with disclosure statements in relation to the products and services they will offer.
Research
MFAM may send you stock or options related information and research reports.
Remuneration and benefits MFAM receives
The fee we charge you is how MFAM is directly remunerated. Applicable fees and charges payable are listed below and may change from time to time. Fees below are quoted exclusive of GST unless a row says otherwise. GST which is currently 10% will be payable to you at the time that the fee is due.
| Fee Type | When is it payable? | How much is payable? |
|---|---|---|
| Brokerage | Securities, Futures, ETO, Warrant transactions – When a financial product is bought or sold, brokerage added to the buy price of a purchase and deducted from the sell price of a sell transaction. | Brokerage may be charged at either a flat rate or a percentage depending on the value of the trade. The rate of brokerage is generally between 0.4% and 2.5%. The minimum brokerage is generally between $45 and $125. The rate of brokerage charged will depend on such factors as the size of the transaction, level of service, type of financial product and the frequency of transactions. The rate of brokerage payable is disclosed on the confirmation of your transaction and is agreed upon between yourself and the adviser. |
| SRN search fee | If an accurate Shareholder Reference Number is not provided | $25 per search |
| Off market transfer fee | Transferring of securities that is not done through a trading facility | $100 per transfer |
| Subscription fee | Monthly, where you subscribe to an advice or research service provided by MFAM or one of its authorised representatives. | Calculated as a percentage of an agreed investable asset amount, which you agree with us in writing before the service commences and which can be revised by agreement. The agreed amount is fixed by that agreement and does not vary with the market value of your portfolio. The rate is generally between 0.5% and 2.4% per annum, charged in monthly instalments. The rates in this row include GST. |
| Quant strategy advice fee (2/20 arrangement) | Daily, where you take up the Quant strategy advice service on the 2/20 fee arrangement. Interactive Brokers calculates the fee and deducts it directly from your Interactive Brokers account. | 2% per annum of the net liquidation value of your account, applied daily. Each business day's fee is 2% divided by 252, applied to your account's net liquidation value at the close of the previous business day. This advice fee is charged whether or not the account makes a profit. |
| Quant strategy performance fee (2/20 arrangement) | Quarterly, at 31 March, 30 June, 30 September and 31 December, where you are on the 2/20 fee arrangement. Interactive Brokers calculates the fee and deducts it directly from your Interactive Brokers account. Interactive Brokers deducts the fee about 10 days after the end of each quarter. | 20% of the profit on your account above the return of the S&P 500 Total Return Index over the quarter. A high water mark applies, and losses are carried forward for 4 quarters before they stop reducing the fee. The fee is prorated for withdrawals. The high water mark counts only from the date your fee arrangement starts. If your account closes or you end the 2/20 arrangement before the end of a quarter, Interactive Brokers deducts the fee earned up to that date. |
| Interactive Brokers brokerage (2/20 arrangement) | When a trade is executed on your Interactive Brokers account. | Charged by Interactive Brokers at its cost to you. MFAM does not add a per-trade charge on the 2/20 arrangement. |
| Quant strategy per-trade fee (existing arrangements) | On each executed trade, for clients already on the per-trade arrangement who have not agreed in writing to the 2/20 arrangement. | 0.30% (30 basis points) of the value of each executed trade, as agreed with you. |
MFAM does not receive any fee or commission from a bank on funds held in a cash management account, or from a product issuer on amounts invested in its financial products.
Remuneration and benefits to Advisers
MFAM Advisers are remunerated by either salary and/or commissions. The commissions earned may be between 0% and 100% of trade commissions earned across all trading platforms by MFAM.
Benefits to third parties
MFAM may pay referral fees to third parties for referring your business to us. Payments depend on the circumstances of the arrangement and the rate may be between 0% to 100% of the commission received from you by MFAM. You may request details of the referral fee to the third party if requested and any requests must be made before any financial service is provided.
Conflicts of interest
On the Quant strategy 2/20 arrangement, MFAM earns a performance fee of 20% of profit above the S&P 500 Total Return Index. This may create an incentive to recommend trades with more risk than you would otherwise choose, because a higher return increases the fee. MFAM manages this conflict by recording it in its conflicts register and by providing general advice only. We never trade your account on our own initiative. Each trade is made only with your own authority, so you decide whether to place it.
Privacy
Your privacy is important to us. Details of how we handle your personal information is disclosed on our Privacy Policy which is available on our website.
Compensation
To meet our obligations to our AFSL, Professional indemnity insurance arrangements are in place.
Our policy may cover claims to the products and services we offer and for the conduct of former and current employees where we are responsible for the conduct at the time of the relevant conduct. This is subject to its terms and conditions.
Complaints
If you have any complaints about our products or services, we have a complaint and resolution procedure that aims to deal with and resolve your complaint quickly and effectively.
How to make a complaint
It is free to make a complaint. You can lodge your complaint in any of these ways:
- with your adviser;
- by phone on 1300 889 603;
- by email to [email protected];
- in writing to MF & Co. Asset Management, PO Box R829, Royal Exchange NSW 1225; or
- in person at Suite 803, 70 Pitt St, Sydney NSW 2000.
Help to make a complaint
You can ask someone to make a complaint for you, such as a family member, friend or lawyer. We will ask you to confirm in writing that they can act for you.
If you need an interpreter, we can arrange one through TIS National on 131 450.
If you are deaf, hard of hearing or have a speech difficulty, you can contact us through the National Relay Service. Call 133 677 (TTY) or 1300 555 727 (speak and listen), and ask for 1300 889 603.
Tell us what help you need and we will work with you.
What happens when you complain
- We acknowledge your complaint within one business day of receiving it;
- we assess and investigate your complaint; and
- we send you a written response with the outcome. If we reject or partly reject your complaint, we explain our reasons.
We will provide you with a written response within 30 calendar days of receiving your complaint. If we cannot resolve your complaint within that time, we will write to you explaining why and telling you of your right to take the complaint to the Australian Financial Complaints Authority.
If your complaint has not been resolved satisfactorily, you may refer the complaint to The Australian Financial Complaints Authority (AFCA). AFCA is free and independent. AFCA has time limits for lodging a complaint, so please contact AFCA as soon as you can.
- Telephone:
- 1800 931 678
- Website:
- www.afca.org.au
- Email:
- [email protected]
- Mail:
- GPO Box 3, Melbourne VIC 3001
Contact Us
If you have any further questions about the financial services we provide, please contact [email protected].
- Head office:
- Suite 803, 70 Pitt St, Sydney NSW 2000
- Telephone:
- 1300 889 603
- Email:
- [email protected]
- Website:
- http://mfam.com.au