Keith Lello and Alan Barwick have been in the financial services industry since 1990 and 1985 respectively and the company, CashMasters Investments Pty Ltd began operation in 1994.

CashMasters Investments Pty Ltd is an independently owned and managed business. Our practice and the financial planners listed in this document provide services to you as authorised representatives of AMP Financial Planning Pty Limited.

Our practice and financial planners are covered by professional indemnity insurance which is taken out to ensure sufficient resources will be available to meet any potential claims against our practice and/or financial planners.

Keith Lello trading as CashMasters Investments Pty Ltd is also an authorised representative of AMP GI Distribution Pty Limited, which holds an Australian Financial Services Licence (No. 232703). If we provide general insurance services, then we will provide details in a separate Financial Services Guide. When providing general insurance services, we do not represent AMP Financial Planning.

“Our clients come first,” is what we live by at CashMasters Investments Pty Ltd.  Your peace of mind and financial wellbeing is our primary concern.

We sit down with you and guide you through the financial planning process to achieve the best available outcome and solutions you can understand.

Our services are personalised to your individual requirements and include assistance with documents required by your solicitor, accountant or Government departments such as Centrelink and DVA.

Our promise to you is that you can contact us ANYTIME with your financial planning concerns no matter how trivial they may seem to you.

AMP is one of Australia’s leading financial institutions with over 160 years of  helping Australians with their wealth management and insurance needs.

Our first consultation with you is free.  Ongoing work for you is based on a reasonable fee negotiated in advance and we will tailor a review process to suit your needs.  We offer you a choice of payment methods and you will never receive a bill from us you didn’t expect.

“Your financial health is our concern!”

Keith Lello is a Certified Financial Planner and our practice principal who is backed by AMP’s research and technical expertise. Our team hold all industry standard qualifications and accreditations and constantly attend meetings, seminars and training sessions to stay in touch with change.

CashMasters Investments Pty Ltd is also an authorised representative of AMP GI Distribution Pty Limited, which holds an Australian Financial Services Licence (No. 232703). If we provide general insurance services, then we will provide details in a separate Financial Services Guide. When providing general insurance services, we do not represent AMP Financial Planning.

The following table sets out the areas of advice and services we offer.

You can choose to receive advice addressing each of these aspects or tailor the  advice and services we provide to suit your needs. Once we meet with you and discuss your financial planning objectives, we will work with you to identify the level of advice and services appropriate for you.

Advice

We can provide you with advice regarding:

–      Personal and employer superannuation

–      Investments and retirement planning

–      Strategic asset allocation

–      Life investments

–      Borrowing to invest

–      Budget and debt management

–      Deposits and lending

–      Centrelink benefits

–      Personal insurance and risk management

–      Estate planning

In particular we specialise in:

-          Retirement planning and retirement income streams

 We also offer ongoing advice and services, including regular portfolio reviews.

We can arrange for transactions on the following kinds of products and services:

–      Superannuation, including retirement savings accounts and self managed superannuation funds

–      Managed investments

–      Various structured products including instalment warrants over managed funds and protected equity loans

–      Investment products issued by a Life insurance company including whole of life, endowment and bonds

–      Debentures, stocks or bonds issued or proposed to be issued by a government

–      Debt products (investment loans)

–      First home saver accounts

–      Retirement income streams, including pensions and annuities

–      Life insurance (for example, life cover, income protection and trauma)

Any additional advice or services we can offer you, or limitations to the list above, will be outlined in section 2: -

Our financial planners.

We will work with you to determine what advice and services we will provide to you, when the advice and services will be provided and how often we will provide them.

Where you require ongoing advice and services, we may offer an ongoing service package to you in order to help meet your needs. The details of any ongoing service package will be documented and provided to you, including information as to the frequency of contact between us, any service standards that apply and how the service can be terminated.

If at any time you wish to terminate your relationship with us, please contact us.

In order to develop a successful financial strategy and to recommend appropriate products to you, we must consider your personal circumstances and your financial objectives.

To accomplish this, you must provide us with accurate and current information regarding your personal and financial position, objectives and needs. We will discuss what information we require with you and you will need to provide this prior to receiving our advice and services.

It is also important that you keep us up to date by informing us of any changes in your  circumstances so we are able to determine if our advice continues to be appropriate.

You have the right not to provide us with certain personal information. However, if you don’t provide this information, the advice you receive may not be appropriate to your needs, objectives and financial situation.

At times you may wish to make a transaction without using our advice services. In these cases, we can take your instructions and arrange for the transaction to be completed, without providing personal advice. Product transactions can only be completed on those products where we are authorised by AMP Financial Planning.

If you wish to proceed without advice from us, normally we will ask you to confirm your instructions in writing and sign an acknowledgement form. You can ask us for a copy of the form at any time.

Any assistance we provide to complete your transaction should not be taken as a recommendation or endorsement of the product or transaction. AMP Financial Planning stands behind the services we provide in carrying out your instructions as directed. This does not include the selection of the product or particular transaction you have determined without advice.

To implement our advice, we will only recommend quality products and services that are suitable for you.

AMP Financial Planning researches a wide range of products and services and selects those it considers worthy of recommendation to our clients. AMP Financial Planning also conducts ongoing reviews to ensure that the products and services remain competitive and continue to meet the needs of our clients. A diversified selection of fund managers is accessible through products or platforms promoted or issued by AMP companies.

We prefer to recommend these products and platforms but if appropriate for your needs, we may select products from other companies.

While there may be other products and services also suitable for you, we can only advise and deal in products and services approved by AMP Financial Planning. We can provide you with a copy of the approved products and services list if you request it.

We have a referral agreement with AMP Bank called 'Planner Assist'.  AMP Bank is part of the AMP Group. We will refer clients to AMP Bank under the 'Planner Assist' referral arrangement for home and business lending services.

AMP Bank will pay our practice up to 0.40% initial commission and up to 0.15% ongoing commission for business submitted under the 'Planner Assist' referral arrangement.  For example, for a loan of $100,000, we would receive up to $400 initial commission and up to $150 ongoing commission.

AMP Bank Limited is the credit provider and is responsible for any lending products and services it provides.

We are a privately owned and managed business. Our practice and the financial planners listed in this document provide services to you as authorised representatives of AMP Financial Planning Pty Limited.

Our relationship with AMP Financial Planning allows us to access education and professional development, compliance and other risk management services, advice solutions, technology and research on various local and international fund managers that we are authorised to recommend to you.

You can be assured that our interests are focused on providing you with the appropriate financial solutions for your needs whilst also taking comfort from one of Australia’s largest and most established financial services organisations, AMP Financial Planning, standing behind the advice and services we provide.

AMP Financial Planning holds an Australian Financial Services Licence (No. 232706) and;

  –    has authorised the distribution of this guide

  –   has authorised us to provide the advice and other services set out in this   guide

  –   is a Principal Member of the Financial Planning Association of Australia.

Together with AMP Financial Planning, we act on your behalf when providing advice and services to you.

AMP Financial Planning is a member of the AMP group of companies, a wealth management business operating in Australia and New Zealand. AMP Limited is listed on the Australian Stock Exchange. AMP Financial Planning is related to the following companies whose products we may recommend to you:

  –      AMP Bank Limited

  –      AMP Capital Investors Limited

  –      AMP Life Limited

  –      AMP Superannuation Limited.

As with other product issuers, if we recommend a product issued by one of the companies above, they will benefit from our product recommendations by receiving the fees they charge on their products. These fees are shown in their product disclosure statements.

For superannuation products issued by AMP Superannuation Limited, AMP Life Limited receives the fees charged on the product, as issuer of the underlying life policies. AMP companies which issue products may also receive payments from fund managers for the inclusion and distribution of the relevant fund manager’s investment options through products manufactured or badged by AMP companies. These services and payments are included in the fees shown in the relevant product disclosure statement for the products.

If an AMP Financial Planning practice takes out a practice development loan with AMP Bank, AMP Financial Planning may, as a limited offer, pay a benefit such as the application fees on behalf of the practice.

AMP Financial Planning, its staff, and its authorised representatives and their associates may also have an interest in, or hold investments in, the products we may recommend and they may hold shares in AMP Limited. The share price of AMP Limited may be affected favourably by the sale of products issued by the product issuers listed above.

AMP Financial Planning researches a broad range of products and services. The approved products and services list on which we base our recommendations or conduct transactions is maintained by the AMP Financial Planning Research department using extensive research undertaken by independent research organisations and AMP Financial Planning’s own analysts.

Issuers of products do not pay to be included on the approved products and services list, however once on the list, product issuers or service providers may pay AMP Financial Planning a fixed annual fee of up to $22,000 (including GST). This fee assists with the costs of distribution support provided by AMP Financial Planning and its representatives.

Product issuers may also make payments to AMP Financial Planning as follows:
 

  –      For investment products and loan products, up to 0.33%* pa of funds
          under administration, the balance of the cash account or the total loan
          value outstanding.

  –      For insurance products, up to 10%* of the total premium paid.

    * includes GST
 

The payments are usually made quarterly and are generally less any fixed fee that has been paid. Since this amount is calculated in the future, we cannot provide an exact figure at this point.

However as an example, if:

  –      Total funds under administration for a particular investment product is
    $10 million with a nil fixed fee component, the issuer would pay AMP
     Financial Planning $33,000 annually.

  –      Total premiums for insurance products are $1 million, the insurer would
    pay AMP Financial Planning up to $100,000 annually.
 

From time to time, product issuers have access to AMP Financial Planning and its authorised representatives to advertise or give training on their products. Any payments made by fund managers for advertising space at conferences are shown in the alternative remuneration register maintained by AMP Financial Planning, which is available for inspection on request. Our practice does not receive any part of the payments received by AMP Financial Planning.

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WealthView eWRAP and PortfolioCare administration services

Several AMP companies have an agreement with Asgard Capital Management Limited (Asgard) under which Asgard administers the WealthView eWRAP and PortfolioCare administration services.

If you access a product through the WealthView eWRAP or PortfolioCare administration services, then administration and trustee fees are deducted from your account. These fees, as set out in the product disclosure statement, are payable to AMP Financial Planning. Asgard receives all other fees charged on each product and is paid a fee by AMP companies for the administration services it provides.
 

A full description of the fees is in the relevant product disclosure statement or financial services guide for the relevant service. Our practice does not receive any part of the payments received by AMP Financial Planning.

We conduct the following business activities independent of our relationship with AMP Financial Planning:

Keith Lello and CashMasters Investment Pty Ltd provide a low volume of computer components sales and services. 

Neither AMP Financial Planning nor AMP GI Distribution have involvement in these activities, they are not liable for any activities relating to these businesses and they do not endorse them. The businesses are our private business activities and we do not act as representatives of AMP Financial Planning or AMP GI Distribution when conducting those business activities.

Your privacy is important to AMP Financial Planning and us. To learn more about our collection and the use of your personal information for marketing and other purposes see the AMP Privacy Policy Statement at www.amp.com.au. We keep records of your investment objectives, financial situation and needs and our recommendations to you. If you wish to examine your file or to get access to your personal information, please call us.

1.         If you have a complaint about the advice or services provided to you, then contact us using our contact details in this guide. We will try to resolve your complaint quickly and fairly.

2.         If your complaint relates to a financial service and is not satisfactorily resolved within three business days, please lodge your complaint in writing to:

Planner Complaints Consultant
AMP Financial Planning,
Level 8, 33 Alfred Street,
Sydney NSW 2000

3.         If you still do not get a satisfactory outcome, you have the right to complain to the Financial Ombudsman Service (FOS) at:

Financial Ombudsman Service
GPO Box 3
Melbourne VIC 3001
Phone: 1300 780 808
Fax: 03 9613 6399

Email: info@fos.org.au
Website: www.fos.org.au

FOS is an independent external dispute resolution service, of which AMP Financial Planning is a member. The Financial Ombudsman Service
is free of charge.

You may also call the Australian Securities & Investments Commission (ASIC) on freecall infoline 1300 300 630 to make a complaint and obtain information about your rights.

Our practice and financial planners are covered by professional indemnity insurance which is taken out to ensure sufficient resources will be available to meet any potential claims against our practice and/or financial planners.

AMP Financial Planning is covered by professional indemnity insurance satisfying the requirements under the Corporations Act for compensation arrangements.

The insurance is subject to terms and exclusions. However the insurance covers claims arising from the actions of former employees or representatives of AMP Financial Planning, even where subsequent to these actions they have ceased to be employed by or act for AMP Financial Planning.

You do not have a direct right to claim under this insurance, which is taken out to ensure sufficient resources will be available to meet claims againstAMP Financial Planning.

Raised on a small farm at Forth, on the North West coast of Tasmania, I came to Hobart at the age of 16 to become a Technician-in-training with the Postmaster Generals Department (PMG) the telecommunications part of which became Telecom Australia in 1975.

After a long, satisfying and successful career with Telecom, I became a Financial Planner in 1990.  Since joining the industry, I have attained a Diploma in Financial Planning, and qualified as a Certified Financial Planner (CFP) through Deakin University’s distant learning programme.  I am also a member of the Financial Planning Association of Australia (FPA).

I am an employee of CashMasters Investments Pty Ltd, a company of which I am the sole director and the principle shareholder.  As an employee of my own company I receive a salary derived from fees and commissions received by the company.

I am also an authorised representative of AMP GI Distribution Pty Ltd (AMP GI) Australian Financial Services licence no. 232703. If I provide any general insurance services you will be provided full details in a separate financial services guide. I am not representing AMP Financial Planning when providing General Insurance services.

Independent of my relationship with AMP Financial Planning, I sell a small volume of computer components.  AMP Financial Planning is not liable for any aspect of this business activity and does not endorse it.

I retired from my pharmacy to become a Financial Planner in October 1985. 

As well as mandatory on-going professional development, I voluntarily undertake numerous training courses with AMPFP and other industry training regimes. 

As well as being an enthusiastic recreational fisherman, I am also a Fellow of the Gemmology Association of Australia.

I am contracted by CashMasters Investments Pty Ltd, and remunerated by receiving an 80% share of fees and commissions for products and services I provide under a fully disclosed fee and commission split arrangement.

From 1 July 2010 our preferred method of payment is by an agreed fee.

We will negotiate and agree fees and payment options with you prior to providing our advice and services. You will therefore know the services to be provided to you and what they will cost, before any services commence. If we are the servicing planner for your employer, we will agree any advice fee with your employer and disclose this to you.

We are committed to taking a leading role to help increase consumer confidence in the financial planning process by making sure our fees are transparent, understood and agreed to by you.

The actual costs will normally be shown in our written advice to you or in the acknowledgement form completed when a transaction without advice service is requested. For transactions without advice you can ask us for details of the remuneration or other benefits at any time before the transaction is completed.

The fees charged for our advice and services may be based on:

–      A set dollar amount that is agreed between you and us and invoiced directly to you.

–      A set dollar amount or percentage-based fee that is agreed between you and us and paid via your product.
 

Our agreed advice fees may include charges for:

–      Initial advice

–      Ongoing advice

For more information on our service fees, please see our Schedule of Fees attached or available on request. Please note that for services in relation to insurance, banking deposit products, some loan products and older investment products, commissions may be paid as follows:

–      Initial commission - deducted from your investment contributions or insurance premiums, and

–      Ongoing commission - a percentage of the value of your investment balance, outstanding loan amount or premiums, usually calculated at the end of each month in which you hold the investment or loan, or on renewal of insurance products.
 

 All fees and charges include GST

The benefits listed below may be considered to influence the service we give you or the products we recommend to you.

  Benefits from AMP Financial Planning

In addition to the payments we may receive for our advice and services, we may also receive other benefits such as financial and training assistance from AMP Financial Planning. Other benefits can include prizes and awards, or events in recognition of financial planning excellence and innovation

From time to time AMP Financial Planning may also provide incentives and promotions to planners. Further details will be disclosed to you when applicable.

We may also receive indirect benefits for example business lunches, tickets to sporting or cultural events, corporate promotional merchandise and other minor benefits.

Any benefits we receive that may reasonably be considered to influence our advice and services to you will be disclosed in our advice.
 

  Other benefits

Development and marketing rewards

We may qualify for Development and Marketing Allowance (DMA) payments based on our ranking relative to other AMP Financial Planning practices. Up to 30% of all AMP Financial Planning practices may qualify for DMA payments.

The DMA payment is based on a percentage of our practice revenue. Our DMA percentage will be set annually and may range from 3% to 12% depending on our ranking. Payments are received twice each month.

For example, if our DMA is set at 3% and our revenue for the payment period was $8,500, we would receive $8,500 x 0.03 = $255. Assuming an average revenue of $8,500 per payment period, the total DMA allowance received in a year would be $255 x 24 = $6,120.

Ranking of practices is determined by ‘net business flow’ (NBF) which is a weighted measure of our new and retained business over the previous year based on the classes of products or services on the approved products and services list. There are different rates depending on the establishment date, class of product or service and whether the business is an inflow or an outflow and whether the service relates to a new or existing client. For example, for investment products established before 1 July 2010 we receive a greater benefit for recommending and retaining a master trust account than for recommending a wrap account or a corporate super account. For investment products established from 1 July 2010 the rate is the same for all retail investment products.

Business growth allowance

All practices qualify for Business Growth allowance (BGA). The payments are based on our practice revenue.

BGA payments are set at 1% of our practice revenue. Payments are received twice each month. For example, if our practice revenue was $2,400 in a payment period, we would receive $2,400 x 0.01 = $24. Assuming an average revenue of $2,400 per payment period, the total BGA allowance received in a year would be $24 x 24 = $576.

We may receive indirect benefits from product issuers for the services we provide you in relation to their products. Alternatively, these benefits may be paid to AMP Financial Planning who may pay a proportion to us. This may include product and service discounts provided to employees and authorised representatives of the practice as a result of our, or AMP Financial Planning’s, relationship with these providers.

Any benefits we receive that may reasonably be considered to influence our advice and services to you will be disclosed in our advice.

We keep an Alternative Remuneration register of indirect benefits received from product issuers that are greater than $300. You can see a copy of this register by asking us.

We may also receive indirect benefits that are valued at less than $300 for example business lunches, tickets to sporting or cultural events, corporate promotional merchandise and other minor benefits.

If we leave the financial services industry or can no longer appropriately service a selection of our clients, and cannot find a buyer for our business, AMP Financial Planning will either look after our clients or appoint one of its planners to do so.

If this happens, AMP Financial Planning may pay us a benefit. The amount will vary depending on a number of factors including, our reason for leaving the financial services industry, the time our business has been established, the annual notional recurring revenue of our practice and the quality of our previous advice.

From 1 July 2010 our preferred method of payment is by an agreed fee.

We will negotiate and agree fees and payment options with you prior to providing our services. You will therefore know the services to be provided to you and what they will cost, before any services commence. If we are the servicing planner for your employer, we will agree any advice fee with your employer and disclose this to you.

We are committed to taking a leading role to help increase consumer confidence in the financial planning process by making sure our fees are transparent, understood and agreed to by you.

The sections below set out our advice and service fees. The actual fee will depend on the nature of the advice or service we provide. We will discuss and agree the actual fees with you before we proceed.

Agreed advice fees

The following section outlines the agreed advice fees we charge for initial and ongoing advice.

Initial advice fees

These are fees paid when you have agreed to receive our advice.

For superannuation and insurance advice, we charge between $250 and $2,500 depending on the complexity of the advice.  At our discretion we may elect to completely or partially offset advice fees as a result of commission received on any recommended insurance products you place with us.

For the production of comprehensive Statements of Advice (SoA) we may charge as much as $25,000 depending on the complexity and diversity of the requested advice.  You will always be told in advance the maximum cost to you before we commence any work and incur any fees on your behalf.

Payment methods

Where you have asked to be invoiced directly for our advice and services we will provide you with an invoice at the time of presenting our advice to you. Payment is required within 7 days of receiving our invoice and can be paid by:

–      Direct debit
–      Credit card (American Express, Visa, Mastercard or Bankcard)
–      Cheque (Please make cheques out to AMP Financial Planning)
–      BPay
–      Direct credit

Where you have chosen to pay our initial advice fees via your product, these fees will be deducted from your product upon implementation of our advice.

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Ongoing advice fees

We offer ongoing advice services as part of our client value proposition. The costs of these services are as follows:

The ongoing advice fee will be charged as a percentage of the combined account balance of all superannuation and investment accounts (excluding banking products) placed through our practice and will be in accordance with the following table:

For example:  If your account balance was $100,000 you will be charged $825pa.

Where you have chosen to pay our ongoing advice fees via your product, these fees will be deducted from your product generally on a monthly basis.
 

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Commissions

We do not charge commissions on investments through new superannuation, managed funds or retirement products. However, some products, particularly older products, may attract commissions.

Any commission amounts will be disclosed to you when providing our advice.

The following is a guide of commissions we may receive:

–      Investment products: contribution fee between 1.5% and 5.5% of all contributions made to the investment and between 0.22% and 1.1% the investment value each year.

–      Insurance products: between 99% and 130% of the first year’s premium and between 11%> and 12.5% of the premium each following year.

–      Loans: between 0.11% and 0.33% of the outstanding loan balance each year.

–      Other banking products: between 0.11% and 0.55% of the balance each year.

All fees and charges include GST.

If an agreed advice fee is charged then we may rebate all or some of the commission.

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Other costs

Where other costs are incurred in the process of providing our advice and services to you, you will be liable for these costs. However, we will agree all additional costs with you prior to incurring them.

The agreement regarding the advice and services we provide to you and the cost of these advice and services will be negotiated between yourself and us prior to providing any advice or services. If we are the servicing planner for your employer, we will agree any advice fee with your employer and disclose this to you.

All fees and commissions will be paid directly to AMP Financial Planning as the licensee, on our behalf. They retain a percentage to cover their costs and the balance is passed on to us. The percentage is determined annually, based on a number of factors, including our business revenue for the prior year