Most Common Questions
Who is Oreana Financial Services Limited? How are they related to Integra?
Why do you need to verify my identity?
Who is Pershing Securities? Why are they showing on my bank statement?
I need to update my contact details, who do I contact?
Who is Oreana Financial Services Limited? How are they related to Integra?
In order for us to legally provide you with financial advice our financial advisers must be licensed by a holder of an Australian Financial Services License, they are known as a Licensee.
Our business pays a fee to our licensee who is Oreana Financial Services Limited to allow us to operate under their license and to receive a range of business services such as research, compliance, education, business development, revenue collection & reporting and much more.
For more information on our associations and relationships please refer to our Financial Services Guide (FSG).
Why do you need to verify my identity?
The introduction of Anti Money Laundering and Counter‐Terrorism Financing (AML/CTF) Act 2006 places an obligation on us to verify the identity of our clients where we make an arrangements for a client to receive certain products or services.
In additional if we need to organise additional products or services for you, we may need to re-verify your identity and request new and valid identification documents.
Other product or service providers (such as superannuation funds) may also need to verify your identity prior to processing any requests. We therefore generally request a copy of your identification documents early in our relationship to streamline any enquiries we may need to make when preparing our advice.
These identification requirements apply to not only yourself as individuals but also other related entities such as your Self-Managed Super Funds, Trusts and Companies.
Who is Pershing Securities? Why are they showing on my bank statement?
One of our preferred stock brokers Ord Minnett has an agreement with Pershing Securities Australia Pty Ltd to settle and clear all ASX transactions that are executed by Ord Minnett.
If you have completed an Ord Minnett direct debit / credit authority for the settlement of share trades, you may see the name Pershing Securities on your bank / cash account statement when shares are bought or sold.
I need to update my contact details, who do I contact?
If you need to update any of your personal details we recommend that you contact us first. We can assist you in establishing who needs to be contacted and the best method to do so. After all we don’t want you to miss anyone or do anything the long way!
Fee Disclosure Statements & Renewals
Why am I receiving a Fee Disclosure Statement (FDS)?
Who receives a Fee Disclosure Statement?
What information is shown in the Fee Disclosure Statement?
Do I have to do anything with the Fee Disclosure Statement?
Why does it show fees only under my name when fees are paid for a joint portfolio?
Does everyone receive a Renewal Notice?
Why am I receiving a Fee Disclosure Statement (FDS)?
The Australian Government has introduced new reforms to the financial services industry called the ‘Future of Financial Advice’ (FoFA). These reforms became mandatory on 1 July 2013.
This is a positive move for the industry as it ensures anyone providing financial advice always puts their clients’ interests first and are transparent about the fees and services associated with their advice.
Who receives a Fee Disclosure Statement?
All clients that have an ongoing fee arrangement in place must receive an FDS. This includes clients who pay both a fee and a commission, no matter how that arrangement is packaged.
An ‘ongoing fee arrangement’ exists when you provide personal advice to a client and there is an arrangement which provides for the payment of a fee for a period of more than 12 months. Fees payable under an ‘ongoing fee arrangement’ are called ‘ongoing fees’.
Clients who do not need to be given an FDS are clients who:
- only pay commission (ie no ongoing fees), or
- do not have an ongoing fee arrangement in place.
What information is shown in the Fee Disclosure Statement?
- The fees and (where required) commissions charged to clients in the previous year,
- The services to which they were entitled, for that fee, and
- The services the client received.
Do I have to do anything with the Fee Disclosure Statement?
No, the Fee Disclosure Statement doesn’t require any action from you and is for informational purposes only.
Why does it show fees only under my name when fees are paid for a joint portfolio?
Regretfully our system only allows us to link the fee information specifically to one client, this is usually based on the first client who was entered into our system.
Does everyone receive a Renewal Notice?
No, only new clients from 1 July 2013 with an ongoing fee arrangement will receive a renewal notice every two years and we must obtain your agreement to “opt-in” to continue our arrangement.