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Lack of Independence

Resource Super provides advice in relation to the Resource Super Employer Division (“RSED”) and Resource Super Retained Division (“RSRD”). RSED and RSRD are divisions of the Russell Investments Master Trust. Resource Super has an agreement with Russell Investments Master Trust and Total Risk Management Pty Ltd (AFSL Number: 238790) (ABN: 62 008 644 353) (“Trustee”). Resource Super may provide financial services to current or prospective participating employees and members of the Russell Investments Master Trust including but not limited to the Trustee’s financial products. Resource Super or its related entities receive a percentage of the fees and costs charged by the Trustee to members of RSED and RSRD. Further, Resource Super also receives commission on life insurance products. For these reasons, Resource Super does not refer to itself or its advice as independent, impartial or unbiased.

  1. Financial services we provide

    Resource Super Pty Ltd (“We, us, Resource Super”) holds an Australian Financial Services Licence (“AFSL”) (Number: 420220). Resource Super provides advice, constructs and manages superannuation (including Self-Managed Superannuation Funds (“SMSFs”)) and employee-benefit solutions in relation to RSED and RSRD. We also arrange for people to acquire, dispose or vary these products. RSED and RSRD are divisions of the Russell Investments Master Trust (ABN 89 384 753 567) and is a MySuper compliant fund. Resource Super also assists the Trustee to customise insurance solutions for corporations and individuals. You should read this FSG carefully before using our services. It sets out information about:

    • Who we are and how you can contact us
    • The services we offer
    • The disclosure documents you will receive
    • The cost of our services
    • Our association with product issuers
    • Our service commitment to you
    • Your avenues for queries or complaints
    • Our compensation arrangements
    • How we handle your personal information
  2. Who is responsible for the financial services provided?

    Resource Super is responsible for the financial services provided by its Relationship Managers and Advisers.

    Relationship Managers

    Resource Super’s Relationship Managers are authorised to provide general advice about RSED, RSRD and the Trustee’s financial products. Our Relationship Managers also arrange for people to acquire or dispose of these financial products.


    Where personal advice is sought, these services will be provided by advisers who are employees of our related entity, Qi Financial Pty Ltd (ABN: 11 124 979 666) (“Qi Financial”) (“Advisers”). The Advisers also arrange for you to acquire or dispose of the financial products they provide advice on.

    Financial Products

    The Relationship Managers and Advisers are authorised to advise on and deal in the following financial products:

    • Basic deposit products;
    • Derivatives;
    • Debentures, stocks and bonds issued by a government;
    • Life insurance and other risk insurances;
    • Managed investment schemes including Investor Directed Portfolio Services;
    • Managed discretionary account services;
    • Retirement savings account products;
    • Securities;
    • Standard margin lending facilities; and
    • Superannuation (including SMSFs).

    Resource Super has authorised the distribution of this FSG by its Relationship Managers and the Advisers.

  3. Associations we have with Product Issuers

    We have an agreement with Russell Investments Master Trust and the Trustee. We are authorised to provide financial services to current or prospective participating employees and members of Russell Investments Master Trust and in relation to the Trustee’s financial products. These financial services are provided under Resource Super’s AFSL. From time to time, Resource Super may have other interests, relationships or arrangements that are material in relation to the financial product advice we provide you. These relationships may give rise to an actual or potential conflict of interest. We will clearly disclose any relationships which may be deemed to influence our advice to you including any payments that have been or could be made in connection with that relationship.

  4. What our services cost you

    Relationship Managers

    There is no charge to you for the provision of financial services by your Relationship Manager. An explanation of the fees and charges paid to a related entity of Resource Super in relation to RSED and RSRD are outlined in the relevant Product Disclosure Statement (“PDS”) that will be provided to you. We will receive a percentage of the fees and costs charged by the Trustee to members of the RSED and RSRD in accordance with an agreement between us and the Trustee for providing the financial services covered by this FSG. The payments we receive are included in the fees and costs charged by the Trustee to members of the RSED and RSRD and include investment and administration fees. With your consent, these fees will be deducted from your superannuation account. The fees paid may vary depending on the number of members in the RSED and RSRD and actual total fees and costs incurred by the RSED and RSRD.


    Where personal advice is sought, we may charge you a fee for any personal advice provided by the Advisers. The fees will be detailed in our engagement documents prior to the delivery of service. Our fees may be based on:

    • the time we spend developing your Statement of Advice;
    • the value of your investments; and
    • the product issuer.

    We will issue a tax invoice for the agreed amount. Please see below a summary of indicative fees:

    Fees for Advice Applicable Fee
    Initial Fee – Full Advice Plan A fixed fee of $6,350 (excluding GST) to $30,000
    (excluding GST)
    Initial Fee – Scaled Advice $3,000 (excluding GST)
    Initial Fee – Strategy Paper $1,500 (excluding GST)
    Fees for Ongoing Services Applicable Fee
    Ongoing Service Fee
    Note: Does not apply to the provision of Scaled Advice nor Strategy Papers
    $180 (excluding GST) per month debited from the bankaccount you have provided to us.
    Note: This amount may increase each financial year.
    Ongoing Service Fee – SMSFs only $350 (excluding GST) per month debited from the bank account you have provided to us.
    Note: This amount may increase each financial year.
    Ongoing Fees on Investments Note: Does not apply to the provision of Scaled Advice nor Strategy Papers A percentage of up to 1.0% of your investment amount. This fee will be debited from your investment once your consent to do so is obtained.
    Other Fees Fee Description
    Additional Services Additional fees to those outlined above may apply depending on the services provided to you. Additional fees will be advised to you prior to any additional work being undertaken by us.
    Other Fees – platform fees, commissions, other benefits When you receive personal advice, your adviser will tell you about any platform payments, fees, commission and any other benefits associated with any investments in actual dollar amounts (where possible) in the Statement of Advice.


    Resource Super may receive initial or ongoing commissions from insurance product issuers based on the cost of your insurance policy including:

    • Initial commission – 1.0% to 60.0% (plus GST) of the first year’s premium, capped at 60%; and
    • Ongoing commission – 5.0% to 20.0% (plus GST) of each subsequent year’s premium, capped at 20%.

    These amounts are paid to Resource Super by the insurance product issuers and are included in what you pay for the insurance product.


    From time to time, the Trustee and life insurance companies may also provide alternative forms of remuneration such as professional development training. All known non-monetary benefits received in relation to a financial product recommendation will be disclosed in our Statement of Advice. We also maintain a register detailing any benefit we receive which is valued between $100 and $300 and other benefits that relate to support provided by a product issuer, or that relate to education or training purposes. A copy of the register is available on request. Resource Super and its advisers do not accept benefits above $300.

  5. Remuneration for our staff

    We pay our Relationship Managers a salary and a bonus. Qi Financial pays the Advisers a salary and a bonus. Bonuses paid are in accordance with a balanced scorecard approach. Other employment costs (such as ongoing training) are paid by Resource Super. The Directors of Resource Super receive a fixed annual fee.

  6. Disclosure documents you will receive

    The process of financial planning involves translating your personal or business financial affairs and goals into a written plan called a Statement of Advice. We will provide you with a Statement of Advice when we provide you with personal financial advice. A Statement of Advice is designed to help you determine whether and how you can meet your financial needs and goals through the proper management of your financial resources. The Statement of Advice includes information about:

    • our specific advice;
    • the basis of the specific advice;
    • any remuneration, commissions and other benefits that we may receive;
    • any conflicts of interest, associations or relationships that may influence the advice we provide you; and
    • any other relevant information.

    Our Statement of Advice will also contain instructions on how the advice should be implemented. We will work with you to ensure that the advice is properly implemented. The Advisers will give you a Statement of Advice before proceeding to act on your instructions. If you receive advice in a time critical situation, the Statement of Advice will be provided to you within five (5) days of the advice. The Statement of Advice will explain all significant risks associated with the strategies and financial products we recommend to you. If you do not fully understand the risks, you should ask us to explain those risks further. When we recommend a particular financial product, we will give you a PDS prepared by the product issuer. A PDS contains information prescribed by law to enable you to make an informed decision before acquiring a financial product. The PDS details the key features, benefits and risks of the product being recommended, including any costs and product fees or commissions. When we provide you with further advice which is directly related to our original advice and your personal circumstances have not significantly changed, we will record that further advice in a Record of Advice that is retained on your file.

    Review of Advice

    Financial plans should be reviewed on at least an annual basis, if not more regularly. You should contact us immediately if your circumstances change in any way, or if you believe for any reason our advice is not appropriate to you.

    Retention of Statements of Advice and Records of Advice

    We retain all Statements of Advice and Records of Advice for at least seven (7) years from the date provided to you. You may request a copy of the Statement of Advice and Record of Advice at any time within that period. This request may be made by contacting us in writing or by telephone.

  7. How can you give us instructions about your financial products?

    You may tell us how you would like to give us instructions. This can be in writing, video conferencing, phone, email, letter or another method as agreed by us.

  8. Your information and rights to privacy

    You need to provide us with details of your individual needs, lifestyle objectives and financial goals and business. Your information helps us offer you the most appropriate advice possible. You have the right not to provide this information. However, if you do not, we are required to warn you that the advice you receive may not be appropriate to your individual needs, lifestyle objectives, financial goals and business. We understand the importance of protecting your rights to privacy. In handling your personal information, we are subject to the Privacy Act 1988 (Cth) and we comply with the Australian Privacy Principles. We are required by law to collect personal information about you for the purpose of providing advice. We will maintain a record of your personal profile including details of your objectives, financial situation and needs. We also maintain records of any recommendations made to you. In the event we consider it necessary to use or disclose information about you for purposes other than those detailed above, we will seek your consent. A copy of our Privacy Statement is available on our website.

  9. What should you do if you have a complaint?

    There are avenues open to you if a dispute or complaint arises; however, we hope that you will raise any query or complaint with us and that it can be resolved to your satisfaction. If you have a complaint about the service provided to you, you should take the following steps:

    1. Contact us and tell us about your complaint. Please contact the Complaints Officer on 1800 824 227 or put your complaint in writing and send it to:Resource Super Pty Ltd Level 7, 32 Martin Place Sydney NSW 2000 We will try and resolve your complaint quickly and fairly (within five (5) days) and will provide a full written response within thirty (30) days of receipt of your complaint, unless the matter is complex or circumstances beyond our control delay the management of your complaint. If this occurs, we will notify you of the reason for the delay and provide you with the option to escalate the matter to the Australian Financial Complaints Authority (“AFCA”).
    2. If the complaint can’t be resolved to your satisfaction, you have the right to refer the matter to AFCA. They can be contacted on:Phone: 1800 931 678 Post: Australian Financial Complaints Authority Limited GPO Box 3 Melbourne VIC 3001 Email: Website: Resource Super’s AFCA member number is 30269.
  10. Professional Indemnity Insurance

    We hold a Professional Indemnity Insurance Policy which satisfies the requirements for compensation arrangements under section 912B of the Corporations Act 2001 (Cth). Subject to its terms and conditions, the Policy provides cover for civil liability resulting from third party claims concerning the professional services provided by Resource Super Pty Ltd and its employees and representatives. The Policy continues to provide coverage where its employee or representative has subsequently left our employment for services performed while engaged by Resource Super.

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