Financial Services Guide (Australia)

Stakeshop Pty Ltd

ACN: 610 105 505

Authorised Representative No. 1241398

Preparation date: 11 November 2022

Version 30

Stakeshop Pty Ltd (Stake, us, our) is an Authorised Representative (Authorised Representative No. 1241398) of Sanlam Private Wealth Pty Ltd (Sanlam) which holds Australian Financial Services Licence number 337927.

Stake is also an Authorised Representative (Authorised Representative No. 1241398) of Airwallex Pty Ltd (Airwallex) which holds Australian Financial Services Licence number 487221.

This Financial Services Guide (FSG) is provided to you by Stake to inform you of the financial services provided by us and to comply with our obligations as an Authorised Representative of Sanlam and Airwallex. Sanlam is located at Level 2, 33 York St Sydney NSW 2000. Airwallex is located at Level 7, 15 William Street, Melbourne, VIC 3000.

This FSG applies to those who agree to use the Australian regulated service. For the Terms, Disclosures and other legal documents related to our other regulated service, please visit Legal | Stake.

If you are based in a jurisdiction where Stake is not registered (or regulated) you are responsible for ensuring that you comply with all local laws and regulations that you are subject to and for obtaining your own financial advice and legal advice if you are unsure.

Headquarters

Stakeshop Pty Ltd c/o BDO

Level 11, 1 Margaret St

Sydney NSW 2000, Australia

Postal

Stakeshop Pty Ltd c/o BDO

Level 11, 1 Margaret St

Sydney NSW 2000, Australia

Contact

Website – Stake | Invest on the ASX and Wall St

Email – support@hellostake.com

What is a Financial Services Guide?

This FSG is an important document to help you understand and decide if you wish to use the financial services we are able to offer you.

It provides you with information about us, and the services we provide. Its purpose is to help you decide whether to use any financial service we offer and includes:

  • Who we are;

  • How to contact us;

  • Who our authorising Australian Financial Services Licensees are;

  • What financial services we are authorised to provide to you;

  • The costs of any services we may provide to you;

  • How we, our staff and any other relevant parties are paid and any remuneration that may be received by these parties;

  • Any relationships we have with any other organisations affiliated with us or with product issuers, which might influence us in providing financial services to you;

  • how complaints are addressed; and

  • Our compensation arrangements.

What other disclosure documents and statements will I receive?

You will not be provided with any personal financial product advice as part of the Stake process. Any advice we provide to you is general advice only, and does not take into account your specific needs or objectives. All of our commentary, statements of opinion and recommendations in relation to financial products have been prepared without taking into account your personal objectives, financial situations or needs. It is up to you to decide whether or not you want to use our services, and if you need assistance or advice in this regard, you should consult a suitably qualified financial adviser.

You will not receive a Statement of Advice from Stake.

Generally, where we arrange for the issue of a financial product to you, you may receive a Product Disclosure Statement (PDS) or other relevant disclosure documents that include information about the product so that you can make an informed decision whether to acquire the product. The PDS will include any relevant terms, significant risks and costs associated with the supply of that financial product.

Who are we and what services do we provide?

Stake provides customers with the ability to trade and lend selected securities listed on the Australian Securities Exchange (ASX) and United States (US) stock exchanges, including fractional interests in those securities in the US.

We, and our AFSL licensees (severally, as applicable), act on your behalf when providing financial services to you. Neither we nor our licensee is a participant of a stock exchange.

On Stake, you are able to buy and sell Australian and US listed securities by way of creating your own Stake account. Once the customer has cleared funds in its US trading account held with Drivewealth, LLC (DriveWealth), an order can be placed to buy US listed securities. Once the customer has cleared funds in its Australian trading account (Wallet), an order can be placed to buy securities listed on the ASX via Finclear Execution Limited.

When you sign up with Stake, you agree to commence the application process for a DriveWealth US brokerage account (which includes an application for a DriveWealth Limited Purpose Margin Account). You also agree to make all of your fully paid US securities available to be lent to DriveWealth in return for a payment. This will include agreeing to DriveWealth causing cash or other collateral to be held in a third-party custodial account for your benefit to secure the loan. You may opt-out of US securities lending at any time by opening your US Wall St Account and clicking on Settings > Trade Settings > Stock Lending Settings > and uncheck the ‘Stock Lending Income Program’ button.

When you sign up with Stake, an Airwallex Wallet may also be opened in your name with your consent during onboarding. Airwallex services will be accessible through the Stake platform, including Wallet Services to hold your funds in Stake, Top Up and Collection Services to top up funds and receive proceeds and payments from Stake, and Payout Services to pay out funds from the Wallet to a linked bank account or Stake.

We have entered into an Intermediary Services Agreement with FinClear Execution Ltd (FinClear). FinClear provides clearing and settlement services to the customer in respect of Australian securities transactions.

All AU orders are executed by FinClear in accordance with the ASIC Market Integrity Rules.

We have entered into a Fully Disclosed Clearing Agreement with DriveWealth. DriveWealth provides execution, clearing and securities lending services to the customer in respect of US securities transactions. Your identity will be disclosed to DriveWealth, so that DriveWealth can enter into a broking agreement with you.

All US orders (both for whole shares and fractional shares) are executed by DriveWealth at the National Best Bid or Offer as of the time of your order.

It should be noted that if you open an account with us, some of the information you provide will be used so that we, and our partners, can identify who you are as required by the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act 2006).

The Financial Services we are authorised to provide

We are authorised by Sanlam to provide the following financial services to retail and wholesale clients:

  • General financial product advice in deposit and payment products, managed investment schemes, superannuation and securities; and

  • Deal in a financial product on behalf of another person in respect of deposit and payment products, managed investment schemes, superannuation and securities.

Sanlam is an investment and financial services house with extensive experience in servicing the needs of both private investors and corporate clients. Sanlam has an extensive suite of products to service the needs of private clients and institutional investors.

We are separately authorised by Airwallex to provide the following financial services to retail and wholesale clients: deal in a financial product on behalf of another in relation to a non-cash payment facility. Airwallex provides a global payments and financial infrastructure network to help its customers grow in every corner of the world.

Stake is not authorised by Airwallex under Airwallex’s AFSL to arrange for clients to be issued with securities or financial products as Airwallex is not authorised under its AFSL for this purpose. Stake is not authorised by Sanlam under Sanlam’s AFSL to arrange for clients to be issued with a non-cash payment facility as Sanlam is not authorised under its AFSL for this purpose.

In providing our service, other financial issues may arise, such as how to invest money, the most appropriate investments for you, and taxation issues. As we are not authorised to provide advice relating to those financial issues, or any other financial services except those explained above. You should seek specific advice from the appropriate professionals if these issues are relevant to you.

Privacy

The privacy of your information is very important to us. We have practices which include the secure storage of personal information and safeguards against the accidental release of personal information. You can obtain a copy of our Privacy Policy at Privacy Policy | Stake.

If you are not satisfied with our response to your complaint with regards to our Privacy Policy, you can telephone the Office of the Australian Information Commissioner on hotline 1300 363 992.

How to contact us or instruct us

You can get in touch with us through the contact details at the top of this FSG.

If you wish to execute a transaction you can do so through our website on your Desktop/Laptop or mobile application on applicable mobile devices. When you do this, you will be subject to our Terms and Conditions, which are available on Stake.

How are we paid?

There are a number of costs, fees and commissions that you may be required to pay us, in order to use our services which will be updated in this FSG from time to time. As at the date of this FSG, these fees are as set out in the table below:

U.S. Pricing

All fees are in USD.

Activity

Fee

Additional Notes

Brokerage

$0 excluding over the counter securities (OTC)

$3 for OTC

There are some minor sell-only regulatory fees:

  1. SEC Fee: $0.2290 per US$10,000 of sales proceeds
  2. TAF Fee: $0.000130 per share with a per-transaction cap of $6.49

Brokerage fees may vary from time to time via Stake promotions.

Gross FX margin

70 FX points from the spot rate, ie. $0.70 on every A$100 transferred (min FX fee $2).

 

Card funding

0.5% for debit cards

2.5% for credit card

Instant funding - deposits

0.5%

Instant funding provides access to USD funds for the purpose of trading immediately after the confirmation of the deposit funding request, or the funds have been received by us, depending on the selected payment method.

Instant funding - transfers

0.5%

Instant funding transfers from AUD to USD in Stake Wall St provides access to USD funds for the purpose of trading immediately after the confirmation of the funds transfer request, or the funds have been received by us, depending on the selected payment method.

Incoming share portfolio transfers from other brokers to Stake

via ACATS – free

via DTC – $35 per position

via DRS -$55 per position

Stake, through our broker DriveWealth, accepts incoming share transfers via ACATS, DTC and DRS.

DTC transfers of share portfolios with a market value of at least US$3,000 per position at the time of completion of the transfer shall receive a 100% fee rebate.

DRS transfers of share portfolios with a market value of at least US$5,000 per position at the time of completion of the transfer shall receive a 100% fee rebate.

Check with your outgoing broker to understand if additional fees apply.

Outgoing share portfolio transfers from Stake to other brokers or transfer agents

via ACATS - $200 per account

via DTC - $200 per account (maximum of four positions, additional positions are $50 per position)

via DRS - $200 per position

Brokers accept transfers via ACATS or DTC. Transfer agents accept transfers via DRS. For outgoing share transfers, check with the new broker to understand if additional fees apply.

A sufficient cash balance is required in your Stake account to commence a transfer.

US tax certification (W-8 BEN)

$5 per account upon lodgement

A flat fee for lodging all your US related tax documentation. We reserve the right to provide this free or up to the prescribed fee amount.

ADR Fees

$0.01 - $0.03 per share per quarter

This fee is to pass on the costs incurred by Stake for compensating the agent bank that is providing custodial services on behalf of the ADR.

AUS Pricing

All fees are in AUD.

Activity

Fee

Additional Notes

Brokerage

$3 per trade

Brokerage fees may be reduced from time to time via Stake promotions or referrals.

The maximum order value is $150,000.

Card funding

0.5% for debit cards

2.5% for credit cards

Instant funding - transfers

0.5%

Instant funding transfers from USD to AUD funds in Stake AUS provides access to AUD funds for the purpose of trading immediately after the confirmation of the funds transfer request, or the funds have been received by us, depending on the selected payment method.

Stake Black Wall St

$14 per month, or

$144 annually

This is the account fee to access Stake's membership service, Stake Black for AUS.

Stake Black AUS

$14 per month, or

$144 annually

(incl. GST)

This is the account fee to access Stake's membership service, Stake Black for AUS.

Stake Black (Wall St and AUS)

$20 per month, or

$204 annually

(incl. GST)

This is the account fee to access the combined features of Stake Black Wall St and Stake Black AUS under one membership.

Our directors and employees who provide the financial services described in this FSG are remunerated by way of salary and other employee benefits. They may also be eligible for a discretionary bonus or other incentives. Employees may also be rewarded by monetary and non-monetary benefits. It is not possible to determine in advance what (if any) additional benefits any employee will receive as these benefits are not generally attributed to any particular product or service they provide.

Stake may be entitled to earn interest on the monies held by our customers with our partners. Additionally, Stake is entitled to earn payment for customers' US securities that are lent to DriveWealth. None of the benefits received by us from third parties affect the quality of our service or increase or impact the amounts payable by you as part of receiving our services. You can request more specific details of other benefits that will be received by Stake in relation to financial services described in this FSG by contacting Stake directly or using the contact details set out at the end of this FSG.

How do Stake’s people and related third parties get paid?

If you have been referred to us by another party, that other party may receive an introductory fee and/or an ongoing commission on every transaction. This fee will only be paid to the referring party if authorised by you.

You may request further details of the fees and benefits (including any commissions) that may be payable at any time by reviewing our pricing page or contacting us.

Details of Associations or Relationships

Stake has a relationship with DriveWealth, POLi, FinClear, Airwallex and ASX Marketsource all of whom provide services directly to you in order for you to access our services. These relationships in no way influence the provision of financial services by Stake to you.

Complaints and Disputes

If you are not satisfied with any aspect of the service that has been provided by us, you are entitled to complain. We have established procedures to ensure that all enquiries and complaints are dealt with. Please contact our Complaints Manager on:

Email address: support@hellostake.com

Phone number: (02) 8294 6304

Postal address: Stakeshop Pty Ltd c/o BDO, Level 11, 1 Margaret St, Sydney NSW 2000, Australia

All complaints are reviewed and investigated by our CS Compliance Manager. If you make a complaint, our first response will be to contact you to discuss the complaint and to register a formal record of such complaint.

In the event that we are unable to resolve any issue or complaint you can contact:

  • In relation to any issue or complaint relating to general financial product advice or dealing in a financial product on behalf of another person in respect of deposit and payment products, managed investment schemes and securities, Sanlam who has a formalised client complaint resolution procedure in place to resolve any complaints or concerns you may have about the service provided to you. These should be directed to the Compliance Manager by email at compliance@privatewealth.sanlam.com.au; or

  • In relation to any issue or complaint relating to deal in a financial product on behalf of another in relation to a non-cash payment facility, please contact the Airwallex Customer Support team at complaints.au@airwallex.com or 13 32 99 (Australia) or +61 3 9068 5517 (International) or the Stake Customer Support team at support@hellostake.com

If, despite our best efforts, you believe your complaint has not been satisfactorily dealt with, we offer the use of an independent arbiter, namely the Australian Financial Complaints Authority, of which Sanlam and Airwallex are members.

You can contact AFCA on 1800 931 678 (if in Australia) or in writing at GPO Box 3, Melbourne, Victoria 3001, Australia. You can also contact the AFCA through their website: Home | Australian Financial Complaints Authority (AFCA) , by email: info@afca.org.au.

Compensation Arrangements

Stake holds Professional Indemnity Insurance cover for the activities conducted under its AFSL licensee authorisations and continues to maintain Professional Indemnity Insurance that generally satisfies the requirements of s912B of the Corporations Act 2001 and Regulatory Guide RG126.

Please retain this FSG for your reference and any future dealings with us.


Stake logo
Stakeshop Pty Ltd, trading as Stake, ACN 610105505, is an authorised representative (Authorised Representative No. 1241398) of Sanlam Private Wealth Pty Ltd (Australian Financial Services Licence No. 337927) ('Sanlam') and an authorised representative (Authorised Representative No. 1241398) of Airwallex Pty Ltd (Australian Financial Services Licence No. 487221) ('Airwallex'). Stake is not authorised by Airwallex under Airwallex’s AFSL to arrange for clients to be issued with securities as Airwallex is not authorised under its AFSL for this purpose. Stake is not authorised by Sanlam under Sanlam’s AFSL to arrange for clients to be issued with a non-cash payment facility as Sanlam is not authorised under its AFSL for this purpose. Stake SMSF Pty Ltd (‘Stake Super’) is not licensed to provide financial product advice under the Corporations Act. This specifically applies to any financial products which are established if you instruct Stake Super to set up a self managed super fund (‘SMSF’). When you sign up to Stake Super, you are contracting with Stake SMSF Pty Ltd who will assist in the establishment of a SMSF under a ‘no advice model’. You will also be referred to Stakeshop Pty Ltd to enable your trading account and bank account to be set up in order to use the Stake Website and/or App. Stakeshop Pty Ltd will also run marketing and promotions to you under. For more information about SMSFs, see our SMSF Risks page.The information on our website or our mobile application is not intended to be an inducement, offer or solicitation to anyone in any jurisdiction in which Stake is not regulated or able to market its services. At Stake and Stake Super, we’re focused on giving you a better investing experience but we don’t take into account your personal objectives, circumstances or financial needs. Any advice given by Stake is of a general nature only. As investments carry risk, before making any investment decision, please consider if it’s right for you and seek appropriate taxation and legal advice. Please view our Financial Services GuideTerms & ConditionsPrivacy Policy and Disclaimers  before deciding to invest on or use Stake or Stake Super. By using our website or service in any way, you agree to our Privacy Policy and Terms & Conditions. All financial products involve risk and you should ensure you understand the risks involved as certain financial products may not be suitable to everyone. Past performance of any product described on this website is not a reliable indication of future performance. Stake and Stake Super are registered trademarks in Australia.

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