Financial Services Guide (Australia)
Stakeshop Pty Ltd
ACN: 610 105 505
Authorised Representative No. 1241398
Preparation date: 11 December 2019
Stakeshop Pty Ltd (Stake, us, our) is an Authorised Representative (Authorised Representative No. 1241398) of Sanlam Private Wealth Pty Ltd (Sanlam, our licensee, the licensee) which holds Australian Financial Services Licence number 337927.
This Financial Services Guide (FSG) is dated 11 December 2019 and 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. Sanlam is located at Level 2, 33 York St Sydney NSW 2000.
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 hellostake.com/disclosures
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.
℅ Sanlam Private Wealth
Level 2, 33 York St Sydney NSW 2000
Stakeshop Pty Ltd
PO BOX 1046, Edgecliff NSW 2027
Website – https://hellostake.com
Email – firstname.lastname@example.org
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:
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 selected securities listed on United States stock exchanges, including fractional interests in those securities.
We, and our licensee, 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 US listed securities by way of funding your own Stake account. Once the customer has cleared funds in its US trading account held with Drivewealth, LLC, an order can be placed.
When you sign up with Stake, you agree to commence the application process for a DriveWealth, LLC US brokerage account (which includes an application for a DriveWealth Limited Purpose Margin Account).
For Australian residents who elect to open an SMSF, Company or Trust account a Macquarie Bank Cash Management Account (CMA) may be opened in your name. The Macquarie CMA is registered is in the customer’s name and enables the customer to transfer funds between AUD and USD in a safe and cost effective way. If this applies to you, please read the Macquarie Bank CMA terms and conditions, disclosures and customer agreement documents before applying for a Stake account.
We have entered into a Fully Disclosed Clearing Agreement with DriveWealth, LLC (DriveWealth). DriveWealth provides execution and clearing services to the customer. Your identity will be disclosed to DriveWealth, so that DriveWealth can enter into a broking agreement with you.
All orders (both for whole shares and fractional shares) are executed 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:
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.
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.
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 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:
|Brokerage||$0||There are some minor sell-only regulatory fees:|
1. SEC Fee: US$0.218 per US$10,000 of sales proceeds
|Gross FX Margin||70 FX points from the spot rate, ie. US$0.70 on every A$100 transferred (min FX fee US$2).|
|Gross Card Fee (Debit / Credit)||2.0% (minimum US$1)||2.0% (minimum US$1)||Card fee is charged on the funding amount / the gift amount plus the gifting fee|
|Faster funding (POLi & Debit / Credit Card||0.5%||n/a||Faster funding provides cleared funds in either USD or AUD during the next US trading day|
|Non-Stake USD Transfers||US$5||Applies to USD transfers into your account not initiated by a Stake FX partner on the Stake platform.|
|USD Withdrawals||US$2||US$2||US$2 to reflect the banking charges we incur. Minimum withdrawal amount of US$10.|
|Portfolio Transfers in from Other brokers||ACATS – FreeDTC – US$15 per position||Stake, through our broker DriveWealth accept both ACATS and DTC incoming transfers. A sufficient cash balance is required in your Stake account to commence the transfer.|
|Portfolio Transfers Out to her brokers||US$100 per account (ACATS)US$15 per position (DTC)||Brokers either accept transfers via the ACATS or DTC System. Please check with your broker to understand what the charges are. A sufficient cash balance is required in your Stake account to commence the transfer. Charges w.e.f. 25th November 2018.|
|US Tax Certification (W-8 BEN)||Up to US$10 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.|
How do Stake’s people and related third parties get paid?
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. 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.
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 Macquarie Bank, DriveWealth, Stripe and OFX, 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: email@example.com
Phone number: (02) 8294 6304
Postal address: PO Box 1046, Edgecliff NSW 2027
In the event that we are unable to resolve any issue or complaint you can contact 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 firstname.lastname@example.org.
All complaints are reviewed and investigated by our 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.
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 is a member (member number 14570). Sanlam has agreed not to contest a final resolution from AFCA.
You can contact the 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: www.afca.org.au, by email: email@example.com.
Sanlam, as the authorising licensee for Stake, holds Professional Indemnity Insurance cover for the activities conducted under its AFS Licence 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.