Privacy Policy
Esencia Wealth Partners Pty Ltd and its associated entities, collectively referred to as Esencia Wealth, understand that your personal information is private, and we respect your privacy.
As a business operating in Australia, we are required to adhere to the Australian Privacy Principles (APPs) contained in the Privacy Act 1988 (Cth) (the Privacy Act), which regulate the collection, storage, use, and disclosure of personal and sensitive information. In addition, they also give individuals the right to access and correct any personal information that we have collected about them.
What is the purpose of this policy?
This policy provides you with information about:
- The personal information that Esencia Wealth collects about you
- How we handle your information, including how we use, disclose and keep it secure, and
- How you can access your personal information or make a complaint about our handling of your information.
What information do we collect, and why?
We only collect personal information that is required for us to provide financial services to you and to satisfy our own legal obligations as the holder and representative of an Australian Financial Services Licence. Typically, we will collect this information directly from you, using a combination of meetings and a data collection form such as a questionnaire. This may also be via the telephone, email, mail or a client portal. In addition, we may receive information about you from third parties, such as your accountant or other professionals, where you have authorised this in writing.
We do not utilise any standard personal identification reference numbers (such as Tax File, Medicare or Centrelink numbers) as identifiers.
The types of information we collect includes:
- Demographic information such as your full name, address, date of birth, nationality, marital status, gender and dependent details;
- Verification of your identity to ensure compliance with AML/CTF laws, such as sighting an original or certified copy of your drivers’ licence, passport or other primary identification;
- Financial information including details of your superannuation, investments, liabilities, savings;
- Tax file number (we will require you to separately authorise our collection and use of this);
- Sensitive information such as Personal health and medical information (where required) to assess your eligibility for personal risk insurances; and
- Information about your financial needs, goals and objectives.
It is important that you provide us with complete and accurate information, as we use this to develop appropriate strategies and research suitable financial products that suit you. While we will take all reasonable steps to verify the information you have provided us is complete and accurate, we are not responsible for advice that is defective based upon incomplete or inaccurate information provided by you. Should you choose to give us incomplete or inaccurate information, you will need to consider the appropriateness of our recommendations in the context of your full circumstances.
How will your information be stored?
We store all personal information in electronic format in secure cloud-based storage. Where hard copy documents are required, they are stored securely with access restricted only to those staff who require your information to provide our financial services.
We maintain high data security standards to reduce the risk of unauthorised access to your information. However, should a data breach occur, we will contact you to notify you of the information that was compromised. In certain data breach situations, we will also be required to report to the Office of the Australian Information Commissioner.
Any original documents given to us will be returned to you after we have scanned them. We are required to retain most records for at least 7 years, or longer where legally required.
How will we use and disclose your information?
We only use and disclose your personal information for the purpose of providing you with financial services, to carry on our financial services business compliantly and to seek legal advice about our affairs.
The information we collect will be used to develop an appropriate financial strategy to achieve your short, medium and long-term goals, and determine which financial products (if any) should be acquired or replaced. Our support staff and outsourced contractors will have access to this information as required to assist with the development of your financial strategy.
Where we accept your instruction to acquire a financial product, we will disclose your relevant personal information to the financial product issuer.
We may also disclose your information to other third parties where required to deliver our financial services to you, or as required by law. These parties include issuers of financial products, life risk insurers, outsourced service providers such as paraplanning, administration support, auditors, accountants, or quality assurance. In some instances, these providers may be based overseas.
We currently have outsourcing arrangements in the Philippines. Your data, however, is stored and remains in Australia.
Where your information is shared with a third party outside Australia, we will take reasonable steps to satisfy ourselves the third party has arrangements to comply with the Australian Privacy Principles.
If we merge with, or are acquired by another business, your details may be transferred to the new entity, who will be assigned the servicing rights for the ongoing management of your financial products and review services. Should this occur, we will always write to you and provide the opportunity to opt out.
How can you access or correct the information we hold about you?
We will take reasonable steps to ensure that the personal information we hold about you is accurate, up to date, relevant and complete, including when it is used or disclosed. If you identify inaccuracies with the information we hold, or there are changes to your circumstances, you can contact us to correct or update the information we hold. If we do not agree with your corrections, we may refuse to update the personal information, in which case we will provide you with a written explanation as to why.
The Privacy Act allows you to seek access to your personal information. To request access, please contact our:
Privacy Officer
Phone: 02 9188 2903
Email: afsl@esenciawealth.com.au
There are certain circumstances, however, when we may not be required to provide access to this information, in which case a written explanation will be provided.
How can you complain about our handling of your information?
If you have a complaint about how we have collected, used or stored your personal information, you can direct your complaint to our:
Complaints Manager
Phone: 02 9188 2903
Email: afsl@esenciawealth.com.au
Alternatively, you may contact the Office of the Australian Information Commissioner by submitting a complaint through their online form, or by contacting them at:
Privacy Complaints
GPO Box 5288
Sydney NSW 2001
Phone: 1300 363 992
Fax: 02 6123 5145.
Changes to the Privacy Policy
From time to time, it may be necessary for us to review and revise the policy. If we do so, we will update this Privacy Policy on our website.
This document has been prepared and issued by Esencia Wealth Partners Pty Ltd (EWP), the holder of Australian Financial Services Licence (AFSL) and Australian Credit Licence (ACL) No 511532.
Esencia Wealth Pty Ltd (EW) is a Corporate Authorised Representative (No. 001308838) of EWP under its AFSL and a Corporate Representative (No. 561521) of EWP under its ACL. EW and EWP are collectively referred to in this document as Esencia Wealth.