Legal Documentation
Privacy Policy
Last Updated: 6 September 2024
Version: 06.09.2024
- Entity Information
Wealthlabplus Pty Ltd
ASIC Number: 001311287
Authorised Representative of MiPlan Advisory Pty Ltd
MiPlan Advisory Pty Ltd
ABN: 70 600 370 438
AFSL No: 485478
- About this Policy
The Privacy Act 1988 requires entities bound by the Australian Privacy Principles to have a privacy policy. This privacy policy outlines the personal information handling practices of Wealthlabplus Pty Ltd (Wealthlabplus). This policy is written in simple language. The specific legal obligations of Wealthlabplus when collecting and handling your personal information are outlined in the Privacy Act 1988 and in particular in the Australian Privacy Principles found in that Act. We will update this privacy policy when our information handling practices change. Updates will be publicised on our website and through our email lists.
- Overview
- You seek personal advice from us with regard to your financial planning needs
- You enquire about or seek a quotation for a product or service offered by our referral partners
- You apply for or purchase a product offered by a Wealthlabplus business and/or our participating providers
- You contact us by telephone, via mail, email or online
- You visit our website (including when you request a quote)
- We supply any other products or services to you
- You enter into any trade promotions, competitions, specials or other offers with Wealthlabplus or its direct partners
- Collection of Your Personal Information
- Name
- Address
- Date of birth
- Gender
- Marital status
- Occupation
- Contact details (including telephone, facsimile and email)
- Financial information
- The length of time at your current address
- Your employer's name and contact details
- The length of your employment
- Proof of earnings
- If you have changed employer in the last few years, details of your previous employment
- Collection from a Third Party
We sometimes collect personal information from a third party or from a publicly available source, but only if the individual has consented to such collection or it is necessary for a specific purpose that is authorised under law.
These third parties may include:
- A financial planner or adviser
- A doctor, health professional
- Trustees
- Company directors and officers
- Person's dealing with us on a one off basis
- Any other party with which we have an arrangement for the promotion and sale of products offered or distributed by us
- An employer or employer's adviser for corporate members
- An accountant
- Partners
- Customer's agents
- Officers of cooperatives and associations
- Collecting Sensitive Information
Sometimes we may need to collect sensitive information about you, for example, if you are applying for, or have, a life insurance policy where we may need to underwrite an application and/or assess a claim.
This might include:
- Health and medical information (for example, medical checks or consultation reports)
- Lifestyle and pastime information
- Information regarding your physical attributes, capacity and activity
- Information that is publicly available on your social media accounts
Important: Sensitive information will be used and disclosed only for the purpose for which it was provided (or a directly related secondary purpose), unless you agree otherwise or an exemption in the Privacy Act applies.
Website & Digital Privacy
Analytics & Cookies
We use tools provided by Google, Bing and our web hosting company to collect website traffic information. We also use cookies and session tools to improve your experience. You can opt out of Google Analytics collection using the Google Analytics Optout Browser Addon.
Social Networking
We use social networking services such as X, Facebook, LinkedIn and YouTube to communicate with the public. When you communicate with us using these services, we may collect your personal information to help us communicate with you and the public.
Marketing Opt Out
If you do not want to receive ongoing information from us, speak with your Wealthlabplus adviser and request to be removed from our marketing program.
Disclosure of Personal Information Overseas
Generally when carrying out our core business activities, we do not disclose customer information to overseas countries. When we do, we take reasonable steps to ensure overseas entities protect that information against unauthorised access or loss.
Currently, Wealthlabplus may disclose customer information to:
Philippines
Protection Measures: We will not send personal information to recipients outside of Australia unless we have taken reasonable steps to ensure compliance, the recipient is subject to similar privacy schemes, or you have consented to the disclosure.
Use of Artificial Intelligence
We use AI and machine-learning tools to assist with research, drafting and data analysis. These tools are supervised by our professionals to mitigate the risk of errors, as AI outputs may be incomplete or inaccurate. Protecting personal information. Any personal data processed through AI is handled in line with the Privacy Act 1988 (Cth) and used only for purposes that align with what was originally collected, unless we have consent or another lawful basis.
When AI supports decision-making, there is always human oversight. Where laws grant you the right to opt out of automated processing, we will facilitate that.
AI notetakers and transcribers. We use AI-based Microsoft transcription services to record and summarise meetings. We obtain consent before recording, comply with applicable recording laws and ensure that recordings and transcripts are stored securely on our systems or within contracted provider environments. We do not allow providers to use our recordings to train their models, and we treat the resulting notes as part of our confidential client file.
Transparency and updates.
We will identify any public-facing AI tools (such as chatbots) and explain how we use AI in this policy or other notices. We periodically review our practices in light of evolving legal and technological standards and will update this section if our use of AI changes.
Use of Third-Party Service Providers Third-party services.
We work with external service providers (e.g., paraplanning, IT support, marketing) to help deliver our services. We share only the personal information necessary for these tasks and require providers to use it solely for the agreed purpose. Safeguards. We take reasonable steps to ensure providers protect personal information from misuse, loss or unauthorised access, as required by the Australian Privacy Principles (APP 11). This includes contractual obligations for confidentiality and security, and ongoing oversight of vendor practices.
Consent and transparency.
Our privacy notices explain that we may disclose personal information to third parties. We obtain consent when needed and advise you of any effects on our services if you decline.
Record retention. Records generated by our providers (such as paraplanning reports) are treated as part of your file and retained securely.