ASTUTE WEALTH ADVISERS PTY LTD
V LUMIANT PTY LTD
ALLEGED COPYRIGHT INFRINGEMENT
The lawyers acting for Astute Wealth Advice Pty Ltd t/a AstuteWheel sent a letter to the directors of Lumiant Pty Limited on 12 July 2021 alleging an apparent copyright violation.
It appears that Lumiant has copied a substantial part, indeed almost the entirety, of the text of AstuteWheel’s 5 Minute Financial Health Check (Health Check) into the Lumiant Confidence Questionnaire. If that proves to be the case, in doing so Lumiant has infringed Astute Wealth’s exclusive right to reproduce the Health Check in material form (s 31(1)(a) of the Copyright Act 1968 (Cth) (the Act)) and its exclusive right to communicate the Health Check to the public (s 31(1)(a)(iv) of the Act): s 36 of the Act.
Summary of the alleged copyright violation
1. Structure and process
Both processes start with a questionnaire that is sent by the adviser to their client, where the client identifies whether they are either employed or retired to determine the questions that are then asked of them.
The questions are then divided into 6 categories, the Lumiant category names are identical to the AstuteWheel categories, the only difference being a slight change of order as shown below:
| AstuteWheel Categories | Lumiant Categories |
|---|---|
| Your Income | Your Income |
| Your Investments | Your Debt |
| Your Debt | Your Investments |
| Your Risk | Your Risk |
| Your Retirement | Your Retirement |
| Your Estate | Your Estate |
The client is then asked to rate their confidence across a series of questions in each category, astoundingly of the 54 questions asked in the Lumiant questionnaires 44 are exactly the same as the AstuteWheel questions whilst 10 are substantially the same with only minor changes in wording.
2. The questions subject to the alleged copyright infringement
- of the 31 questions asked in “employed” and 35 questions of the self-employed part the Luminant Confidence Questionnaire:
- 24 are exactly the same as AstuteWheel’s 5 Minute Financial Health Check (Health Check) questions (copyright 2011) except for the pronoun changing from my/mine to you/your; and
- 6 questions have minor changes in wording but are substantially the same;
- of the 24 questions asked in the “retired” part of the Luminant Confidence Questionnaire:
- 20 are exactly the same as the Health Check except for the pronoun changing from my/mine to you/your; and
- 4 questions have minor changes in wording but are substantially the same;
- Of the 32 questions asked in the “home duties” and “unemployed” part of the Luminant Confidence Questionnaire (the questions are the same):
- 22 are exactly the same as the Health Check except for the pronoun changing from my/mine to you/your; and
- 7 questions have minor changes in wording but are substantially the same.
3. Question ratings and scoring
We also note that the rating questions and scores are very similar between the two questionnaires. A five point scoring system as summarised below:
| AstuteWheel 5 Minute Financial Health Check | Lumiant Confidence Questionnaire | Scores |
|---|---|---|
| Not at all confident and needs urgent attention in the next 1-3 months | Nervous – not considered or needs attention in 3 or fewer months | 1 (25%) |
| Not confident and needs reviewing in the next 6 months | Not confident – needs reviewing in the next 6 months | 2 (50%) |
| Quite confident but may need reviewing in the next 12 months | Confident – may need reviewing in the next 12 months | 3 (75%) |
| Very confident and no attention is required at the moment | Very Confident – no attention required | 4 (100%) |
| N/A Not Applicable | Not applicable/unsure | 0 (0%) |
4. Reports
Further, similar results input into each survey produce similar results, as shown in the summary of results shown below:
5 Minute Financial Health Check
Lumiant Confidence Questionnaire
5. Two examples showing direct comparison between AstuteWheel questions and Lumiant questions subject to the alleged copyright violation
Colour Key
| Exactly the same wording as Astute |
| Minor difference as shown |
Comparison between AstuteWheel questions for employed clients and Lumiant questions
| # | AstuteWheel Question | Lumiant Question |
|---|---|---|
| 1 | Income – Employed | |
| 1.1 | My current income meets my living costs | Your current income meets your living costs |
| 1.2 | My income is well structured and tax efficient | Your income is well structured and tax efficient |
| 1.3 | My Children’s education costs are covered | Your dependents’ education costs are covered |
| 1.4 | My surplus income is being invested efficiently for wealth creation | Your surplus income is being invested efficiently |
| 1.5 | My income and employment are secure | Your income and employment are secure |
| 2 | Debt – employed | |
| 2.1 | My debt is structured in the best possible way | Your debt is structured in the best possible way |
| 2.2 | I have the right mix of personal and investment debt | You have the right mix of personal and investment debt |
| 2.3 | I have a strategy to eliminate my personal debt in the shortest possible time | You have a strategy to eliminate your personal debt in the shortest possible time |
| 2.4 | My overall debt levels are appropriate for my current life status | Your debt levels are appropriate for your life stage |
| 2.5 | My debt plan is regularly reviewed | Your debt plan is regularly reviewed |
| 3 | Investments – employed | |
| 3.1 | I have an appropriate 5 year wealth plan | you have an appropriate 5 year wealth plan |
| 3.2 | I have a tax efficient investment structure | You have a tax efficient investment structure |
| 3.3 | I understand the risk/reward trade-off between my investment strategy and other options | You understand the risk/reward trade-off between your investment strategy and other options |
| 3.4 | My investments are achieving my goals | Your investments are achieving your goals |
| 3.5 | I can sleep at night with the investments I have in place | You can sleep at night with the investments you have in place |
| 4 | Risk – employed | |
| 4.1 | My insurance covers me comprehensively for most foreseeable circumstances | Your insurance covers you comprehensively for most foreseeable circumstances |
| 4.2 | I am paying the most competitive premiums | You are paying the most competitive premiums |
| 4.3 | I have the appropriate levels of cover in place | You have the appropriate levels of cover in place |
| 4.4 | My family would continue to live comfortably if something happened to me | Your family would continue to live comfortably if something happened to you |
| 4.5 | My insurance policies are regularly reviewed | Your insurance policies are regularly reviewed |
| 5 | Retirement – employed | |
| 5.1 | I have a clear understanding of my retirement goals | You have a clear understanding of your retirement goals |
| 5.2 | I have a clear understanding of my desired retirement income needs | You know your desired retirement income needs |
| 5.3 | I am on track to achieve my required income in retirement | You are on track to achieve your required income in retirement |
| 5.4 | My retirement funds will last throughout my retirement | Your retirement funds will last the duration of your life |
| 5.5 | My retirement funding strategy is structured tax efficiently | Your retirement funding strategy is structured tax efficiently |
| 6 | Estate Planning – employed | |
| 6.1 | My Will is right up to date and reflects my current wishes | Your Will is up to date and reflects your current wishes |
| 6.2 | My assets will be transferred to all the right people, at the right time tax efficiently | Your assets will be transferred to all the right people, at the right time tax efficiently |
| 6.3 | I have someone that is able to make financial decisions on my behalf if I am unable to do so | You have someone that is able to make financial decisions on your behalf if you are unable to do so |
| 6.4 | My surviving family or executor would easily find all relevant documentation | Your surviving family or executor would easily find all relevant documentation |
| 6.5 | My family is aware of my medical and lifestyle wishes | Your family is aware of your medical and lifestyle wishes |
Comparison between AstuteWheel questions for retired clients and Lumiant questions
| # | AstuteWheel Question | Lumiant Question |
|---|---|---|
| 1 | Income – Retired | |
| 1.1 | My current income meets my living costs | Your current income meets your living costs |
| 1.2 | My income is well structured and tax efficient | Your income is well structured and tax efficient |
| 1.3 | My income will last throughout my retirement | Your income will last throughout your retirement |
| 1.4 | I am receiving all my government pension entitlements | You are receiving all your government pension entitlements |
| 2 | Debt – retired | |
| 2.1 | My current level of debt is appropriate | Your current level of debt is appropriate |
| 2.2 | I have a plan to eliminate any outstanding debt | You have a plan to eliminate any outstanding debt |
| 2.3 | I understand the implications of gifting or lending money to my children | You understand the implications of gifting or lending money to my children |
| 2.4 | I understand how debt could be used if my retirement funds run out | You understand how debt could be used if your retirement funds run out |
| 3 | Investments – retired | |
| 3.1 | I have a tax efficient investment structure | You have a tax efficient investment structure |
| 3.2 | I understand the risk/reward trade-off between my investment strategy and other options | You understand the risk/reward trade-off between your investment strategy and other options |
| 3.3 | My investments are achieving my goals | Your investments are achieving your goals |
| 3.4 | I can sleep at night with the investments I have in place | You can sleep at night with the investments you have in place |
| 4 | Risk – retired | |
| 4.1 | If my children had a serious illness or injury they would not require my financial assistance | If any of your dependents had a serious illness or injury they would not require your financial assistance |
| 4.2 | I understand my options with regards to Aged Care | You understand your options with regards to Aged Care |
| 4.3 | I understand the implications of being a guarantor for my children’s debt | You understand the implications of being a guarantor for your dependents’ debt |
| 4.4 | On my death I have accounted for my children’s personal and financial circumstances | You have accounted for your dependents’ personal and financial circumstances in the event of your death |
| 5 | Retirement – retired | |
| 5.1 | I am living the retirement I envisaged | You are living the retirement you envisaged |
| 5.2 | that my ongoing retirement goals will continue to be met | Your ongoing retirement goals will continue to be met |
| 5.3 | I understand my options if my retirement funds run out | You understand your options if your retirement funds run out |
| 5.4 | I understand the impact of a one off expenditure on my retirement funds | You understand the impact of a one-off expenditure on your retirement funds |
| 6 | Estate Planning – retired | |
| 6.1 | My Will is right up to date and reflects my current wishes | Your Will is up to date and reflects your current wishes |
| 6.2 | My surviving family or executor would easily find all relevant documentation | Your surviving family or executor would easily find all relevant documentation |
| 6.3 | Someone is able to make financial, medical & lifestyle decisions on my behalf if I am unable | Someone is able to make financial, medical & lifestyle decisions on your behalf if you are unable |
| 6.4 | My estate assets will be transferred to all the right people at the right time tax efficiently | Your estate assets will be transferred to all the right people at the right time tax efficiently |
