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How do I set up a non-custodial administration account?

What was previously the “Wealth Accelerator IDPS Guide” will be transformed into the “Wealth Accelerator Multi-Asset Portfolio Service Guide” ('Wealth Accelerator Guide'). This means everyone who opens a Wealth Accelerator account from that point forward will be signing up to the terms and conditions of the non-custodial service. It is then up to the client if they want to use the non-custodial service or not. The trigger to enable the functionality will be the receipt by Netwealth of the Limited Power of Attorney (LPOA).  

A LPOA enables Netwealth to administer assets that are not held in custody on the client's behalf. By signing the LPOA the client grants Netwealth the ability to manage the assets registered in the client's name. This includes facilitation from their investment instructions directly with the asset manager, arranging settlement from the client's platform cash account, acting as the mail house, updating asset pricing, and preparing year-end tax information. 

The updated Wealth Accelerator Guide incorporates permission for the Investor's adviser to act as Adviser Representative on these non-custodial assets in the same fashion as custodial assets. This will mean we can accept adviser and investor instructions on placing investments and transferring cash associated with these investments to the respective asset manager.

Upon receiving the signed LPOA, Netwealth would work with the underlying asset managers to become appointed as the mailing house moving forward. The Investor or Adviser would provide historical statements/valuations from the asset manager to enable us to review, reconcile and import historical data. 

Netwealth will also receive correspondence periodically which enable us to update pricing, distribution, and tax information. This information will then be entered into the Investors Wealth Accelerator account, reflecting accurate records of the Non-Custodial holdings.

Netwealth may charge a one-off fee to reconcile the historical information received. This fee will be agreed in advance and will vary based on complexity. It can be paid by an Investor or Adviser.

 

What does this mean for existing accounts?

Investors who have an existing Wealth Accelerator Plus account which was opened prior to the MAPS (and the non-custodial service) launch can sign up for the non-custodial administration service by signing the LPOA.

How do I send my instructions relating to the non-custodial administration service to Netwealth?

Once the LPOA has been signed and received, any further requests can be facilitated via email instructions. Please note, Netwealth can only accept instructions from a client or adviser with a trusted/registered email address on file. Emails should be sent to contact@netwealth.com.au where they will be actioned.

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