Where an Investor would like to add/purchase an asset to be held through the non-custodial administration service, Netwealth can facilitate this once the Limited Power of Attorney (LPOA) has been received with instructions to load the asset.
The process for fund additions and asset approvals are outlined below.
Asset Review
Netwealth will undertake a preliminary Asset Review to conclude whether the asset(s) can be held custodially, non-custodially or managed by the adviser using XWRAP (where appropriate).
To request an Asset Review
- If you have identified an asset review is required, the Asset Review Template.xlsx must be completed. Please see the attached below for the template.
- This can be sent to contact@netwealth.com.au along with a copy of the relevant PDS or IM disclosure document.
- This email can be sent either by the adviser/licensee or a member of the sales team.
This initial review process will take approximately 3 business days.
Outcome of the Asset Review
Once the initial review is undertaken Netwealth will:
- Update the Asset Review template to confirm which assets can be held in custody, non-custodially or via managed via XWRAP (adviser discretion).
- Reply all using the following template.
Custodial Assets
Where Netwealth have determined an asset can be held in custody, Netwealth will consult with the asset manager to onboard the asset. During this process if Netwealth identify any attributes which prevent Netwealth from holding the asset in custody, you will be notified accordingly. Please note a review of a standard fund can take 2-4 weeks to be finalised and a wholesale / non-standard IM fund can take up to 3 months to be finalised.
Non-custodial Assets - How to proceed?
Where Netwealth have determined an asset cannot be held in custody but is suitable for the non-custodial administrative service, Netwealth require the following client specific documentation before Netwealth are able to proceed further:
Signed LPOA for each account, holding statement, cost base and, certified ID.
- For new Netwealth clients - the LPOA forms part of the Wealth Accelerator Multi Asset Portfolio Service offering. The original copy of the LPOA must be posted to Netwealth.
- For existing Netwealth clients - the LPOA (referred to as the non-custodial power of attorney) can be found online in the forms section of the website under the heading ‘Opening accounts and making deposits.’ The original copy of the LPOA must be posted to Netwealth.
- Certified copy of the ID - a certified copy of ID for each of the account holders. The certification must be less than 12 months old. Certified ID can be uploaded to the adviser portal.
- Investment holding statement and Cost base information (in CSV format). This documentation can be provided to Netwealth using the document upload facility in the adviser portal.
Netwealth are unable to accept a scanned copy of the LPOA, the original must be posted to Netwealth Wealth Accelerator Multi-Asset Portfolio Service ‘MAPS’ - PO Box 336, South Melbourne, VIC, 3205.
Netwealth will liaise with the Asset Manager(s) to:
- Update the client’s mailing address ensuring all future correspondence is shared with Netwealth.
- Update the client’s bank account to their Netwealth cash account ensuring Netwealth receives the income statement and payment to accurately transfer the payment in the client’s account.
The overall transfer processing times may vary as they are subject to the timely response from Asset managers.
Once a complete set of the documentation has been received, Netwealth will lodge the request with the asset managers within 5 business days.
XWRAP Assets (Adviser managed assets)
Where Netwealth have flagged an asset as suitable for ‘adviser managed’ via XWRAP, please refer to your TRM/BDM for more information if you are not currently using this offering.