This guide covers the online and offline ways to close a Wealth Accelerator account. Regardless of how the account is closed, the account will remain open for approximately two months post-withdrawal to receive any additional income, with the balance paid to the provided bank account upon closure.
Closing an account online
You can close off a client's Wealth Accelerator account on the web using the online Withdrawal tool under Transactions > Pay & Withdraw > Withdrawal. Select the radio button next to "All assets will be redeemed and account closed", complete the bank details section and submit.
Closing an account offline
You can also close a Wealth Accelerator (Core or Plus) account using the 'Wrap Services Withdrawal form.'
The 'Wrap Services Withdrawal form' allows for the following options:
- Full cash withdrawal – you instruct Netwealth to redeem all of your/your client's investments, pay withdrawal and close my account. Orders to redeem listed securities will be placed at market price through our default platform broker and brokerage fees will apply. If your/your client's account holds suspended investments that may prevent this transaction from being processed in one amount, we will transfer as much as possible now. A new request will need to be made should you wish to make any further withdrawals from the account.
- Full in-specie withdrawal – you instruct Netwealth to transfer all investments and once complete, withdraw cash and close the account.
- Partial in-specie withdrawal – you instruct Netwealth to transfer certain nominated investments.
If you request a lump sum withdrawal or instruct us to rollover the money, and there are illiquid
investments in the account, it may take longer than 30 days to process your request. An investment is illiquid if it cannot be converted to cash within 30 days. Where an investment is illiquid, we will advise you when you request a withdrawal or rollover.
We may receive further income in connection with your/your client's investments after we have redeemed them. To ensure that you/your client receive these payments, we will keep the account open for approximately 2 months after completion of a full withdrawal. Any further payments we receive will go into your account and, at the end of this period, we will close the account and pay any balance to the provided bank account.
Closing an account with $0 balance
If your account has $0 balance and no remaining assets to be sold down, you may provide a written instruction to Netwealth.
Exit Statements
Both the account owner (client) and their nominated financial adviser will be notified via email when the account closure is finalised and provided an exit statement. Please note that there may be investments that need to be sold down that have limitations and therefore Netwealth must wait until the investments are liquidated to close the account.