How do I process a withdrawal for a client?

When you hold Adviser Representative (AR) authority over a client’s account, you can process a withdrawal on their behalf.  This guide outlines how to process a withdrawal online, as well as approving a new bank account and other withdrawal options.

This article is for the use of Adviser Representative's (AR) only. If you are a client and wish to learn more about this feature, please contact your Adviser Representative or Netwealth at [e-mail].

Processing a withdrawal online 

1. Once you have logged into the Netwealth website, use "Search for a client" to locate the account you wish to process a withdrawal for.
2. Select the account and then navigate to Transactions > Pay & Withdraw > Withdrawal.
3. Fill in the details including amount to withdraw, an optional transaction narration and the account you wish to withdraw the funds in to. 
   1. If you wish to withdraw into the existing nominated bank account, select the option "Bank account" and submit. Check the details in the summary page and then click confirm. The transaction is now complete.
   2. If you wish to withdraw into a new bank account, select the option "Pay anyone" and fill in the account details. Check the details in the summary page and then click confirm. The transaction is now awaiting approval and the following actions now need to be completed.

Approving a new bank account

1. Once you have submitted the transaction for a new bank account, an activity is created and sent to another adviser admin from the same licensee code to verify your nominated account.
   1. To approve this as a second adviser, navigate to "Activities", select the activity and either "Approve" or "Reject". You can also edit the details but a third adviser admin will need to verify the changes.
2. All transactions over $5000 will also need to be approved by the client. An SMS is sent to the client to notify them that an activity has been created.
   1. To approve this as a client, navigate to "Activities" in either the mobile app or the website, select the activity and either "Approve" or "Reject". If you approve the activity, a 6-digit security code is sent to your registered mobile number for security purposes. If you reject an activity, it will be rejected and archived.
3. The pay anyone bank account has now been verified and the transaction will be completed.

The withdrawal activity is labelled "Payment to a bank account" in Activities.

Other withdrawal options 

You can complete and sign a ‘Benefit payment’ form, which can be found here for Super Accelerator clients and a ‘Withdrawal’ form which can be found here for Wealth Accelerator clients. Please note, to access your client's superannuation and withdraw money from their Super Accelerator account, they need to first meet a condition of release. Once the document has been completed, upload it to us using the secure online document upload facility or email it to us at [e-mail]. Please note, we cannot accept electronically signed documents via email.

Netwealth may need to contact your client to validate bank details.  

If the withdrawal is to be paid to a one-off or new bank account using the withdrawal form, client signatory is required, which can be done by completing the appropriate ‘Benefit’ or ‘Withdrawal’ form noted above and then submitting it to us via the secure online document upload facility or by posting it to us (details can be found at the bottom of the withdrawal form). 

Not sure what client accounts you have AR authority over?

If you are unsure which client accounts you have AR authority over, you can run an online report. To do so, log in to your Netwealth online account and navigate using the main menu to Reports > Adviser Reports > Client List report > Submit > View Reports.