Netwealth have arrangements with certain providers of managed discretionary account (MDA) services ('MDA Operators'). Super Accelerator and Wealth Accelerator can be used in conjunction with a MDA service.
If you have entered into a contract with an MDA Operator who provides you with an MDA service, investment transactions for the MDA service can be processed through your Wealth Accelerator account.
An MDA Operator:
- must hold an AFSL that authorises them to provide MDA services;
- must, under its contract with you provide an investment program and be responsible for implementing and reviewing that program for you; and
- is responsible to you for all MDA services. Where you use Wealth Accelerator the MDA Operator is not responsible to you for custodial or depository services for MDA client portfolios.
If you have an MDA Operator providing you with an MDA service, you may agree to pay a fee to the MDA Operator for that service. In this case Netwealth may accept an instruction from you to deduct a portfolio management fee from your Wealth Accelerator account and pay it to the MDA Operator. The payment of a portfolio management fee is subject to Netwealth entering into an arrangement with the MDA Operator to facilitate the payment of the fee.
If the MDA Operator or its representative ceases to be a Nominated Financial Adviser and Adviser Representative for your account, Netwealth will no longer accept investment instructions from the MDA Operator in relation to your account. Additionally, Netwealth will cease paying portfolio management fees to the MDA Operator.