Monday 11am, 30 March 2020
We are not accepting cheques
Due to most Netwealth staff working from home, potential delays in mailing service and the distancing rules being followed, we are:
- Not accepting the receipt of cheques
- Nor issuing cheques
We encourage you to make the switch to our online deposit and payment facilities, such as 'Pay anyone' EFT or BPAY® payments.
Updating your email and mobile records
During this time it is very important that you get the appropriate communications in a timely manner. To this end, please ensure your details are up to date, especially your email and phone number. You can do this by logging in to your Netwealth account online, completing the change of details form available online or by contacting us 1800 888 223.
Pension limit and early super release
Minimum drawdown rates for income streams reduced by 50%
The Government has announced a 50% reduction of the minimum drawdown rates for account-based pensions. This might be of benefit for you and we encourage you to speak to a financial adviser to understand the implications. Netwealth will be in touch with you shortly about your options so you can consider taking advantage of this change.
Early release of super on compassionate grounds
The Federal Government has announced temporary changes to the early release of super conditions for individuals as part of its COVID-19 response. Under these new rules, eligible investors can lodge their application for early release of superannuation to the ATO via the myGov website. The ATO will provide release authorities to us progressively, and we’ll ensure payments are processed to clients as matter of a priority.
The Contact Centre is going remote and to the cloud
Over the past month our Contact Centre has been busily moving to a new cloud-based platform. We are pleased that it is about to go live in the coming days. The changes you should expect include:
- A resumption to our normal operating hours, that is 8:30am - 7:00pm AEDT Mon-Thur and 8:30am - 6:30pm AEDT Friday
- Emails you will receive from us will be in a new template
- A FAQ help centre to provide quick information on regularly asked questions
Despite recent adverse equity markets, Netwealth Group remains in a very strong financial position, is debt-free and has significant cash at bank.
Our net inflows have continued to be very strong this quarter at $2.9bn and year to date $7.3bn.
While net inflows have been offset by the negative market movement of $3.9bn this quarter, our revenue and profitability remain resilient due to the increased volume in transactions and ancillary revenues. To view our recent ASX announcement click here.
It is important to note that Netwealth will absorb the RBA’s rate cut by 25bps concerning our client’s cash transaction account. Therefore transactional cash will not be going into negative as a result of last weeks RBA announcement.