Faster execution of ASX share trades with Citigroup
We are pleased to announce our new partnership with Citigroup Global Markets Australia Pty Limited (‘Citi’) as our preferred platform broker for trading of ASX securities.
Citi is a well-established global equities trading business with a strong local presence in Australia, extensive industry experience and market-leading technology. Through our partnership with Citi, we believe financial advisers and clients will enjoy an even better trading experience.
As a result of this new partnership, we have refined certain platform ASX security trading rules:
- Improved trading for ‘at-market’ orders - Previously, at-market orders were placed with a limit based on the market price as at the time the order is placed; sometimes this resulted in orders not fully being completed. Through Citi, 'at-market' orders are executed using Citi’s automated trading technology and will generally be filled more quickly and on the same trading day.
- 'At-market' orders are now ‘day only’ orders. With faster order execution times expected through Citi, future expiry dates can no longer be specified for at-market orders.
- For securities with a last traded price of $0.20 or less orders must be placed with an 'at-limit' price. This change is intended to reduce the chance of unexpected trading outcomes, which can occur when 'at-market' orders are placed for lower priced securities that can be subject to large price fluctuations, in percentage terms, during a trading day.
Streamlined client fee consent
Under the Financial Sector Reform Act 2021, new requirements for client fee consent begin from 1 July 2021.
To simplify the collection of advice fees for your business, we're building out new functionality and updating our process, including electronic fee consent options, embedded fee consent, and online tracking.
January - March 2021
Advice fee flexibility with fixed term fees
As part of our flexible fee management tools that help you manage fees and disclosures, fee updates, discounts and client release from fees, we are pleased to announce the upcoming release of our fixed term advice fee solution.
- Customised term - Set a fee start and end date to suit your remuneration period.
- Flexible payment options - Charge monthly percentage-based account fees, or deduct flat dollar fees on a monthly, quarterly, or half yearly basis.
- Smart alerts - Stay on top of expiring fees with dashboard alerts for individual accounts.
- Expired fee reports - Run bulk fee reports across your entire client base to determine expiring fees.
- Online renewal process - Renew fixed term fees without the need for signed paperwork, where clients with online/transact can approve fee proposals online.
- Save in-progress applications - You can now save an application in-progress and retrieve the application in the future.
- Enhanced performance reporting - The Asset Performance report now provides a breakdown of the total return for the period based on asset classes.
- Determine the CGT impact before making an asset sale: In addition to setting tax preferences, the CGT tax impact can be viewed prior to sale on the Switch webpage, Trade Proposal PDF and Trade Summary PDF.
- Streamline BPAY payments to the ATO and ASIC: Scheduled payments to the ATO and ASIC will no longer require two-factor authentication from clients.
- Apply a dollar cost averaging plan to managed models: During periods of volatility you may find it beneficial to buy managed account models over an ongoing or fixed period of time. With this enhancement you can invest in all managed account models in this fashion, instead of a one off transaction. Go to Transactions>Cash managements>Dollar Cost Averaging >Click 'Add managed account investment' button
- Customise managed account settings in Accelerator Core: You now have the ability to substitute and exclude assets held in a managed account model within Accelerator Core, as well as set investment and rebalance preferences. Go toTransactions>Managed accounts>Profile.
- Asset sale from an in-specie transfer renamed "Internal Transfer": Naming convention updates throughout the platform, including the online cash transaction listing and report, plus the welcome/exit statement.
- Easily view any outstanding term deposits, frozen asset sales awaiting confirmation: A new section has been added to Pending Transactions.
- Enhancements to client access settings: For clients with multiple accounts, you can now set either transact and/or browse only for each account they have. This is useful if you are managing investments in one account with the client administering them in another.
- Updated information in the trade contract note: Transaction details for investment parcels is now included in the Proposal and Trade summary report.
- Be notified when a child model drifts within a Parent model: You will be emailed when a child model within a parent model drifts outside its allocation when using SMART. You can also monitor this with the SMART model of models report.
- Cancel scheduled BPAY payments: Cancel future scheduled or recurring BPAY payments.
- See the likely date when a managed fund will settle: Indicative confirmation date for outstanding buy/sell managed fund orders are now included in Pending Transactions
- See the details of Corporate Actions not yet confirmed: Information on corporate action not yet confirmed are now included in Pending Transactions
- My Statement design enhancement: Cover page added plus layout improvements
- Filter managed funds and models available in Accelerator Core:New filter available in compare funds and models
- ASX live pricing now every 10 minutes: ASX prices are refreshed every 10 minutes rather than every 20 minutes
- Keep track of pending international share trades with the addition of two new statuses:
- Entered - We have received your order
- Submitted - Order has been submitted to broker for execution
- Performance fact sheets available for the Netwealth GSS Funds in Compare Funds and Models
- Send financial data to a client's SMSF via a SuperMate data feed.
- For managed account holders, there's a new first page in the 'Asset Performance Detail' report that shows the indicative return simulated based on a $10m investment to help better understand a managed models performance.
- Find out which clients have been approved for BPAY payments by running the 'Supplementary account details' report.
- View those Wealth Accelerator clients that need to provide a TFN or ABN to prevent tax from being withheld by running the 'Client List' report.
- View transaction narrations for EFT deposits: Narrations included in EFT transactions are now viewable in the 'Transaction listing' report.
- View your total investment in an asset class: A new row has been added to the 'Asset Performance - Detail' report that sums the asset values for each asset class.
- The managed account planner tool now outputs 2 new columns: CGT column (only super accounts) & Gain/Loss column, for both Transfers In & Transfers out of the managed account.
- We have decommissioned the Current Assets report, and added a new option for the 'Portfolio Valuation' report to include/exclude the 'Cost' and 'Movement'.
- A new row has been added to the 'Asset Performance - Detail' report that sums the asset values for each asset class.
- We have decommissioned the Current Assets report, and added a new option for the 'Portfolio Valuation' report to include/exclude 'Cost' and 'Movement'
- Export your clients' portfolio's holdings: Download a 'My Portfolio' report from the client's portfolio holdings page to view the current holdings in the account. The report is configurable to how you chose to categorise the asset information on this page.
- Better understand managed account performance: For managed account holders, there's a new first page in the 'Asset Performance - Detail' report that shows the indicative return simulated based on a $10m investment.
- Display the asset allocations of a managed account you are invested in: You now have the option to show the target (ideal) portfolio of investors in a managed account by selecting 'detail as the output option for the 'Portfolio Valuation' report.
- Added investment options to help service HNW and wholesale clients including exclusive managed funds, domestic and international bonds, and foreign currency accounts
- Updated Accelerator Plus fees to benefit most clients
- Narrations can now be included in EFT transactions
- Receive a notification when a client accepts a SMART ROA or when SMART model/client profile has drifted outside a defined variance
- Additional third party data feeds (external share trading, super and frequent flyer accounts)
- Sorting and filters added to Switch (buy/sell) page
- We have increased the number of forms and documents which we accept digital signature for
- Ironbark added as external responsible entity for managed accounts
- Watershed and Russell Investments added as model managers
- Added new asset class classifications and investment limits
- Section for Power of attorney added in online applications
- Ability to pay an ad-hoc adviser fee immediately
- Remuneration report notice on my tasks
- Managed account income available in pay to bank option
- Integrated with FactSet to improve managed account reporting
- Alternative investments asset class added to reports
- Add model portfolios for reinvestment in Cash Settings
- Adviser notifications when Partial SuperStream rollover without enough cash
- Reports can be downloaded in CSV format
- CGT rewrite provides an updated format for their Realised Capital Gains data,
- Document storage library allows the ability to securely access documents from external providers
- Netwealth Managed Account Service (NMAS) launched to simplify adviser and client investment experience
- Trade confirmations made available as a PDF
- Browse only clients can accept ad-hoc fees
- Browse only clients able to edit personal details
- Simplified password reset process
- EOFY task added on "My Task" to navigate statement tracking
- Updates made to the model manager portal including new reports and user settings
- New managed funds and models added
- New adviser report showing managed account customisations such as rebalance suspensions
- Browse only clients able to update bank details online
- Enhancements to the Family Fee Linking Tool allowing clients to link admin fees for their accounts if they are with different adviser representatives
- Automatic pricing of bonds