Contact Centre Update: New email templates and FAQs

We have upgraded our customer service technology to provide you with an even better experience.  Keep an eye out for our new email templates, and the soon to be launched FAQ centre to answer commonly asked questions.

To improve how we serve you, we encourage the following:

• Ensure your clients receive important information by having their correct email and phone numbers.  Login to the adviser portal and select a client to update.
• Use the online application forms when setting up new super and investment accounts to ensure more accurate and timely processing
• Use the digital signature and secure document upload facility for the majority of Netwealth forms and documents.

Changes to income protection insurance based on agreed value

From 1 April 2020, as a result of regulatory changes, new income protection insurance based on agreed value will no longer be available in superannuation accounts. Members with existing agreed value income protection in place can retain their cover and may alter the level of cover at any time after 31 March 2020, subject to medical and financial underwriting as required.

This change applies to both LifeWRAP Individual Policies and Personal Insurance under the Group Policy.

Access the updated PDS

Centrelink assistance for for pension recipients

Due to the unforeseen downturn in the share market, some pension recipients may not have received their full entitlement from Centrelink based on the February 2020 file lodged with DHS (on 13 February 2020). We expect to lodge a new file to DHS with updated balances shortly which may result in an increased Centrelink entitlement for some pension recipients. This lodgement may also reduce the number of contacts and requests you have with Centrelink when acting on behalf of your clients.

Avoid breaching member super trustee limit

Bi-annually, we review member superannuation portfolios to identify whether the member's portfolio has significantly exceeded the Trustee’s individual or asset class diversification limits.

Unlike previous reviews, we will be selling down accounts to bring the portfolio back within the Trustee’s limits, unless action is taken. We are asking members or their adviser to either:

1. Sell down asset/s to bring the portfolio to within the established limits; or
2. complete a diversification acknowledgement form which will exclude a member’s account/s from being sold down and future reviews for a period of 3-years.

Managed accounts: New external responsible entity and model managers added

New external responsible entity for managed account models

Netwealth continues to expand its managed account capability. In addition to providing access to the Netwealth Managed Account Service where Netwealth Investment Limited remains the responsible entity, we have partnered with Ironbark Asset Management to offer external Responsible Entity services as an alternative to groups looking to establish a private label.

New managed account model managers added to the Netwealth Investment menu

We have also added new managed account to provide further greater investment choice on our investment menu:

• Models managed by Russell offer a suite of actively managed portfolios using their multi-asset multi-manager strategies
• Models managed by Watershed offer a suite of single sector actively managed portfolios.

Compare funds and models

Re-opening of Netwealth Index Opportunities funds

On 10 March 2020, Netwealth temporarily closed the Netwealth Index Opportunities Conservative Fund, Netwealth Index Opportunities Balanced Fund and Netwealth Index Opportunities Growth Fund (the ‘Funds’) to further investment and withdrew the Product Disclosure Statement for each of the Funds (‘PDSs’).

The manager of the Underlying Funds that each of the Funds invest into, UBS Asset Management (Australia) Ltd, had advised that they proposed to make changes to the Underlying Funds. However UBS has subsequently advised that these changes have been deferred.

We expect to reissue the PDSs and reopen the Funds on or around 20 April 2020.