Netwealth Investment Wrap Changes
Notification of changes - 1 March 2020
Trading or holding international securities may result in us holding foreign currency on your behalf. Wholesale Clients may also hold foreign currencies through the Premium Service. Where we hold money in a foreign currency account on your behalf we do not credit interest to that account. If we receive interest on money held in foreign currencies, any interest received is retained by us, as a foreign currency holding fee. This fee will apply to all Investment Wrap accounts from 1 May 2020.
If you have nominated a financial adviser, you may agree with them to pay an upfront advice fee on investments made into your account.
From 1 March 2020 we will not accept a standing instruction from you to pay an upfront advice fee on any subsequent investments or in relation to a regular saving plan.
Where you have previously provided an instruction to us to pay an upfront advice fee on any subsequent investments or in relation to a regular savings plan, this instruction will continue to apply until further notice. You can find information about your advice fees by logging onto your account and viewing your fee profile, or you can contact Netwealth. If you want to change your advice fees you should contact your adviser or us.
The description of the cost identified as a ‘cash account fee’ has been changed to ‘interest retained on the cash account’ to better describe the nature of this cost to investors. There is no change to the way this cost is applied or the way it is calculated. This cost is not deducted from your account.
Investment Wrap may provide access to certain managed funds and managed models that are not available to you as direct investments. In addition, certain investment options may only be available if you have a Nominated Financial Adviser who has arrangements with the product issuer to make the investment option available to their clients. These investment options may no longer be available to you if you withdraw from Investment Wrap.
You may also be adversely affected if you change your Nominated Financial Adviser or cease to have a Nominated Financial Adviser because such investment options may no longer be available to you, you may be required to redeem or withdraw from those investments and/or assets held in a managed account may cease to be managed in line with the chosen managed models.
The disclosure document for the relevant investment option explains any such restrictions and your Nominated Financial Adviser will provide further information in this regard.
We have various security measures to ensure that your transactions and personal information are protected. However, you must also play a big part in protecting your financial and personal information. You should also consider obtaining professional advice about protecting your computer and your personal and financial information. Areas that you should be particularly aware of are:
You should keep your personal details in your account up to date, including your mobile phone number and any nominated bank account details, and we encourage you to access and review your account regularly.
We act on instructions provided by you and your Adviser Representative (if you have one). You are responsible for ensuring that your instructions are accurate and correct. Incorrect payment instructions provided by you or your Authorised Representative may result in funds being transferred to the wrong account and we may not be able to recover them for you. When you transact on your account you should consider the information provided in the disclosure documents about how your account works and any additional information we provide about the transaction.