Read about recent updates in the June Digital Download 2022

We’re excited to confirm that the Adviser Initiated Payment limit has now increased from $100,000 to $500,000 for cash accounts! Through this new enhancement, manual withdrawal forms are no longer required for payments between $100,000 to $500,000. We’ve also launched new features on Adviser Online to help you locate the information you need in less clicks. Learn more below.

Michelle Weber

Head of Wealth Product & Technology

Monthly focus

• The onboarding process for Trust Settlors is more seamless, with less information required for new Wrap account applications
• Pre-fill functionality is now available on our Beneficiary nomination form for super and pension accounts
• If you haven’t sent us your clients’ advice fee consent forms, please complete the Digital Fee Form as soon as possible. View our Monthly Tips & Tricks below for more information

What's new

Improving our Adviser Initiated Payment (AIP) functionality for cash accounts

Adviser Initiated Payments (AIP) are a fast, easy and secure way to make client instructed cash payments. We’ve increased our AIP limit from $100,000 to $500,000 which means you no longer need to complete a manual withdrawal form for payments between $100,000 to $500,000. With most manual withdrawal requests under $500,000 this should make most of your payments faster and easier to process. We’ll be releasing more AIP enhancements over the next few months, so watch this space. View this Help Centre article for more information on AIP.

Making our onboarding process for Trust Settlors more seamless

We’ve responded to your feedback around our onboarding requirements for Trust Settlors. Our Wrap account application form has been updated to align with the Trust Settlor updates we made for CMA forms last year. We’ve reduced the amount of information required for our new account application form as outlined below:

• You no longer need to provide the settlor’s phone number or email address. You also don’t need to provide the settlor’s date of birth if they aren’t a foreign tax resident.
• We no longer require additional information for the below scenarios:

o   If the trust is a unit trust and there isn’t a settlor stated in the trust deed

o   If the trust is a testamentary trust

o   Where the account and trust were opened under a court order

• We’ve also made some additional updates to help those who have practical difficulties with collecting details of a deceased or uncontactable settlor.

Introducing a more efficient way to complete the Beneficiary nomination form for super and pension accounts

When you complete the Beneficiary nomination form for super and pension accounts, the account information will now be pre-filled. As mentioned in last month’s Digital Download, we’ve also launched pre-fill functionality for several Wrap forms. 

Here is an example of the new pre-fill functionality on the Beneficiary nomination form:

To speed up the account opening process, we’re now only accepting online applications for Term Deposits

As we move to more digital ways of working, we’re no longer accepting paper applications for Term Deposits. This change came into effect on 1 June 2022. You can visit our website for more information on our Term Deposit online application.

Locate the information you need on Adviser Online

The Term Deposit Account Details page has been uplifted to make it easier for you to view your client’s Term Deposit information. As shown in the screenshot below, this new page divides key information in the following tiles: account summary, Term Deposit details, nominated account information, forms and maturity instructions. We’ve also uplifted the account landing page for Wrap accounts so you can see a snapshot of the key information when you select an account.

What's next?

Coming soon – a new default landing page for cash accounts

We’re launching a new account overview page for cash accounts. From this page you’ll be able to view the key information for your client’s cash accounts all from one location. This page will become the new default landing page when you navigate to a cash account on Adviser Online.

Monthly Tips & Tricks: Have you submitted your advice fee consent documentation?

If we haven’t received the required consent forms for your clients’ accounts, you will have received your last monthly payment for these accounts in June 2022 for the advice fees accrued in the month of May 2022.

What you need to do if you haven’t submitted your advice fee consent documentation:

Where consent hasn’t been received and you still intend on deducting adviser service fees for June, please submit an ad hoc fee request, via the Digital Fee Form, to provide us with your client’s consent to deduct this fee. We encourage you to do this as soon as possible if you haven’t already done so.

Once the Digital Fee Form has been processed, advice fee deductions will commence for:

• the month the form was processed if the start date has passed, or
• the month of the start date, where the start date is in the future.

As a reminder, advice fees are deducted in arrears, during the first week of the following month. We have several articles on Adviser Help Centre to help you with Advice Fee Consent. Visit help.macquarie.com/adviser and search ‘Advice Fee Consent’ for more information. 

New Managed Investments (1 June 2022)

* IDPS only
** IDPS & Super

Helpful Resources

Top three searched Adviser Help Centre articles

1. What are the USI and ABN details of the fund?
2. How can my client add funds into their account (including contributions and rollovers)?
3. How can my client add more funds into their pension account?

Recently added Adviser Help Centre articles

1. How can I check if my client is wholesale?
2. What are the fee requirements for wholesale IDPS accounts?
3. How is the start and end date calculated on the advice fee consent report?

Watch and learn our videos on Help Centre

Our Help Centre article, ‘How do I use Adviser Online?’ contains all our training videos to help you use Adviser Online.

Request Centre

Request Centre allows you to submit and manage requests in a faster and more secure way.

Need help?

Get in touch with us if you’d like any more information on any of these updates.