We’re getting in touch to let you know that we’re closing the Macquarie Wrap Accumulator series. From 25 September 2020 you won’t be able to open new Accumulator Investment or Super accounts.

What you need to know

Our Accumulator products launched in August 2003 to provide a low-cost wrap account option.

Macquarie Consolidator II was launched in November 2019 with the Engage investment menu option. Macquarie Consolidator II – Engage is our new cost-efficient solution with a limited investment menu that we’ve designed for clients with less complex investment needs.

Now that Macquarie Consolidator II – Engage is available, we’ve decided to close the Accumulator series to new business. You can read more about Macquarie Consolidator II – Engage below.

This product closure will take place at midnight on 24 September 2020. After this time you won’t be able to open a new Investment or Super Accumulator account.

 

Macquarie Consolidator II – Engage

Key features of this offering include:

  • No asset-based administration fees

  • No transaction fees

  • A flat account keeping fee

    • $20 per month for Investment accounts
    • $22 per month for Superannuation and Pension accounts

  • A minimum account balance requirement of $10,000

  • A minimum cash holding requirement of $500

  • The flexibility to move to the Macquarie Consolidator II – Elevate investment menu option if your client’s investment needs change.

You can read more about Macquarie Consolidator II – Engage here or you can go to our Adviser Help Centre to read more articles about our new wrap products and pricing. We’ve also made it easier for you to compare our product offerings using our fee calculator.

If you’d like to use Macquarie Consolidator II – Engage it’s important to check whether this product is on your dealer group’s Approved Product List. We recommend checking with your dealer group before starting a Macquarie Consolidator II application.

 

Are there any changes for existing accounts?

There are no changes to existing Accumulator accounts. It’s important to note that any existing administration fee and adviser fee arrangements applicable to your clients’ Accumulator accounts will remain in place.

 

What if I’m in the process of recommending Accumulator?

We understand that you may be in the process of recommending Macquarie Accumulator to your clients now.

In order for us to finalise these applications, it’s important that:

  • your client has signed and dated the application on or before midnight on 24 September 2020, and

  • we receive the application on or before 9 October 2020.

 

Are you contacting clients?

No, we won’t be contacting clients as there are no impacts to existing Accumulator accounts.

 

Need help?

You can visit Adviser Help Centre to learn more about the Macquarie Accumulator closure.