In the coming months we expect the way your clients consent to adviser service fees on our platform will change.
Draft legislation and ASIC guidance can be found here. Before the proposed legislation comes into effect, we wanted to share with you the steps we’re taking to ensure this process is as simple and as seamless as possible for you and your clients.
As a part of this, we’re building a solution to help your business integrate the new consent requirement into your existing processes.
What you need to know
- We expect legislation to come into effect that will require your clients to provide consent for us to deduct advice related fees from their investment, super and/or pension account. This is in addition to the upfront consent we currently receive.
- As part of the consent process for super and pension accounts, we expect the legislation will require your clients to confirm with us the services you’re providing to them.
- We also expect your clients will need to renew this consent on an annual basis.
- As an advice fee recipient, you may need to facilitate the consent in order for us to continue to deduct adviser service fees from your clients’ Macquarie Wrap accounts where a fee arrangement is in place.
How will we help you?
We’re currently building a digital solution which will assist you and your business to:
- facilitate client consent in line with the legislation
- manage upfront, ongoing, or fixed term adviser service fee arrangements
- track consent obligations using enhanced online fee reporting.
We’ll be in touch again later this year to provide further detail once the legislation has been passed into law.