We've built a new Digital Fee Form (DFF) which will soon be available in Adviser Online for you to use with your clients.
Collecting your client’s fee consent digitally
We want to make it easy for you to engage with your clients on this topic and ensure the consent to your fees can be done with minimal disruption.
Features and benefits of the DFF:
- Populate an online form which sets out the fees you’ll charge.
- Use the DFF instead of the paper ‘Change of Fees Form’ which was previously required to add/change advice fees for super, pension or IDPS accounts.
- Charge ongoing, fixed term (up to 12 months) or one-off advice fees
- Use a new fee type called a ‘fixed term fee’ which is a monthly payment for up to 12 months. The advice fee will stop being paid at the end of the fixed term period and a new DFF can be completed.
New Print, Sign and Upload option
You’ll be able to select the ‘Print, Sign and Upload’ option, where you can complete the updated Change of account fees and advice fee deduction consent form so your client can sign this using digital or wet signatures. Once your client has signed the updated form, you can upload it to Request Centre for processing.
Key dates and changes
- By 1 July 2021: New Digital Fee Form is live
- Any new advice fee requests you issue will need to be via the DFF.
- The current paper-based ‘Change of Fees Form’ won’t be accepted, unless signed by your client/s prior to this date.
- Please ensure your client’s details are up-to-date, including their email and mobile number, so they can accept and approve this form.
- We won’t accept paper application forms for our CMA, Wrap super, pension or IDPS products from 1 July 2021. This is because the enhanced online application form incorporates the new regulatory requirements and enables your clients to digitally consent to the adviser service fees and agree to the product terms and conditions at the same time. To help you manage any in-flight paper applications, we’ll continue to accept paper application forms that have been signed before 1 July 2021 and are received by 16 July 2021.
- By 1 July 2021: Changes to fees you can charge
- With the introduction of the DFF, the capability to charge dealer service fees or contribution or rollover-based advice fees will no longer be available.
- Existing contribution advice fees, rollover advice fees and dealer service fees will end on 30 June 2021.
- If you’re using the online conversion form (to move clients from closed Consolidator or Manager to Consolidator II or Manager II), you’ll also need to complete the DFF.
Getting your clients ready for this change
We’ll produce a number of resources including user guides and short videos, which you can use with your clients to help them understand what these changes are and how it will affect them. You’ll be able to access these resources online by 1 July 2021.
Please note we aren’t contacting your clients directly about the DFF.
If you have any questions, please visit Adviser Help Centre and search for 'Digital Fee Form'. For additional support, please get in touch with your relationship manager.