Advice fee consent

Consent must be obtained before certain types of adviser service fees can be deducted from your retail client's account. Under legislative requirements, effective 1 July 2021, consent must be obtained in a format compliant with the ASIC instruments and contain prescribed information (for example about the services being provided to your super and pension clients, and a fee estimate where the amount is unknown).

These rules apply to IDPS, superannuation and pension accounts. 

For ongoing adviser service fees, client consent should be renewed annually. We'll stop the deduction of advice fees at the time the consent expires (as set out in the form) if a subsequent consent isn't received. The consent period will typically end 150 days after the anniversary of the start date for an ongoing fee arrangement.

Advisers can account for indexation through this annual consent process by setting increases to ongoing fees at this time.  

Please note, these changes to advice fee consent don’t apply to your clients’ Cash Management Accounts (CMAs).

To find out more about advice fee consent legislation, please visit the ASIC website. 

You can find your advice fee arrangement details across all the Wrap accounts in your client base from the advice fee consent page in Adviser Online and filter it further by:

• Consent due period
• Investor status
• Product type
• Adviser code

The report includes a link to the Advice Fee Form to allow you to easily access and manage advice fees on an account.
 

To see your advice fee consent page:

1. Log in to Adviser Online
2. Click Reporting in the side navigation
3. Click the Advice fee consent option.

The Advice Fee Form can be completed online by an adviser or support staff. To access the Advice Fee Form for an account:

1. Navigate to the client's account
2. Select Quicklinks in the top-right hand corner
3. Select Advice Fee Form

The Advice Fee Form is a fast and secure way for you to obtain your client's consent to deduct adviser services fees from their account.

You can submit the Advice Fee Form via two methods:

• Email Verification
• Print, Sign and Upload

Email verification allows you to capture your clients’ advice fee consent digitally, end to end, saving you and your clients time and without the need to print and upload documents. When using email verification, your client will receive an email to review the fees and services associated with their account and can submit their consent directly from their browser.

If using the Print, Sign and Upload method, you must upload your client’s consent within the portal. Once your client has signed the form (with a wet or e-signature), you can upload it online through the 'Manage Documents' section of the Advice Fee Form to complete the process.

To remove an adviser service fee from an account, please use the Advice Fee Form. The Advice Fee form can be completed online by an adviser or support staff.

Once you’ve selected the relevant account within the portal, confirm you'd like to Cancel an existing fee by selecting this option from the drop down box in Stage 1. Once confirmed, the Advice Fee Form will display a message, confirming the existing consent will be invalidated and adviser service fees removed from the account upon submission of the Advice Fee Form.

Once submitted, adviser service fees will be removed from the account. If you remove fees in the middle of a month, fees for that month will not be deducted from the account at the end of the month.

To find an ‘In-Progress’ application:

1. Log in to Adviser Online
2. Select Applications > Wrap Pending Applications in the side navigation

You can use the search bar at the top of the In-Progress screen to search for applications by client name, application number, created date and adviser code.

If you’ve made any changes to the Advice Fee Form (by selecting the Make changes button), we’ll generate a new version of the form and you won’t be able to submit any previous versions. This is to ensure the version of the Advice Fee Form that we process is the most recent version.

When you select the Print, Sign, and Upload method to submit your Advice Fee Form, please ensure you upload the most recent version of the form.