Trading using an external broker

Macquarie Equities Limited will be loaded as the default broker upon account opening. Loading this is a requirement to trade Australian listed securities. However, an external broker can be loaded on Wrap accounts (excluding Accumulator) to allow trades in Australian listed securities on the account where the trade instruction isn’t entered into the Wrap platform directly. 

Step 1: Ensure the broker is an approved broker on the Macquarie Wrap platform. There are over 40 approved brokers on Macquarie Wrap.

Step 2: Confirm that they are an approved, nominated broker on the client’s account. This can be done through the external broker nomination form.

Step 3: Provide the broker notification form to the broker to help set up this arrangement at their end. This is is a once-off process and doesn’t need to be undertaken for each trade.

Step 4: Once the broker has confirmed the client’s broking account is set up, contact can be made with the nominated external broker to place the authorised trade.

Once nominated, external brokers do not obtain online access on the account and do not receive information on the account.

Once the trade is executed by the external broker, they will send a trade file to us to settle the trade. The client must hold sufficient cash (buy) or shares (sell) for the trade to settle. Minimum cash balances must be considered in determining whether an account has sufficient cash.  
  
It’s important to allow a buffer to account for market movement where trading at market and any brokerage the broker may apply. If the trade won’t be able to settle, we’ll follow up with the adviser regarding the failing trade.

1. Log in to Adviser Online
2. Search for the account by either account name or number in the global account search bar
3. Select Reporting
4. Select the appropriate date range
5. Select the tick box next to Account Details
6. Click Generate. A new window with the account details report will open.
7. If your client has an authorised broker, they will be shown on the report under Share Trading Details.