Closing a Wrap IDPS account

To close an Investor Directed Portfolio Service (IDPS) account, you’ll need to complete the following steps to avoid delays:

• Sell or transfer out any non-cash assets – Your client’s account can’t hold any investments (other than cleared cash in your Wrap Cash Account) when we process a closure instruction. Any investments your client may have must be sold, transferred or redeemed. When selling your client’s investments, you should also take into consideration any purchases that may not have finalised as a result of an automated plan, as well as term deposit maturities and outstanding corporate actions.
• Cease automated plans – Confirm all automated plans including automatic cash management, automatic rebalancing, dollar cost averaging and/or direct debits have been cancelled.
• Check for outstanding dividends and distributions – Check if all expected distributions and dividends have been received into the cash account, as this will delay a full closure of the account.

Once the steps above have been completed, download the relevant closure form from Adviser Tools and submit it via Request Centre in Adviser Online.

To close an IDPS account, the client must provide an explicit closure instruction including:

• account name and number
• crediting account details
• signature of the account holder(s) – signed in accordance with the signing instructions.

Closing an IDPS account generally takes around six days. However, factors like selling or transferring assets can extend the closure timeframe. See What needs to happen before I can close an IDPS account?

Processing times begin only when all necessary requirements for a request have been received. To avoid delays, please ensure all forms are completed, and supporting documents uploaded, before submitting the request.

For redemption times for non-daily priced fund (NDPF) please refer to our NDPF schedule.

You can check the status of a closure request in Request Centre.

Your client can specifically elect in their closure instructions to retain their IDPS cash account, which will be converted to a standalone CMA. If your client has an Accelerator account linked to their IDPS cash account, this will also be retained.

If your client closes their IDPS account without specifically electing to convert their cash account to a standalone CMA, the linked Accelerator account will be closed as well. The Accelerator account needs to either be linked to a standalone CMA or IDPS cash account.

Non-daily priced funds (NDPFs) process orders on their own schedule. A NDPF may take over 30 days to settle. Please check the NDPF schedule for redemption timeframes.

You can sell managed funds (non-daily priced) via Adviser Online. See Trading using Adviser Online.

You can sell Separately Managed Accounts (SMAs) via Adviser Online. See Trading using Adviser Online.

Please note:

• The underlying assets within an SMA are dependent on the SMA in which your client is invested.
• The underlying assets of the SMA determine the timeframe in which an SMA can be sold to cash.
• Where there are multiple asset types with varying redemption timeframes, selling down an SMA can be an extended process as it is dependent on each of the underlying assets being sold and settling to cash before the SMA can be closed.
  

Where your client holds illiquid (delisted/suspended/frozen) investments, we won’t be able to action the full closure of your client’s account until the illiquid investments are either redeemed or transferred.

Some illiquid assets can be transferred while others are non-transferable.

It’s your responsibility to monitor any changes to the liquidity of the asset.

• If the asset becomes liquid, you’ll need to initiate a sell request.
• If the asset becomes transferable, you’ll need to provide supporting documentation to process the transfer.

If your client holds a Term Deposit in their IDPS account, we’ll wait for confirmation on whether the client wishes to break the Term Deposit or wait until its maturity date before we process the account closure. We’ll follow up to confirm this.

If your client closes their Macquarie Vision Wrap account, their associated Macquarie Vision Savings account will be closed as well.

You can make a partial cash withdrawal from your client’s IDPS account using Adviser Initiated Payments.