Advice fee consent

Generally, your consent must be obtained before any adviser services fees can be deducted from your account.

Once your adviser submits a request for your consent to adviser service fees, you will receive an email from Macquarie to your registered email address asking you to confirm the request.

You can vary or withdraw your consent at any time by letting your adviser know in writing or by emailing us: 

• Macquarie Wrap: wrapsolutions@macquarie.com
• Macquarie Vision: vision@macquarie.com

How to accept the emailed Advice Fee Deduction Consent form

An example of the email you will recieve is shown below:
 

You'll need to select the Review fees and services button to review the details. Upon selecting this button you’ll be taken to a login page where you will be able to log in using personal information registered with Macquarie.

Once logged in, you will be asked to view the advice fee deduction consent document and accept the terms and conditions.

It’s essential you view the Advice Fee Deduction Consent form before accepting the terms and conditions. You can view the fom by clicking the “View Advice Fee Deduction Consent” link on the page. Please note, you won’t be able to approve and submit your consent until you’ve viewed the Advice Fee Deduction Consent form.
 

To view the Advice Fee Deduction Consent form you can download the form by selecting the “View Advice Fee Deduction Consent” hyperlink. Once downloaded you will be able to open the PDF.

Once reviewed, select “Approve and submit your consent” if you’re happy to proceed with the adviser service fee arrangement the document has set out. If you have any questions or would like to confirm any details with your adviser, you can select “Save request for later” which will allow you to return to the document at a later time.

If you do not agree with the adviser service fee arrangement the document has outlined or the terms and conditions laid out, you can decline the request by selecting “Decline request for consent”. 

The Advice Fee Deduction Consent form and the product application forms will include a number of services which your adviser must include when requesting consent to deduct fees from your superannuation or pension account.

For superannuation accounts, these services are expected to include:

• Periodic review of a superannuation account
• Strategic superannuation advice
• Management and administration of a superannuation account
• Superannuation investment portfolio:
  • establishment and implementation
  • review and maintenance
  • corporate actions
• Superannuation contribution strategy
• Insurance in superannuation strategy
• Superannuation withdrawal advice and management.

For pension accounts, these services are expected to include: 

• Pension establishment and commencement
• Periodic review of a pension account
• Pension management strategy
• Management and administration of a pension account
• Pension investment portfolio:
  • establishment and implementation
  • review and maintenance
  • corporate actions.

Changes to advice fee consent from 1 July 2021

The Financial Services Royal Commission made several recommendations in relation to how advisers and platforms monitor and charge fees for financial advice.

The Federal Government new legislative requirements effective 1 July 2021 include: 

• ongoing fee arrangements are renewed annually 
• advisers disclose in writing the total fees that will be charged, including a dollar estimate of the fees to be charged during the following 12-month period 
• advisers set out the services that will be provided during the following 12-month period 
• written consent is obtained from a client before fees can be deducted from a client’s account 
• advisers provide the consent to a third-party account provider (if applicable) prior to the deduction of fees. 

Further, fees cannot be deducted from superannuation accounts unless:

• the fee is in accordance with an arrangement that the member has entered into  
• the member has consented in writing to being charged the fee, and 
• the trustee has the written consent or a copy of the consent. 

Fee Disclosure Statements (FDS) will also show information for fees and services provided for the previous and coming year, rather than the previous year only.