We’re launching Automatic Income Redirection for your Investment Wrap clients which will help you automatically redirect Wrap account income straight to your client’s nominated bank account.
Last year, we launched Adviser Online to provide a better user experience when viewing and managing your clients’ Wrap accounts.
We’re continually enhancing your online experience and soon you’ll be able to access this new feature through Adviser Online and easily elect to automatically redirect your clients’ income from their Wrap cash account to their nominated bank account.
What’s new?
- The Automatic Income Redirection will occur daily, sweeping any income deposited as cash into your clients’ Wrap cash account to their nominated bank account the same day. This gives your clients access to their income quicker without having to transfer the funds manually or rely on you to do this for them.
- Enhanced administrative efficiency - removing the need to monitor your clients’ income receipts and initiate manual cash transfers.
- A new income election option available through the Investment Wrap account administration screen and aims to provide additional flexibility for clients to receive income they earn from their investments.
Flexible income solutions
We’ve heard your feedback, and are excited to provide another income election feature for your investment clients currently using:
- Investment Consolidator
- Investment Manager
- Investment Consolidator II
- Investment Manager II
It’s not all or nothing
In the spirit of flexibility, we know the automatic income redirection feature may not be a one size fits all solution for all your clients.
If you and your clients prefer to maintain some of the existing DRP elections on certain assets, these can remain unchanged. As the adviser, you will have the ability through Adviser Online to elect to automatically redirect income from investments that are not on DRP to be automatically transferred to your clients’ nominated bank account.
Income as individual as your client
You can redirect income from the following assets:
- Managed investments
- ASX listed securities
- International listed securities
- Separately Managed Accounts (where the SMA-level election is set to redirect SMA income to the Wrap cash account, and not be reinvested into the SMA)
- Domestic Fixed Income
- Interest from the Investment Wrap cash account
Term Deposit interest won’t be automatically redirected as part of this feature as this may impact a successful rollover election of the TD upon maturity into a new TD with the same provider and term.
Need help?
We know you might have some questions, so we’ve written some Help Centre articles to help you and your staff navigate this change. Simply go to Adviser Help Centre and search for Automatic Income Redirection.
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