The Advice Fee Form is used to renew, add, update or remove advice fees on any account type (superannuation, pension or IDPS). The online form can be used to set advice fees on an account that calculates on the balance of the account or the balance of the fee group. For retail clients, it also captures the advice fee consent requirements that apply where personal advice is provided under an ongoing fee arrangement.
Where your fees are not changing and you're renewing an ongoing fee deducted from an IDPS account, you can upload your own advice fee consent document into the Advice Fee Form. Our Advice Fee Deduction Consent Form will not be sent to the client as you have already collected consent.
The Advice Fee Form must be used for all advice fees deducted from superannuation accounts to ensure there is a valid consent in place before fees are deducted. Further information on trustee obligations in relation to advice fees and superannuation is set out in this letter from ASIC/APRA to trustees.
The legislation requires all account owners to provide their consent.
The Advice Fee Form, the product application forms and the product switch form will include a number of services, which advisers must include when requesting client consent to deduct fees from their superannuation or pension account.
For superannuation accounts, these services are:
- 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:
- 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.
These service lists were developed after discussions with a number of financial adviser and dealer firms. While they may not align exactly to your current service offering, we’ve kept the service descriptions broad so they can fit alongside most adviser service offerings.