Expiring Statement of Advice: What this means for Advisers

As required by ASIC Corporations (Managed Discretionary Account Services) Instrument 2016/968 advisers must maintain current SOAs with accounts as this forms part of the accounts Managed Discretionary Account (MDA) contract with Mason Stevens.

If a client’s SOA has expired, the MDA contract is deemed to be terminated and discretion can no longer be exercised on the client’s MDA to re-balance the underlying holdings. 

Termination of the MDA contract requires Mason Stevens to transfer investment holdings from the managed portfolio(s) to the client’s Self Directed Portfolio (SDP). 

We must receive attestations or renewed SOA documents before the date of expiry to keep your client(s) invested in the managed portfolios.

Please contact Mason Stevens Client Services on 1300 98 88 78 or your Relationship Manager if you have any questions.

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