Starting your application
- On the top right- hand side of your screen, select Create New > Account.
- Use the toggle feature to select the type of account you wish to open in Select account type.
- Use the toggle feature to select the Client type. In this step-by-step guide, we will open an account for a Retail client.
- Select your name in the Adviser drop-down menu.
- In this step-by-step guide, we will open an Individual Investment account. Click Open account.
- You will be taken to the Onboarding Wizard, with the navigation menu on the right-hand side indicating all the sections you are required to complete. You can jump between each section, and also Save & Exit and resume the application from Work in progress.
- You are able to select a New or Existing client. For an existing client, the client detail fields will automatically populate. It is important to search for an existing client to ensure your client’s accounts are linked under the one login.
- Once information has been entered click Next step.
- Enter details of the client’s nominated external bank account, you will need to nominate an account for withdrawals. The bank name field will auto-fill as per the BSB number provided.
- There is also the option to add a Foreign bank account. This includes a non-AUD bank account that is still located in Australia.
- In the Account authority drop-down menu, select Any one or All to sign. Click the question mark tool tip next to Account authority for more information.
- Beside the client's name and role, use the drop-down menu to select the type of Account access you wish the client to have:
- Full transact: The client can view their account and directly place trades through the order pad.
- Read Only/No transact: The client can view their account but cannot place trades or change account details.
Opening an account with a Self-Directed Portfolio only
- Select "No" to investing in a Managed Discretionary Account. Selecting No means that 100% of the client’s funds will be assigned to their Self-Directed portfolio.
Opening an account with a Managed Account Self-Directed Portfolio only
- Select "Yes" to investing in a Managed Discretionary Account.
- Enter a numerical value in the box next to Investment amount (indicative).
- Next to Allocation type, use the toggle feature to select $ or %.
- Enter a numerical value in the relevant Allocation boxes, apportioning your client’s cash balance across the range of Managed Portfolios they want to invest in. The system will not allow you to proceed if your investment allocation does not equal 100%.
- If you want to activate your Automatic Investment Plan tick the box for the plan to commence from account inception. If ticked, once funds are deposited in to your client’s account, as long as they meet the mandated minimums for your managed portfolios the system will automatically sweep these funds as per the allocation you set in the steps above. This is also referred to as the ‘Daily Sweep’.
- If you want to switch on the Cash sweep or Income Sweep, you can at this step. These can also be switched on after the account is active.
- Enter an anniversary date.
- Enter an amount under Initial adviser fee either ex GST or incl. GST, and the alternative option will auto-calculate. The initial adviser fee is a flat dollar amount charged on the Self-Directed Portfolio.
- Enter an amount under Ongoing Adviser Fee, either % or $ and either ex GST or incl. GST, and the alternative option will auto-calculate. You can enter a fee on either the Self-Directed Portfolio only or managed portfolios, the ongoing fee is based on the balance of the portfolio you apply it to.
- Enter an estimated portfolio balance.
- Select the types of services that will be provided to the client over the next 12-month period.
You have the option to add a banking product from the list of providers, to feed into your client’s Mason Stevens account. This can also be set up after the account is active.
Upload any relevant documentation, this will vary according to the account type. In our example, this is an Authorised Signatory form (noting that a signed application form can be uploaded here).
Other documentation may include:
Documentation for specific account types
- Companies – Certified trust deed and all amendments
- Trusts – Certified trust deed and all amendments
Other documentation may be relevant
- Direct Debit Request Form
- SOA (for Managed Portfolios)
- SI Certificate (for Wholesale Investors)
- Power of Attorney Documents
- The Review and submit page allows you to view the percentage progress of all steps involved in the account set-up process.
- If a section is incomplete, you can click on the drop down and click ‘Edit’ to be directed to that section.
- Submission declaration – there are two options to submit the application and for clients to accept the Terms & Conditions:
- Paper application – press the print button on the top of the screen, have the client sign and upload the signed copy.
- Online option – submit the application, clients will immediately receive their login details via email and they will need to log in to accept T&Cs.