The process to opening an account on the Mason Stevens GIS follows the below key steps.
1. Click on the drop down menu Create new in the top right-hand corner of the screen.
2. Select Account from the drop down options.
3. Select the correct toggle option in Select account type.
4. Select the correct toggle option in Client type.
5. Select the correct adviser from the Adviser drop down menu.
6. Click Open account next to the correct investment account in the section titled Select retail investment account. See below Adviser Tip for further details.
Adviser Tip
Account opening side menu
After clicking Open account, you will notice an additional menu appear (pictured below) to the right of your browser window.
This menu allows you to:
- track the progress of your application,
- jump to a particular step in the process, or
- revisit a previously completed step
Step 1. Account details
1. Use the toggle feature to select the type of account you wish to open in Select account type. In this step by step guide, we will open an Investment account.
2. Use the toggle feature to select the Client type. In this step by step guide, we will open an account for a Retail client.
3. Select your name in the Adviser drop down menu.
4. Click the Open account button next to the relevant investment/retail superannuation account.5. You are able to select a New or Existing client. For an existing client, the client detail fields will automatically populate.
6. Once information has been entered click Next step.
Adviser Tip
You can also partially complete any step. In the side navigation box, click Next step or Save & exit and then revisit the step in the future.
Step 2. Banking Information
1. Enter details of the client’s nominated external bank account. Withdrawals and payments will be made to this account. The bank name field will auto-fill as per the BSB number provided.
2. There is also the option to add a Foreign bank account. This includeds a non-AUD bank account that is still located in Australia.
Step 3. Roles
1. In the Account authority drop down menu, select Any one or All. If you are unsure which option to select, press the question mark tool tip next to Account authority for more information.
2. 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.
In the case of a joint account or an account with multiple members, you will be required to designate the role permission for each individual separately within this step of the online wizard.
Role permission options
Full transact (default)
The client can directly place trades through the order pad.
No transact
The client can view their account but cannot place trades or change account details.
No access
The client is not provided with a login.
Step 4. Investment and fees (for an account with only a Self Directed Portfolio)
This step allows you, the adviser, to assign your client’s funds to their Self-Directed Portfolio.
In the second part of this process, you are prompted to allocate the initial and ongoing adviser fees.
Investment and fees for an account with a Self-Directed Portfolio only
Investment into a Managed Portfolio is optional at this stage.
1. If "No" is selected, funds can be invested into a Managed Portfolio at a later date, once the new account is open. Selecting No assumes that 100% of the client’s funds will be assigned to their Self-Directed portfolio.
2. Enter an amount under Initial adviser fee. The initial adviser fee is a flat dollar amount charged on the balance of the Self-Directed Portfolio.
3. Enter an amount under Ongoing adviser fee (p.a.). The annual ongoing adviser fee can be assigned in the form of a % or $ amount. In an example where the adviser has chosen to allocate funds to the Self-Directed portfolio, the ongoing fees are based on the balance of the Self-Directed portfolio only.
Both amounts are excluding GST (please note, the amounts entered here are for example purposes only.)
Investment for an account with a Managed Account and a Self Directed Portfolio
Investment into a Managed Portfolio is optional at this stage.
1. If "Yes" is selected, you are able to apportion the client’s cash balance across the range of Managed Portfolios that are available to the client (by % or $ amount).
2. Enter a numerical value in the box next to Investment amount (indicative).
3. Use the toggle feature to select $ or % next to Allocation type.
4. Enter a numerical value in the relevant Allocation boxes. The system will not allow you to proceed if your investment allocation does not equal 100%.
Tailored portfolios
1. If "No" is selected, tailored portfolios can be added at a later date, once the new account is open. Ignore steps 2-3 and move onto the next section.
2. If "Yes" is selected, you are able to add multiple tailored portfolios (up to 10).
3. Enter a Tailored portfolio name in the box provided.
4. Optional: Assign a benchmark from the drop down menu.
Fees for an account with a Managed Portfolio and a Self Directed Portfolio
An additional step is required to add fees on an account with a Managed Portfolio and a Self-Directed Portfolio.
1. Enter the Initial adviser fee as a flat dollar amount. This is charged on the balance of the Self-Directed Portfolio.
2. Enter the annual Ongoing adviser fee, which can be assigned in the form of a % or $ amount for the Self-Directed Portfolio.
3. Enter a numerical value as a % in the box under Managed portfolio to indicate the annual fees charged on the balance of the managed portfolio.
All amounts are excluding GST (please note, the amounts entered here are for example purposes only.)
Step 5. Supporting documentation
Upload any relevant documentation. The system will suggest the documents for you based on the type of account you are opening.
Note: If you have elected for the client to be invested in a Managed Portfolio, you will be required to provide a Statement of Advice (SOA) in this step.
Required documents include:
- Specimen signature provided on the authorised signatories form (Available via the Literature Library)
- Photo identity document
Documents can be PDF, .doc, .docx, csv, .xls or. xslx formats. The maximum file size allowed is 20MB.
Step 6. Review and Submit
Once supporting documentation has been submitted, you will be prompted to review all content supplied in the application in the Review and submit page.
1. A print out of this page can be easily generated. This allows you to keep a hard copy record of the status of new application with ease and convenience. Click the printer button at the top of the page.
2. The Review and submit page also allows you to view the percentage progress toward completion of all steps involved in account set-up process.
3. Clicking the box next to Show only incomplete at the top will filter the sections and leave just the remaining data required to be input. This is located at the top of the page.
4. If a section is incomplete, you can quickly navigate to that step using the Account opening side menu. Each heading in this menu is a link.
1. Select Work in progress under Adviser home via the left hand side menu.
2. A horizontal menu will appear. Click Onboarding.
3. In the Action column, click Resume next to the incomplete applications. You will be able to return to an incomplete account application or any step of the onboarding process.
Submitted applications
1. Select Work in progress under Adviser home via the left hand side menu.
2. A horizontal menu will appear. Click Onboarding.
3. Click Submitted applications in the second horizontal menu.
4. Once the account has been opened and activated, you will receive a notification within the Client activity on your Adviser dashboard.