How to create and modify Family Fee Groups

Transcription

1 How to create and modify Family Fee Groups What s inside the guide? This document will guide you through how to create and modify Family Fee Groups through North Online. We ll cover key things to keep in mind about Family Fee Groups on North, plus the processing steps you should take in North Online. We ll also answer some of the most frequently asked questions about creating and modifying Family Fee Groups on North. Contents An introduction to Family Fee Groups...2 An important tip when setting up MyNorth Family Fee Groups...3 Creating a new Family Fee Group...4 Modifying an existing Family Fee Group...8 Frequently asked questions...11 Useful icons Notes remind you about specific product or system rules, tell you when we require essential data, and will help you avoid any pain points Fast Forward indicates you may be able to skip a section if it does not relate to the transaction you are attempting to perform. Tips are helpful shortcuts, clever ideas and hidden features which can help you move through the process faster Want more? This icon refers you to a related How to guide which can help you with a different process or topic. Need further assistance? If you need help at any stage, you can: refer to the MyNorth competitive fee flyer located under the Marketing tab of North Online, to learn more about the benefits of Family Groups, including fee aggregation and capping. contact your dedicated business development representative. contact the North Service Centre on , or at north@amp.com.au

2 An introduction to Family Fee Groups Up to 4 family members can establish a Family Fee Group on North, to lower their overall administration fees through a combination of fee aggregation and an administration fee cap of $4,500 p.a. * To be eligible for family fee grouping each member must have the same adviser and share one of the following relationships with the primary member i.e. spouse/de facto, parent, child, sibling, grandparent and grandchild. Note: Family group members typically hold accounts in the same product i.e. Summit and/or iaccess. The exception is North and MyNorth account holders who can be part of the same family group for fee aggregation purposes. Family Fee Group benefits include: Want more? Refer to the MyNorth competitive fee flyer located under the Marketing tab of North Online, to learn more about the benefits of Family Groups, including fee aggregation and capping.

3 An important tip when setting up MyNorth Family Fee Groups The MyNorth family fee cap ensures that all MyNorth accounts held within a family fee group have their overall administration fees capped at $4,500 per annum, with the fees charged monthly on the day of the month each account was set up. This means that administration fees are applied to the account/s with the earliest commencement date first, continuing in date sequence for the calendar month until all applicable fees are charged or the cap is reached ($375 per month) e.g. You can determine which clients or accounts are charged administration fees within the family group by setting up the MyNorth accounts in the order you want the fees to be charged. For existing MyNorth clients/accounts, you can use the account transfer process to adjust the commencement date order of accounts if wish. Tip: Commence MyNorth accounts within a family group on different days to ensure administration fees are consistently charged in the order you want.

4 Creating a new Family Fee Group Step 1. Log onto North Online using your North username and password. Tip: If you don t know your North Online login details, contact the Service Centre on Want more? The North Online Getting Started guide contains details on how advisers can create support staff accounts. Step 2. Click on Clients from the main menu. Step 3. Select the New family fee aggregation group option. Step 4. Remember: Before setting up a Family Fee group for your MyNorth clients, you will need to check that you have set up the accounts in the order you would like the fees charged. A new Family fee group ID will be automatically assigned. You will now be asked to enter details of the family group.

5 Step 5. Enter the Group Name. Note: The Group Name is how you can identify different family groups, such as 'Brown Family Group' and 'Jones Family Group' - but it does not need to be unique. Select the Group Type from the Group Type drop down menu. Select the Adviser from the Select adviser drop down menu. Ensure the Status is set to Active. Click Add/Modify member. Step 6. Search for the clients to be added to the group by entering search criteria and clicking Find Clients. Highlight the client (by clicking on the blue client number) and click Add to selection. Once all clients have been added and appear in the Selected Client(s) list, click Accept. Tip: You can re-enter the Client Search window to Add or Remove clients by clicking Add/Modify clients again. Note 1: Each family fee group must contain a minimum of 2 members and a maximum of 4 members (please refer to the Frequently Asked Questions for more details). Note 2: North and MyNorth clients can be part of the same Family Fee Group.

6 Step 7. Select one client to be the Primary member of the group by ticking the Primary tickbox for the applicable client. Select the relationship to the primary member for every other member in the group using the Relationship dropdown menu. Click Next to continue. Note: The Primary nomination only serves to provide an initial relationship to link other family members to. Step 8. Click on the Family fee aggregation details - authorisation link to open the North family fee aggregation document. Tip: If the document does not appear, ensure your web browser does not have any popup blockers enabled. Step 9. Ensure that the family fee aggregation details appear as intended on the North - Family Fee Aggregation form.

7 Step 10. Once the family fee aggregation document has been viewed, the Tick to confirm box can be ticked. Once the Tick to confirm box is ticked, the Submit button can be clicked. That's it! You've just created a new Family fee aggregation group.

8 Modifying an existing Family Fee Group Step 1. Click on Clients from the main menu. Step 2. Select the Family fee aggregation search option. Step 3. Enter search criteria. Select the adviser that the group was created under and click Search. Find the group you wish to edit and click Go. Tip: If the group you were expecting is not returned, confirm that you have selected the correct adviser. You can also use % as a wildcard character. Step 4. Click Edit.

9 Step 5. You can now edit: Group Name Group Type Adviser Status Add or remove members (using Add/Modify member button) Primary member tickbox Relationship Once all changes have been made, click Next. Step 6. Click on the Family fee aggregation details - authorisation link to open the North Family Fee Group document. Tip: If the document does not appear, ensure your web browser does not have any popup blockers enabled. Step 7. Ensure that the family fee group details appear as intended on the North - Family Fee Aggregation form.

10 Step 8. Once the family fee aggregation details authorisation form has been viewed, the Tick to confirm box can be ticked. Once the Tick to confirm box is ticked, the Submit button can be clicked. That's it! You've just edited a family fee group.

11 Frequently asked questions Q. What happens next? A copy of the family fee aggregation group confirmation letter is placed in the filing cabinet of all clients in the family fee Aggregate group. advices are sent to all group members with a valid address to notify them that a document has been placed in their filing cabinet. Note: s and letters are only produced when a client has been added, removed, or a group is closed. A group name change, relationship change or a primary member change (that does not result in client changes) will not generate correspondence. Q. When will the family fee group changes be effective from? The effective date of the family fee aggregation group changes will be the next administration fee run for each client in the group, with the earliest being the day after the change was made. For example, if the family fee group is created or modified on the 20th Feb 2015, fees based on the aggregated FUM will be deducted at the next fee cycle for each client in the group with the earliest fee at the new rate being deducted on the 21st Feb Q. How many members/accounts can be in a family fee group? A minimum of 2 and a maximum of 4 clients can be included in a family fee aggregation group. A limit of 6 accounts per family group member also applies. Clients can have more than 6 accounts, however only the balance of 6 accounts per family member will be included in the groups FUM for fee tiering. Q. What happens with joint accounts? Joint accounts will only be included by the 'first owning client' in a family fee group and balances will only be included once. Q. What happens when a member leaves a family group? If the primary account holder remains the family fee group will continue to exist. Family fee aggregation will be assessed on the total combined portfolio values of the remaining members. Tip: The family group automatically closes if the primary account holder leaves. So it is important to review the fee arrangement, if there is a change in membership within an established family group. Q. How can I tell if a client is in a family fee group? You can search by client name/client number and/or account number in the Family Fee Aggregate Search page. If the client detail entered are in an existing family fee group, the results will be returned in the Search results section.

12 Alternatively, in a client s filing cabinet (with the client number radio button selected, not the account number) you can view any family fee aggregation documentation that has been created for that client (as per example below): Important information This publication has been prepared to provide you with general information only. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information. In preparing this information we did not take into account the investment objectives, financial situation or particular needs of any particular person. You should obtain a copy of the relevant Product Disclosure Statement (PDS) before making a decision to invest in any financial product. Copies of our PDSs can be obtained from your adviser or on our website NMMT Limited (ABN AFS Licence No ) and its associates derive income from issuing interests in the products, full details of which are contained in the PDS. Past performance is not necessarily indicative of future performance. While we believe the information contained herein is correct, no warranty of accuracy, reliability or completeness is given and, except for liability under statue which cannot be excluded, no liability for errors or omissions is accepted. This information is provided for persons in Australia only and is not provided for the use of any person who is in any other country