Overview

Manage advice fees the way you want

This guide is for licensees and advisers.

We have a range of fee functionality available on our platform providing you the flexibility to tailor client fees and run your business they way you want. Link accounts of family members, related trusts, companies and SMSFs to reduce administration costs.

Platform functionality also extends to managing fee disclosures, releasing clients from fees and online fee rebates. 

In this module we will cover:

• Family fee groups
• Releasing clients from fees
• Fee disclosure statements

Get started

How to get started

Before using this tool, consider:

How-to-guide

Family fee groups

Family fee linking lets related parties link their Netwealth Plus accounts*, so that when the administration fees are calculated, the larger combined account balance is used rather than the smaller individual account balances.

Example: Jane and Bill are married and both have Super Accelerator Plus Personal Super accounts with balances of $100,000 and $600,000 respectively. By linking their accounts, annual administration costs are charged at the combined $700,000 balance. Jane and Bill are able to save $340 on administration costs, or nearly 10% of their combined administration costs. (This example assumes that the average daily balances do not change and provides an estimate only of the effect of grouping family accounts).

Accounts that are grouped together at any time in a given month, will begin to receive a rebate on a monthly basis from that month forward. For example: If a family fee group is crated on the 28th of January (and collectively the balance allows for a rebate) each account will receive rebates from 1 January, until such time the accounts are removed from that group. 

Step 1: Navigate to family fee groups

a) To link family accounts, which may reduce platform administration costs, log in and navigate using the main menu to Business Settings > Family Fee Groups.

b) Click 'Create new group'

Advanced tip: In the Family Fee Group screen, you can search for existing groups by entering an identifier such as group ID, client name or account name. If the client is in an existing group (whether an administration fee group, advice fee group or both), the group/s will display.

Step 2: Select fee type

Select the fee type applicable to the family group you are creating - either:

1. (Netwealth) Administration fees - a family fee group that allows accounts to be linked to reduce platform administration costs
2. Ongoing advice fees - a family fee group for the purpose of calculating grouped, tiered advice fee

Step 3: Select account/s to add to the family group

a) Search for an account using any account identifier you choose. 

b) Click on the account name and it will be added to the group (in the table below).

c) Repeat for additional accounts you wish to add to the group.

Advanced tip: If you wish to modify or use an existing group of clients, you can by using the search functionality by entering an identifier such as group ID, client name or account name. If the client is in an existing group (whether an administration fee group, advice fee group or both), the group/s will display for selection.

Step 4: Select clients to add to the family group

a) Search for a client using any account identifier you choose.

b) Click on the account name and it will drop into the field list below

c) Repeat for the remaining clients so that they drop into the list below

d) if (Netwealth) Admin Fees are selected: 

For each account, select the relationship type within the table: 

Important notes on establishing a family fee group:  

• Family groups can have a maximum of six linked accounts and can include the following: members of the same immediate family, companies, family trusts, and self-managed superannuation funds, provided the directors/beneficiaries are members of the same immediate family.
• Super Wrap and Investment Wrap accounts may be linked with one another.
• Super Accelerator Plus and Wealth Accelerator Plus accounts may be linked to one another.
• Each person must have the same adviser representative (if applicable).

d) If Ongoing Advice Fees are selected:

For each account, ensure they have the same tiered fee scale. If not, you will not be able to proceed.

Important notes: 

To establish or maintain a family group that you wish the family fee rebate to be applied to, the following criteria will apply:

• Family groups can have a maximum of six linked accounts.
• Each account must have the same adviser representative.
• Each account must have the same tiered adviser fee scale.