Product updates
A summary of our platform enhancements.
What's new
We are constantly looking at new way to enhance our platform to include a wider product offering, improved managed account service, better reporting, simplified transactions and more.
Below is a summary of our key product highlights. If you would like to learn more or to see them in action please speak with a BDM.
January - February 2021
Advice fee flexibility with fixed term fees
As part of our flexible fee management tools that help you manage fees and disclosures, fee updates, discounts and client release from fees, we are pleased to announce the upcoming release of our fixed term advice fee solution.
- Customised term - Set a fee start and end date to suit your remuneration period.
- Flexible payment options - Charge monthly percentage-based account fees, or deduct flat dollar fees on a monthly, quarterly, or half yearly basis.
- Smart alerts - Stay on top of expiring fees with dashboard alerts for individual accounts.
- Expired fee reports - Run bulk fee reports across your entire client base to determine expiring fees.
- Online renewal process - Renew fixed term fees without the need for signed paperwork, where clients with online/transact can approve fee proposals online.
Want to see any of our features in action?
For an in-depth and live look at any of our features, please request for one of our team to contact you.
December - January 2021
Get help with Live Chat
With Live Chat, you can chat with a Netwealth customer service representative using instant messaging from your desktop, eliminating the need to call us. Get answers to your questions from a real person in real time, during business hours, 8:30am to 5pm AEST.
- Multi-task and quicker resolution - Continue working whilst we respond to your questions via live chat. Your live chat session will also remain open and visible as you navigate through different areas of Netwealth’s website.
- No verbal security questions - As you are already logged in when you start a live chat, we have already validated your details.
- Keep file notes - Request a record of your live chat interactions with Netwealth.
- Avoid repetition - Avoid repetition and jump back into old live chat enquiries. We have all the information so you won't need to repeat yourself.
- Get an answer from a real person - A Netwealth consultant will respond to your query with no automated chatbot responses.
Other important enhancements
- Save in-progress applications - You can now save an application in-progress and retrieve the application in the future.
- Enhanced performance reporting - The Asset Performance report now provides a breakdown of the total return for the period based on asset classes.
October - December 2020
Manage off-platform assets with XWrap
Almost 3 in 5 advice firms manage 25% of their clients' investment and super portfolios externally to the platform ('off-platform'), with a further 20% managing over half of their client's portfolio 'off-platform'*.
This creates the reporting challenge of getting a true understanding of a clients' portfolio, as well as the additional administrative overhead of using workaround systems when entering and managing external data.
XWrap is Netwealth's solution to change this. We've simplified the process for recording 'off-platform' asset data for a client, including unit price history, income, fees and other transactions. We've also enhanced our reporting suite so you can use it to view XWrap data consolidated with Netwealth accounts or as stand-alone.
Optimise tax outcomes with CGT preferences at an account level
Instead of having to select preferred tax options for each parcel sold, you can now set a preferred tax option for sale at an account level. You can choose from First In First Out, Last In First Out, Maximise Gains or Minimise Gains methods for CGT calculations. This can be set via Client Details > Account Settings > Tax Preference.
Redesigned annual super statements
We've refreshed the look of our annual super statements to give your clients a clearer view of their super account. The new design features:
- charts & graphs
- portfolio performance indicators
- grouped transactions
- a checklist that highlights missing important personal information
- and other enhancements to make the statement easier to use.
Other important enhancements
- Determine the CGT impact before making an asset sale: In addition to setting tax preferences, the CGT tax impact can be viewed prior to sale on the Switch webpage, Trade Proposal PDF and Trade Summary PDF.
- Streamline BPAY payments to the ATO and ASIC: Scheduled payments to the ATO and ASIC will no longer require two-factor authentication from clients.
July - September 2020
Sell managed funds without disrupting asset allocation
With our new 'Pro-rata' sell option you can set a fixed total sales amount and the selected managed funds will sell down at the percentage they are held. Go to Buy & Sell assets>Switch assets and select 'Pro-rata' from the drop down in horizontal calculator at the top.
See the total value for a specific category of cash transactions
A “Transactions by type” summary has been added to the Client Cash Transaction Listing Report to show the total value of each transaction type for a chosen date range.
Do more with Accelerator Core
We are expanding our Accelerator Core investment menu over the next 12 months, and are pleased to announce these first release strategies:
GSS Active Single Sector Funds
Managed by Magellan and based on the same strategy as their flagship funds, the Magellan GSS Funds are suitable for long-term investors seeking an active exposure to listed global securities or listed global infrastructure securities.
GSS Risk-Managed Models
With built-in risk protection, the Milliman Smartshield GSS Managed account models are designed for investors seeking to reduce volatility in their portfolio.
Other important enhancements
- Apply a dollar cost averaging plan to managed models: During periods of volatility you may find it beneficial to buy managed account models over an ongoing or fixed period of time. With this enhancement you can invest in all managed account models in this fashion, instead of a one off transaction. Go to Transactions>Cash managements>Dollar Cost Averaging >Click 'Add managed account investment' button
- Customise managed account settings in Accelerator Core: You now have the ability to substitute and exclude assets held in a managed account model within Accelerator Core, as well as set investment and rebalance preferences. Go toTransactions>Managed accounts>Profile.
- Asset sale from an in-specie transfer renamed "Internal Transfer": Naming convention updates throughout the platform, including the online cash transaction listing and report, plus the welcome/exit statement.
- Easily view any outstanding term deposits, frozen asset sales awaiting confirmation: A new section has been added to Pending Transactions.
- Enhancements to client access settings: For clients with multiple accounts, you can now set either transact and/or browse only for each account they have. This is useful if you are managing investments in one account with the client administering them in another.
- Updated information in the trade contract note: Transaction details for investment parcels is now included in the Proposal and Trade summary report.
- Be notified when a child model drifts within a Parent model: You will be emailed when a child model within a parent model drifts outside its allocation when using SMART. You can also monitor this with the SMART model of models report.
- Cancel scheduled BPAY payments: Cancel future scheduled or recurring BPAY payments.
- See the likely date when a managed fund will settle: Indicative confirmation date for outstanding buy/sell managed fund orders are now included in Pending Transactions
- See the details of Corporate Actions not yet confirmed: Information on corporate action not yet confirmed are now included in Pending Transactions
- My Statement design enhancement: Cover page added plus layout improvements
- Filter managed funds and models available in Accelerator Core:New filter available in compare funds and models
- ASX live pricing now every 10 minutes: ASX prices are refreshed every 10 minutes rather than every 20 minutes
April - June 2020
DocuSign generated e-signatures now accepted
We now permanently accept Docusign generated e-signatures for many Netwealth documents, in addition to accepting drawn electronic signatures from any provider.
To take advantage of this:
- Check what signature method is accepted for the document you are looking to sign
- Use our secure online 'Document upload' facility to send us the electronically signed document together with the Docusign Summary Certificate.
Updated My Portfolio report
You can export a summary of a client's holdings and configure the information shown in our updated Portfolio report.
To configure and download:
- Choose a view, which will determine the layout of the report
- Select if you want capital movement included the report
- Click the print button to download the report
Other important enhancements
- Keep track of pending international share trades with the addition of two new statuses:
- Entered - We have received your order
- Submitted - Order has been submitted to broker for execution
- Performance fact sheets available for the Netwealth GSS Funds in Compare Funds and Models
- Send financial data to a client's SMSF via a SuperMate data feed.
- For managed account holders, there's a new first page in the 'Asset Performance Detail' report that shows the indicative return simulated based on a $10m investment to help better understand a managed models performance.
- Find out which clients have been approved for BPAY payments by running the 'Supplementary account details' report.
- View those Wealth Accelerator clients that need to provide a TFN or ABN to prevent tax from being withheld by running the 'Client List' report.
- View transaction narrations for EFT deposits: Narrations included in EFT transactions are now viewable in the 'Transaction listing' report.
- View your total investment in an asset class: A new row has been added to the 'Asset Performance - Detail' report that sums the asset values for each asset class.
- The managed account planner tool now outputs 2 new columns: CGT column (only super accounts) & Gain/Loss column, for both Transfers In & Transfers out of the managed account.
- We have decommissioned the Current Assets report, and added a new option for the 'Portfolio Valuation' report to include/exclude the 'Cost' and 'Movement'.
- A new row has been added to the 'Asset Performance - Detail' report that sums the asset values for each asset class.
- We have decommissioned the Current Assets report, and added a new option for the 'Portfolio Valuation' report to include/exclude 'Cost' and 'Movement'
- Export your clients' portfolio's holdings: Download a 'My Portfolio' report from the client's portfolio holdings page to view the current holdings in the account. The report is configurable to how you chose to categorise the asset information on this page.
- Better understand managed account performance: For managed account holders, there's a new first page in the 'Asset Performance - Detail' report that shows the indicative return simulated based on a $10m investment.
- Display the asset allocations of a managed account you are invested in: You now have the option to show the target (ideal) portfolio of investors in a managed account by selecting 'detail as the output option for the 'Portfolio Valuation' report.
January - March 2020
Make payments with BPAY®
We've introduced BPAY to supplement our Pay Anyone functionality, providing another easy and convenient way for Wealth Accelerator clients to make one-off or recurring payments through their Netwealth account.
You can also schedule payments and save biller details.
® Registered to BPAY Pty Ltd, ABN 69 079 137 518
Monitor the Australian market with our refreshed ASX Live data centre
Our redesigned ASX Live data centre can help you stay on top of the local market:
See your clients' total wealth with third party (off-platform) bank and super data feeds
In addition to 170 banks and credit unions, you can also include bank feeds for:
- Super funds
- Credit unions
- Broking accounts
- Share trading accounts
- Frequent flyer memberships
A client can add a bank feed to their accounts through My Accounts on their Dashboard by selecting Add account>External account.
Other important enhancements
- Added investment options to help service HNW and wholesale clients including exclusive managed funds, domestic and international bonds, and foreign currency accounts
- Updated Accelerator Plus fees to benefit most clients
- Narrations can now be included in EFT transactions
- Receive a notification when a client accepts a SMART ROA or when SMART model/client profile has drifted outside a defined variance
- Additional third party data feeds (external share trading, super and frequent flyer accounts)
- Sorting and filters added to Switch (buy/sell) page
- We have increased the number of forms and documents which we accept digital signature for
- Ironbark added as external responsible entity for managed accounts
- Watershed and Russell Investments added as model managers
October - December 2019
Enhanced trading of managed funds and models
We have revamped our Buy/Sell functionality giving you the ability to:
- Buy and sell assets on a single screen, so you can use the sale proceeds for purchases.
- Manage capital gains or losses through the selection of individual parcels for sale.
- Make trading decisions easier with estimated buy and sell prices.
- Save the transaction prior to submission for approval by another person.
Other important enhancements
- Added new asset class classifications and investment limits
- Section for Power of attorney added in online applications
- Ability to pay an ad-hoc adviser fee immediately
- Remuneration report notice on my tasks
July - September 2019
Client reporting updates
We've added new reports and capabilities to help you see a better picture of your client's position:
- Indicative Income report which predicted income for assets held in the account, based on historical asset data.
- Portfolio valuation reports have the ability to look through to underlying asset allocations for managed funds
- Calculate your portfolio returns net or gross of fees and costs
- Ability to split alternative investments from other investments
- PDF trade confirmations for ASX and international shares
Other important enhancements
- Managed account income available in pay to bank option
- Integrated with FactSet to improve managed account reporting
- Alternative investments asset class added to reports
- Add model portfolios for reinvestment in Cash Settings
- Adviser notifications when Partial SuperStream rollover without enough cash
- Reports can be downloaded in CSV format
- CGT rewrite provides an updated format for their Realised Capital Gains data,
- Document storage library allows the ability to securely access documents from external providers
April - June 2019
Challenger Annuities available on Netwealth
To help your clients during retirement we teamed up with Challenger to provide access to annuities:
- Access a range of Challenger annuities at the same rates as going direct
- Access a range of Challenger tools and resources
- Quote and apply for a Challenger annuity via the Netwealth platform
- View annuity policy details alongside other assets online
- Also available to clients who do not have a Netwealth account.
Other important enhancements
- Netwealth Managed Account Service (NMAS) launched to simplify adviser and client investment experience
- Trade confirmations made available as a PDF
- Browse only clients can accept ad-hoc fees
- Browse only clients able to edit personal details
- Simplified password reset process
- EOFY task added on "My Task" to navigate statement tracking
- Updates made to the model manager portal including new reports and user settings
January - March 2019
Streamlined transfers between super and pension
Our super transfer tool helps to remove any guesswork from pension to super account transfers (or vice-versa):
- Form pre-fills with details already on the account, with the option to override
- Validations help users fill in requirements
- Multi-use super transfer tool facilitates multiple strategies.
To use, select a client with a super or income stream account and navigate via the main menu to Activities and Tasks > Transfer Between Accounts. Follow the prompts and download the transfer documents for client sign-off.
Other important enhancements
- New managed funds and models added
- New adviser report showing managed account customisations such as rebalance suspensions
- Browse only clients able to update bank details online
- Enhancements to the Family Fee Linking Tool allowing clients to link admin fees for their accounts if they are with different adviser representatives
- Automatic pricing of bonds
Want to see any of our features in action?
For an in-depth and live look at any of our features, please request for one of our team to contact you.