Preparing new MDA Contracts Overview

1. To access the MDA Contract Wizard go to Advice Process > MDA > MDA Contract Wizard.
   
2. In the MDA Register page check that the Client's MDA accounts are entered correctly. This information will flow through from the existing MDA Register if previously completed.
   
   If the information is incomplete, follow the instructions below for MDA Assets (Platforms), Super Funds and Retirement Income Funds.
   
   Within the MDA Assets (Filters applied) panel, you can review details of your clients’ existing assets. To correctly flag an MDA established account, check for the following:
   
   
1. Within the Asset panel
   
   
1. Check that the Asset Type is set to Platforms and that a Platform Selection has been made
   
2. Check that there is Current Value. The asset should be linked to a Portfolio Account to bring the Current Value through, if this has not been linked, follow the steps in the appendix
   
3. Check that the Status is set to Existing
   
4. If the Asset is a Grandfathered Account, select Yes to drive the relevant commission wording into the contract.
   
   
2. Within the MDA Tab
   
   
1. Check that MDA Established is set to Yes
   
2. Enter Next MDA Portfolio Account Review Due as per the current cycle
   
3. Enter Next MDA Contract Review Due as per the current contract.
   
3. Within the Investment Details Tab, the MDA Account should be linked to a Portfolio Account. If this has not been linked, follow the Portfolio Account linking steps in the appendix.
   
   

   Reminder: Asset Allocation Bands will populated from the Practice configuration, based on the client’s risk profile. Changes to the Asset Allocation Bands screen within the Asset should only be applied if it differs to the practice default.

   
   
4. Within the Asset Allocation Bands Tab, input the Upper and Lower Limit bands for each Asset Class as required.
   
   
5. The Fees will flow into the contract from the WealthSolver module.
   
6. Click Save.
   
   
   
3. Within the Existing Fund panels, you can review details of your clients’ and partners’ Super assets. To correctly flag an MDA established account, check for the following:
   
   
1. Within the Superannuation Plans panel
   
1. Check that the Type and Super Plan Selection has been made
   
2. Check that the Status is set to Active
   
3. If the Asset is a Grandfathered Account, select Yes to drive the relevant commission wording into the contract.
   
   
2. Within the MDA Tab
   
1. Check that MDA Established is set to Yes
   
2. Enter Next MDA Portfolio Account Review Due as per the current cycle
   
3. Enter Next MDA Contract Review Due as per the current contract.
   
3. Within the Details Tab the MDA Account should be linked to a Portfolio Account. If this has not been linked, follow the Portfolio Account linking steps in the appendix.
   
4. The Fees will flow into the contract from the Wealthsolver module.
   
5. If the Client’s Asset Allocation Bands differ to the Practice default, then input the Upper and Lower Limit bands for each Asset Class as required.
   
6. Click Save.
   
   
4. Within the Retirement Income panels, you can review details of your clients’ and partners’ Pension assets. To correctly flag an MDA established account, check for the following:
   
1. Within the Retirement Income panel
   
1. Check that the Type and Retirement Plan Selection has been made
   
2. Check that the Status is set to Active
   
3. If the Asset is a Grandfathered Account, select Yes to drive commission wording into the contract.
   
2. Within the MDA Tab
   
1. Check that MDA Established is Yes
   
2. Enter Next MDA Portfolio Account Review Due as per the current cycle
   
3. Enter Next MDA Contract Review Due as per the current contract.
   
3. Within the Investment Options Tab, the MDA Account should be linked to a Portfolio Account. If this has not been linked, follow the Portfolio Account linking steps in the appendix.
   
4. The Fees will flow into the contract from the Wealthsolver module.
   
5. If the Client’s Asset Allocation Bands differ to the Practice default, then input the Upper and Lower Limit bands for each Asset Class as required.
   
6. Click Save and Next to continue through the Wizard.
   
   
5. In the Risk Profile page, ensure the 'Investor Risk Profile' and 'Target' Asset Allocations have been entered
   
   In the MDA Service Letter page:
   
   
1. Within the MDA Services Discussion panel enter
   
2. SOA date of MDA Establishment, the date the MDA was initially established.
   
3. Date of MDA Licence Variation Discussion.
   
4. Method of Contact
   
5. FSG Adviser Profile date will pre-fill from Client Focus.
   
6. Within the Reasons of my Recommendations panel
   
7. From the tick box selections, tick the appropriate options to drive wording into the contract.
   
8. Use the editable text box to enter in other reasons if applicable. This panel is free text and can be templated.
   
9. Within the Things to Consider panel
   
10. From the tick box selections, tick the appropriate options to drive wording into the contract.
    
11. Use the editable text box to enter in other reasons if applicable. This panel is free text and can be templated.
    
    
6. Within the Limitations and Specialist Advice panel, Insert all areas that require tax advice confirmation - This must relate to the specific strategies you have recommended.
   
1. Within the Other Specialist Advice panel, indicate if you are also acting in capacity as another adviser and Indicate the specific area of expertise that you are unable to provide advice on.
   
2. In the Investment Program/ Important Considerations page.
   
3. Within the Investment Program free text panel, briefly explain the suitability of the Investment Program and the suitability of the MDA Service.
   
4. Within the Important Considerations free text panel, provide any other prominent warning that identifies the key areas of difference between acquiring financial products directly and acquiring the same products through the MDA.
   
   
7. In the Discretions/ Terminations/ Fees page
   
   Within the Discretions panel:
   
   
1. Select the discretions you will exercise on the client's Nominated Account/s (if applicable) from the tick box selections.
   
2. Select when the suitability of the MDA Contract will be reviewed. Duration cannot be more then every 12 months.
   
3. Select the type of eQR Model Portfolios recommended (if applicable).
   
4. Within the Termination of the MDA Service free text panel, describe how the client's portfolio assets will be disposed of, or transferred to the client, if those assets are not held directly by the client in the case of MDA termination.
   
5. Within the Fees and Other Costs panel
   
6. Select how the MDA Service Fee is calculated and how much.
   
7. Using the drop down menu select of you are seeking reimbursement from the MDA Service for administrative expense.
   
8. Once you have completed the MDA Wizard Contract pages, select Merge MDA Letter and Contract
   
   
9. The MDA Letter and Contract will generate into a Word document and be available in your Notifications envelope 
   

Notes

1. Type: Compliance/Legal
   
2. Subtype: MDA Transition Authority
   
    

Link a Portfolio Account

1. Click the  icon to link an existing Portfolio Account (this will pre-fill the Current Value field).
   
2. Add a Description of the Investment.
   
3. For Status use the drop down menu to select the Asset status.
   
4. Use the Linked Accounts panel to customise the split in asset ownership.