So what does it cost to use an investment Wrap account?
Fees may include management fees, service costs and adviser fees. You can
balance this against the potential benefits of an investment Wrap account, such
as ease of administration, convenience and simplified tax reporting. Check with
your financial adviser to see if Wrap is appropriate for you.
Avoid surprises - find out about fees up front
Transparent fees
The fees for your Wrap service, wholesale managed
funds and fees paid for financial advice are all stated on your reports.
Fee benefits
Through Wrap you can access managed funds at
wholesale rates. The management fees for wholesale managed funds are usually
lower than if you invest in the same funds outside of Wrap.
Check out the exits
Before you agree to a Wrap account, find
out what conditions and costs are involved if you close the account. All fees
are contained in the Investor brochure or Product Disclosure Statement
(PDS).
Ask your adviser
Fees for Wrap offerings can vary,
depending on what solution your adviser recommends. Ask your financial adviser
for a breakdown of any fees or charges for setup, maintenance, switching and
financial advice.
Tax
benefits
Some Wrap fees may be tax-deductible,
depending on your circumstances. Seek professional advice on this.
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