Asgard Open provides an administration fee pricing arrangement to give all customers access to the same simple and transparent pricing. Products available include:
These products are referred to as Asgard Open in this document.
All current advised customers will retain their existing pricing arrangement with the option to move to the Asgard Open pricing should you and your clients determine it is in their best interests, taking into account each client’s personal circumstances and the new pricing arrangement.
Note: access to Asgard Open remains at the discretion of your dealer group.
Asgard Open offers the same features and menu as the existing Asgard eWRAP offer with the exception of Term Allocated Pension.
If you’re currently registered for Asgard, you can automatically access the Asgard Open product using your existing adviser code and AdviserNET login. You can check if you have access by going to the Products menu on AdviserNET where you will see each Asgard Open eWRAP product listed.
If you’re new to Asgard or you currently don’t have access to Asgard Open, you will need to speak to your dealer group to get Asgard Open added to your APL.
It remains at the discretion of your dealer group to approve Asgard Open eWRAP on their APL.
You can request the transfer of an existing eWRAP or Infinity eWRAP client online via a ‘Change Account Type’. This is generally actioned within 24 hours.
If your client holds an Asgard Managed Profile / Separately Managed Account - Funds (Master Trust) or Asgard Elements Super/Pension account, you can request the transfer by completing the Transfer details section when opening the Asgard Open eWRAP account on AdviserNET, on your clients behalf.
If your client holds a Master Trust or Elements investment account, the existing account will need to be closed, and a new account opened for Asgard Open eWRAP.
For eWRAP and Infinity eWRAP accounts, if the AdviserNET functionality for ‘Change Account Type’ is used, all account details, transaction history and Investor Online login will be transferred to the new Asgard Open account.
For Master Trust or Elements transfers, as long as you open the Asgard Open eWRAP account using your client’s existing account details, all account details and Investor Online login will be transferred to the new account. Transaction history will remain with the existing account.
It will depend on the account type you are transferring and the pricing arrangement you are moving to. eWRAP and Infinity accounts can be transferred without the need for assets to be sold down. Master Trust and Elements accounts will either need the assets to be sold down or transferred.
If the AdviserNET online functionality for ‘Change Account Type’ is used, the transfer is generally made within 24 hours. All other transfers will depend on the time it takes funds to be redeemed, and any other assets to settle prior to the transfer.
If using ‘Change Account Type’ online through AdviserNET, the transfer can take place at any time. For all other transfers there may be limitations while the fee run is in progress, although this is generally less than 2 days. If there are any pending transactions on the account, there may be a delay while those transactions are complete before transfer can take place.
Please speak to your Dealer Group about the level of detail required for advice documentation, and the process to gain client consent where is it legally required.
The ‘Change Account Type’ functionality through AdviserNET, and internal asset transfer process needs to be initiated for each client moving to Asgard Open. Please contact your BDM to explore options for moving your whole business.
If you are using ‘Change Account Type’ online through AdviserNET, there is no delay during the transfer process. The transfer can take place even if the account holds pending transactions. For Master Trust and Elements accounts, the transfer can’t be completed if there are pending transactions on the account, or a personal super contribution deduction notice hasn’t been provided (if applicable). You won’t be able to transact on the clients account until the transfer is complete.
You will see the new account through AdviserNET using your existing sign in details.
There is no change to the way adviser fees are calculated with Asgard Open. Although you should consider this when transferring an Infinity client as adviser fees on optional features may not be available in Asgard Open.
Asgard Open eWRAP
| INVESTMENT BALANCE | Fee rate (pa) |
|---|---|
| $0 - $850,000 | Asgard Open eWrap Super/Pension: 0.25% Asgard Open eWrap Investment- balance in your Cash Account, managed investments and term deposits: 0.25% Listed securities only: 0.268% |
| BALANCE > $850,000 | NIL |
| MINIMUM FEE | $750 ($805 maximum if you hold listed securities) |
| STANDING FEE | NIL |
Other fees and costs, such as transaction fees, expense recoveries and cash account fee, will also apply. Please refer to the Product Disclosure Statement or Financial Service Guide (IDPS Guide) for further details.
For Asgard Open eWRAP Super or Pension accounts, grouping is automatically applied where the account name is the same. Grouping of accounts is not available for Asgard Open eWRAP Investment accounts.
Asgard Open has a different pricing structure to BT Panorama and BT Wrap in terms of asset based fees. The asset based administration fee of 0.25% pa has been calculated to be similar to the BT Panorama and BT Wrap offers when all fees are taken into consideration. Note that for Listed Securities only the administration fee is 0.268% pa.
Yes for Super and Pension accounts. Investment account administration fees are inclusive of GST and net of RITC, with the exception of listed securities which are inclusive of GST but not net of RITC. Please see the relevant disclosure document for further explanation of fees and costs.
Yes, cash and TDs incur asset based fees, please refer to the disclosure document for a full explanation of fees charged.
Yes, there is a $300 p.a. fee potentially chargeable, although this is currently being waived, with the waiver reviewed on an annual basis.
Special pricing is not available in Asgard Open, the pricing detailed above will apply to any clients transitioning to Asgard Open and any new clients to Asgard Open eWRAP.
All transaction history is available for the old account and accessed through the existing AdviserNET login. If ‘Change Account Type’ functionality is used when transferring the client through AdviserNET, their transaction history will also be transferred to Asgard Open. For all other transfers, you will be able to access transaction history through the ‘Closed Account’ function on AdviserNET.
Asgard Open eWRAP has the same features and menu as the existing eWRAP account. There is no CGT implication if ‘Change Account Type’ is used for eWRAP or Infinity accounts as there is no need to sell down any assets. There may be CGT implications for all other transfers, a new Asgard Open eWRAP must be opened, and assets may be able to be transferred or a sell down to cash may be required. Considerations will need to be made for what this means for your clients CGT implications.
There will be no impact to pension deeming if ‘Change Account Type’ is used. For all other transfers, a new account must be opened and clients will lose their grandfathered deeming.
Considerations will need to be made for how this impacts their social security benefits.
All performance history is continued if ‘Change Account Type’ is used. For all other transfers, the performance history will be available through the closed account reporting screen on AdviserNET.
The disclosure documents contains all relevant information on Asgard Open. For further questions, please refer to Asgard Open eWRAP page.
The Customer Relations team is available on 1300 783 143 or via Click 2 Chat to help.
This communication has been prepared and is provided solely for the general guidance of advisers. It must not be made available to any retail client and may not be copied, used, reproduced or otherwise distributed or circulated without the prior written consent of Asgard Capital Management ABN 92 009 279 592 AFSL 240695. It provides an overview or summary only and it should not be considered a comprehensive statement on any matter or relied upon as such. Information in this email is current as at March 2021.