As we have noted in the previous newsletter, Australian Super have taken a position with ongoing advice fees whereby they will not allow an ongoing advice fee to be charged from their members’ accounts unless it is an arrangement in place for 12 months or less.

We have made further enquiries to Australian Super to challenge this, and request they change this requirement. However, until such time as any changes (if any) are announced, Madison will allow 12 month ongoing service arrangements for clients who require some or all of their fees to be deducted from Australian Super.

This will only require a minor alteration to the “normal” OSA/Enhanced FDS documents we have in place for all ongoing advice clients. Initially, the work around will be a manual work around where you generate a “normal” Enhanced FDS” using the X Plan wizard, and then manually adjust it. We are looking at the viability of having it as a built in option for the wizard.

The solutions have been posted to a new group on Workplace which has been created for advisers and support staff who use Australian Super to receive ongoing advice fees. If you have not already been invited to join the group, please CLICK HERE

For new clients, there is also a slightly modified OSA which just specifies the 12 month service period and confirms the start date.

If you’d like to listen to the recording of last weeks webinar on this topic please CLICK HERE.

In this Edition