Toby Potter, Chairman of IMAP said “The general tests include an income test - $250,000 for the past two years- or a net assets test, $2.5m (not including superannuation). Many trustees will meet one of these tests, enabling them to be classified as wholesale clients. They can therefore be offered a wholesale MDA service. ”
“This will substantially reduce the compliance burden for advisers who have previously hesitated about offering MDA’s. The result is likely to be a significant improvement to the quality of portfolio management offered to this type of investor.” said Potter.
In September, IMAP and The Fold Legal are holding a Masterclass on the obligations for Responsible Managers of AFSLs with MDA authorisation.
Media Enquiries
Toby Potter
Chairman
Institute of Managed Accounts Providers
0414 443 236
toby.potter@imap.asn.au
Chris Hocking
Chris Hocking Strategies
chris@chstrategies.com.au
(02) 8215 1506
0418 603 694