ASIC ruling will promote development of Managed Accounts - says IMAP

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. 

 

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Toby Potter
Chairman
Institute of Managed Accounts Providers
0414 443 236
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Chris Hocking
Chris Hocking Strategies
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