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. 

 

Media Enquiries
Toby Potter
Chairman
Institute of Managed Accounts Providers
0414 443 236
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Chris Hocking
Chris Hocking Strategies
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(02) 8215 1506
0418 603 694
 

About IMAP

The Institute of Managed Account Professionals (IMAP) was formed to act as the nexus in this increasingly important industry. Our aim is to bring together advisers, managers, platforms and other managed account service providers to help build a better industry.

 

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