The intuitive onboarding process utilises a ‘wizard’ that automatically steps you through the process and ensures you are only asked to provide information relevant to your client.
The wizard starts with what type of client they are, such as an individual, a company or a self-managed super fund.
You only need to provide it once as opposed to having to provide it every time you open a new account with a different bank if you were doing it yourself. If you want to know what information will be asked for, you can move through the wizard without inputting any information by using the ‘skip’ button. If you need to exit the wizard part way through it will automatically save the information you have already input. You can come back later and pick up where you left off. You do NOT have start all over again!
You will be asked if you would like us to be able to transfer funds (after the initial deposit) between banks on behalf of your client, if required.
This is done by either opening a new transactional bank account in your client’s name that we manage on their behalf or authorising us to have transactional authority on an existing transactional bank account in your client’s name.
We currently offer either a NAB Cash Management Account (NAB CMA) or a Macquarie Bank Cash Management Account (Macquarie CMA) for this purpose. You can not use any other bank account.
We refer to this account as your client’s Clearing Account.
By having a Clearing Account you or your client do not have to be involved in the transfer of funds if you want to move your client’s deposit to a different bank at maturity.
It is not mandatory to have a Clearing Account.
Where possible we instruct the bank you have selected to direct debit the client account that the funds are coming from. However, not all our bank providers do direct debits. If you do not have a clearing account and the bank you have selected does not do direct debits you will have to arrange for the funds to be transferred to the selected bank.
When you input a transaction via your portal you will be advised if the bank you select does direct debits.
Linked Bank Account
You will also be asked to provide details about the bank account your client’s initial deposit is coming from and where you would like principal and interest payments to be paid back to.
We refer to this as your client’s Linked Bank Account. Your client’s Clearing Account can also be used as their Linked Bank Account.
Your client can have more than one Linked Bank Account if you want, for instance if you want funds to come from one bank account but paid back to a different one, as long as they are both in the same name.
This is an important security feature. Banks will only accept instructions from us to transfer funds on behalf of a client to another account if it is in the same name.
When you have completed the wizard to add a new client you will receive an email with pre-populated onboarding documents to be signed by your client. They are only required once.
When signed they can be uploaded to the portal. You do not need to send hard copies.
You will also be asked to provide certified Supporting Documents for your client, such as a Driver’s Licence, so that we can verify the identity of your client.
The email you receive will specify what supporting documents are required based on what type of client they are, such as an individual, a company or a self-managed super fund.
[Click here if you want to know what supporting documents are required for different client entity types. It will also show you what documents can be used to identify individuals.]
Supporting documents can also be uploaded to the portal. You do not need to send hard copies.
Your own secure portal also allows you to upload new supporting documents for your clients when old ones expire or their identification details change, such as their address.
You can also add or delete a Linked Bank Account via the portal if your client’s circumstances change. Such as if they open a new transactional bank account.