| Investing directly |
Investing through an IDPS
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| You normally only have access to retail managed investments with generally higher fees |
Most managed investments are available on a wholesale basis with generally lower fees than on a retail basis. |
| You receive reports from different investment managers about your investments and transactions |
You receive a consolidated report with information about your investments and transactions. |
| Distributions and income are paid to you separately from each of your investments. |
Distributions and income from your managed investments may be paid to your cash account or reinvested. |
| You may have to pay entry and exit fees when you switch between investments. |
You pay no entry and exit fees when you switch between investments. |
Your managed investments are held in your name and you have full beneficial ownership
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Your managed investments are held in the custodian’s name, but you retain full beneficial ownership (investment accounts only). |
| Time to complete purchases is dependent on the procedures of the investment managers. |
Time to complete purchases and sales is dependent on IDPS procedures and those of the underlying investment managers. |
You receive notices and other communications directly from the investment managers.
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Notices and other communications are not sent directly to you. |
| There are no additional charges |
There are charges for using the IDPS
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| You must complete applications for each investment. |
You only need to complete one application |
| You must instruct each investment manager separately to rebalance your portfolio. |
You can balance your total portfolio with one instruction.
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