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FAQ

About eWRAP
What is a wrap account?
What are the benefits of wrap accounts?
What is the Asgard eWRAP?
What is the Personal Choice eWRAP?
Why does 2020 DIRECTINVEST offer access to the Personal Choice eWRAP?
Does 2020 DIRECTINVEST offer access to any other wrap accounts?
What if I have a wrap account from another provider?

Opening an account
How can I open an account?
What information will I receive when I open an account?
What is a cash account?
What is the difference between CASH Connect and eCASH?
Is there a minimum balance for my cash account?
What happens if my cash account goes below the minimum balance?
What is the minimum suggested account value?
What is the minimum (additional) deposit?

What is the minimum withdrawal?
Are there any restrictions on holdings?

Buy or sell investments
What investments can I access through Personal Choice eWRAP?
How can I research available managed investment options?
How do I transact on my account?
What fees are charged by 2020 DIRECTINVEST for transactions?
What is the minimum buy or sell amount?
Does 2020 DIRECTINVEST provide financial advice?
What happens with my dividends/distributions?
Can I participate in corporate actions on my shares?
What are the cut off times for transactions?
What are the processing/fulfilment times?
What are MER rebates?
How are MER rebates paid?

Please Contact Us if you have a question that you would like to ask us.

 

About eWRAP

  • What is a wrap account?

Wrap accounts consolidate various investments under one administrative umbrella. They are similar to master trusts except that they act as a custodial service with investments in assets made under an individual’s name. These investments may be in either managed funds or direct investments. The name ‘wrap’ is drawn from the fact that the administration wraps around a portfolio of investments. Read more

Wrap accounts are available as an investment, super or account based pension account.  

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  • What are the benefits of wrap accounts?

Some advantages of wrap accounts include:

  • Diversification: wrap accounts provide access to cash, fixed interest, managed funds and shares. Low minimum investment amounts per fund or security (often as little as $100) make it easy for investors to effectively diversify their portfolio.
  • Access wholesale funds: wrap accounts pool investors’ money to access wholesale and boutique managed funds not usually accessible to retail investors. Wholesale funds typically have lower ongoing management expense ratios (MERs).
  • Easy switching: once a wrap account is opened, it is generally simple to switch between investments as it is not necessary to complete a new application form for every investment made. Please see below for more information on switching and transacting.
  • Consolidated reporting: investors receive one annual consolidated statement which contains tax information for the entire portfolio and can be provided to an accountant. This is compared to receiving multiple statements from individual fund managers and various dividend statements.
  • Online access: investors are able to view the performance of investments using a single login. This includes the performance of the investments held, interest paid on the cash account and any transactions made.
  • Tax deductibility: some platforms’ administration fees may be tax deductible.

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  • What is the Asgard eWRAP?

Asgard is the administrator of the eWRAP platform. Personal Choice eWRAP is a badged version of Asgard's eWRAP that has the same investment menu with more than 400 wholesale managed fund options and ASX listed shares. (The shares for Super/Pension are subject to an available options list of approximately 300 securities).

Asgard is a wholly owned subsidiary of Westpac Group.

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  •  What is the Personal Choice eWRAP?

Personal Choice eWRAP is a badged version of the Asgard eWRAP. Personal Choice Portfolio Services Pty Ltd was a group originally established by members of the Association of Independently Owned Financial Planners (AIOFP), including 2020 DIRECTINVEST to bring innovative investment services to Australians. The driving force behind Personal Choice was so “everyone has the right to expect professional planning advice that is competent, objective, ethical and above all, based solely on the client’s needs”.

The Personal Choice eWRAP service provides investors with an intelligent and comprehensive platform which streamlines the management of investments whilst providing the ability to maintain a diverse and flexible investment account by reducing administration burden. Our clients pay lower administration fees when you invest in Personal Choice eWRAP than the Asgard eWRAP. Personal Choice eWRAP is unique available through 2020 DIRECTINVEST on a non-advice basis. 

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  • Why does 2020 DIRECTINVEST offer access to the Personal Choice eWRAP?

Investors are generally unable to access wrap accounts without a financial adviser.  Through 2020 DIRECTINVEST you can now invest in a wrap account directly on a non-advice, transaction-only basis. 

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  • Does 2020 DIRECTINVEST offer access to any other wrap accounts?

Though 2020 DIRECTINVEST has an Australian Financial Services License that enables us to provide access to different wrap accounts, we generally offer access to the Personal Choice eWRAP as we have negotiated with Asgard to be able to offer it without additional adviser service fees. 

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  • What if I have a wrap account from another provider?

If you have an eWRAP account it is generally easy to switch this to a Personal Choice eWRAP without needing to sell the underlying investments using a one page migration form.  If you have a wrap account with another provider, you may be able to transfer your assets to a Personal Choice eWRAP account without needing to sell the underlying investments through an in specie transfer. For more information please contact our office.

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Opening an account

  • How can I open an account?

To open a Personal Choice eWRAP account, investors should download and read the product disclosure statement. Complete the application form contained in the product disclosure statement and send it to 2020 DIRECTINVEST to the below address:

2020 DIRECTINVEST
GPO Box 5003
Sydney NSW 2001

For more information, please visit our webpage on opening a Personal Choice eWRAP Account.

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  • What information will I receive when I open an account?

FROM 2020: After receiving your application form, 2020 DIRECTINVEST will open your Personal Choice eWRAP account and send a confirmation email with your account number and information on transacting on your account.
 
FROM ASGARD:Within 7 to 10 business days, investors will receive a welcome letter from Asgard confirming their Personal Choice eWRAP account and cash account details.  An access PIN for Investor Online will be mailed separately. Once this PIN has been received investors need to log in and accept the terms and conditions to finalise the activation of the account.

Investors who open a Personal Choice eWRAP Investment Account will also receive an Access Card and PIN number for their eCASH or CASH Connect account from St George Bank within 7 to 10 business days.

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  • What is a cash account?

When you open a Personal Choice eWRAP account, an attached cash account will also be opened. This cash account will serve as a transitional account, with the balance used to fund the purchase of managed funds or shares as well as receive the proceeds from any sales of managed funds or shares. The cash balance held in the cash account will earn interest, and administration fees are charged on a monthly basis to the cash account.

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  • What is the difference between CASH Connect and eCASH?

Investors opening a Personal Choice eWRAP Investment account are able to choose between an eCASH or a CASH Connect account. An eCASH account is an electronic-style account with a slightly higher interest rate and no transaction fees. A CASH Connect pays a lower rate of interest but provides the additional flexibility of a cheque book, branch access and optional Visa debit card.   

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  • Is there a minimum balance for my cash account?

The minimum balance required in an investment cash account is $1,000 to cover your fees and other costs.

The minimum balance required in a Super cash account is $2000 for the first $100,000 and 2% for any amount between $ 100,001 and $500,000. Your minimum balance for your cash account by an investment above the $500,000 is $10,000

The minimum balance required in a Pension cash account is $4000 for the first $100,000 and 4% for any amount between $ 100,001 and $ 500,000. Your minimum balance for your cash account by an investment above the $ 500,000 is $ 20,000.

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  • What happens if my cash account goes below the minimum balance?

If the balance in your cash account goes below the required minimum balance, Asgard will contact 2020 DIRECTINVEST and give the investor time to top up the balance by depositing more cash or selling down a managed fund or share holding.  In the event that cash balance after this time, Asgard may initiate the sale of units in a managed fund or share to increase the cash balance.

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  • What is the minimum suggested account value?

The minimum investment for Personal Choice eWRAP is $100,000 for it to be cost effective. You may invest with less but minimum fees are charged based on a $100,000 balance.

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  • What is the minimum (additional) deposit?

There is no minimum (additional) deposit.

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  • What is the minimum withdrawal?

There is no minimum withdrawal.

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  • Are there any restrictions on holdings?

There are no restrictions to holdings in an eWRAP Investment Account.

For an eWRAP Super/Pension account, you can generally hold no more than 30% of the total account value can be invested in a single shareholding. Please refer to the approved products list for any exceptions. 

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Buy or Sell investments

  • What investments can I access through Personal Choice eWRAP?

Personal Choice eWRAP provides access to an extensive range of managed funds, shares, fixed interest and cash.  There are currently over 400 wholesale managed funds available on the Personal Choice eWRAP platform and investors are also able to access ASX listed shares (please note not all ASX shares are available through Personal Choice eWRAP Super and Pension accounts, please refer to the available share options list).

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  • How can I research available managed investment options?

2020 DIRECTINVEST has developed a Find a Fund tool which can be used by investors to access research on the managed funds available on the Personal Choice eWRAP platform.  Investors can search by Fund Manager and Asset Category, as well as Morningstar ratings, and then access independent research and download a copy of the product disclosure statement for further information. Please click here to proceed to the eWRAP Find a Fund tool.

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  • How do I transact on my account?

Transacting on Personal Choice eWRAP accounts is done through 2020 DIRECTINVEST.  Investors need to complete an order form and send this form to 2020 DIRECTINVEST by fax or email. Client Services staff will place your order and email you a confirmation. See Managing your eWRAP account
 

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  • What fees are charged by 2020 DIRECTINVEST for transactions?

2020 DIRECTINVEST charges a transaction fee of $11 per buy or sell transaction. This is a flat fee and is charged to cover the cost of staff time spent implementing instructions. Please also note that these transaction charges are in addition to any brokerage incurred for executing share trades with your chosen share broker and are paid from your cash account.

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  • What is the minimum buy or sell amount?

The minimum managed investment amount is $100. In particular there is no minimum investment amount for shares however, minimum transaction values may be stated by the Australian Securities Exchange (ASX) and/or minimum holdings may be applicable for some company shares.

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  • Does 2020 DIRECTINVEST provide financial advice?

2020 DIRECTINVEST doesn’t provide you with personal advice. We are able to help you with general product information. We recommend seeking fee for service financial advice to separate financial advice from products if you require personal advice. Read more

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  • What happens with my dividends/distributions?

Managed funds: Income distributions from managed investments are paid into your Cash Account. You can request a standing instruction to buy further units in those managed investments once distributions are received. You will not be able to take part in any distribution reinvestment plan offered by investment managers 

Shares: Dividends from shares can be paid into your cash account.

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  • Can I participate in corporate actions on my shares?

eWRAP Investment: As you are both the legal and beneficial owner of the shares in your account, you will receive notice of, and be entitled to participate in, all corporate actions. Any notice of corporate actions will be sent to you directly by the relevant share registry.  

eWRAP Super/Pension: There are two types of corporate actions - voluntary where investors can choose an option they believe best suited to their personal circumstances and mandatory where investors must comply with the default selection. When you are eligible to participate in a voluntary corporate action, Asgard will notify 2020 and we will contact you with details of your entitlement.

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  • What are the cut off times for transactions?

As orders are placed by 2020 DIRECTINVEST on your behalf, transaction requests are actioned during business hours according to our transaction process. 

Managed Funds: At the end of the business day, Asgard forwards all managed fund transactions to the appropriate fund manager for processing. To ensure your transaction is submitted to the fund manger in that day’s batch and receive the next day’s unit price; signed confirmation forms need to be received by 2020 DIRECTINVEST by 4:30pm EST to ensure transactions are submitted in time.

Shares: The purchase and sale of shares are executed during the operating hours of the Australian Stock Exchange 10am-4pm EST. Any orders received after this time will be placed when market re-opens on the next ASX trading day. 

Investment: As share orders are placed live for placement, last transaction requests should be received no later than 3:30pm EST.

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  • What are the processing/fulfilment times?

Orders received during ASX trading hours will generally be placed on the same business day. The following are Asgard's processing times for completing your buy/sell request.

Managed funds: Requests submitted before 5pm will generally receive the unit price on the next business day. Though actual fulfilment time will vary according to the fund manager, in general, managed fund purchase and sales are completed in 7-10 working days.

Shares: At market share purchases are performed live. Valid at market orders will be completed by the selected broker, usually within 20 minutes of submitting into the Asgard system.  

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  • What are MER rebates?

Asgard has been able to negotiate rebates on the investment fees (MER) charged by some fund managers. Asgard will pass on these rebates to the investor at their discretion.

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  • How are MER rebates paid?

MER rebates may be retained by Asgard at their discretion. Where they are passed onto the investor, they will only be paid to investors with an account open at the time the rebates are received by Asgard (generally quarterly). MER rebates are paid to your Cash Account.

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