Change of Details

KC110110

Can we change the correspondence method and transaction method of a client over the phone?

Yes, we can. It can only be completed with a client and will require a phone instruction case. 

What form can a client utilise to amend their username? 

Clients can use the “Request to link accounts to a user” form and complete step one of the form with the desired username.

Can an adviser request to update a client's address over the phone?

We cannot accept the instructions as advisers are able to amend these details online.

Can a client amend the mobile number that they recently updated within 24 hours?

The client will be allowed to make the change online. They will be unable to reset their password for the next 90 days.

What would be the requirement to notify us of a change of director and update the signatory on a wrap account?

If the client wants to add a new signatory to their Wrap account, we will require a written instruction, signed by all the existing signatories and the new signatory.

They will need to advise whom to add as the new signatory. We would require the new signatory’s certified ID. The instructions can be emailed to us from the client’s registered email address.

What is the requirement to amend a SMSF from individual trustee to a corporate trustee?

If the SMSF account is changing from an individual trustee to a corporate trustee, we would require a cover letter signed by the individual trustees explaining the change and a certified copy of their new trust deed or the relevant AML form.

If they are adding new directors, they need to include the new directors’ signatures and attach their certified ids or their individual AML forms.

An adviser is attempting to amend a client's contact details and keep encountering an error when they submit the transaction. What could be the cause of the error?

This error is specific to Wrap accounts with names exceeding 28 characters in length. Our website has a limitation that prevents changes from being made if the account name exceeds the limit. To facilitate the modification of details for the adviser or client, we will need to shorten the trust account name in Acurity. Once this is done, the adviser will be able to update the client’s contact information. It is important to ensure that the trust account is reverted to its original name once the adviser or client has successfully submitted the change of details. 

What is required to update the company name of a wrap account?

We would require a signed cover letter from the directors, informing us of the change and requesting for it to be updated. We can verify the company details by looking for the ABN/CAN of the company.

What would be the appropriate case to raise, to amend an account from “all signatures required” to “one signature required”.

What is required to amend an account form 'all signatories' to sign to 'one' to sign?

We will require a signed letter from all signatories requesting to amend the account to one to sign.

Can an Authorised Representative (AR) request changes to a client's account settings?

Yes, they can make these requests online.

Can we update an adviser's business address over the phone?

No, advisers need to update their business address themselves online.

If a wrap account is changing signatories, what is the process? Do they only need to provide a letter with instructions and ID? Is a change of trustee process required?

The requirements depend on the nature of the change:

• Changing Signatories: if the change involves updating signatories, we will need a letter from all existing and new signatories informing us of the changes. Additionally, please provide identification for the new signatory.
• Change of Trust Deed or Company: If the change extends to the trust deed or the company's structure, then we would need an updated trust deed or ASIC records.

What are the prerequisites for removing a director from a corporate trust?

The process necessitates signed directives from all existing directors, complemented by an updated ASIC extract.