Industry funds do not pay commissions to financial advisers. Therefore, there are no commissions receivable. However, if you have investments/policies outside of the industry funds, include those for rewards.
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If you are happy with your financial adviser and they are charging a fee for service only and are already rebating commissions to you, then stay.
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YES. The commissions on the products you purchased are either being paid to a default adviser nominated by the product provider or simply retained by the product provider. Join MyMoney now and you will commence to benefit from these commissions.
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Yes, you will be charged no fees, but when you do invest they can be added to your refunds.
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No. Your investments remain as they are, under your full control and ownership. MyMoney cannot alter or trade your investments.
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No. Your investments remain in your name. There is no change of ownership.
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No. We only charge 50% of the commissions received up to a maximum charge of $240 per year (plus GST). If your commissions do not reach this level we will not make any further charges above the 50%.
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Most agribusiness schemes do not pay trail commissions. They do however pay substantial initial commissions. Use FundMart to invest in these investments and those initial commission will be included in the refunds or rebated directly to your investment where possible.
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Trail commissions, also known as ongoing asset commissions are paid by financial product providers to financial planners. These are based on the balance of your investment and can be anything from 0.0% up to 1.1% per annum of that balance. The average is about 0.4%. They are typically paid monthly. They are paid regardless of services provided to you by the financial planner.
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No. MyMoney can only deal with personal insurances such as life insurance, income protection and trauma insurance.
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Yes. However, these people or entities will be required to sign the “Change of Financial Adviser Form” in order for their products to be included in your refund account.
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MyMoney cannot provide tax advice. Everyone’s circumstances are different. We recommend that you seek professional taxation advice in relation to your personal circumstances.
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