Australians wanting to get back the trail fees deducted from their superannuation, personal insurances, managed funds, cash management trusts and margin lending now have a simple solution.
MyMoney – in a few very simple steps – gives consumers who do not want or need advice on their existing financial products the ability to receive refunds on the trail fees they might not even realise they are paying, let alone get access to.
Anyone with superannuation, life insurance or managed funds can have these trail fees paid to them immediately by using My Money Australia (www.mymoney.com.au), a major consumer innovation that offers consumers the ability to receive cash refunds on the trail fees they are charged by banks, fund managers and insurance companies.
“Consumers do not generally realise that, even if they receive no advice from a financial planner, they are very likely to be still paying trail fees that can’t be switched off,” the Managing Director of MyMoney Australia, Graham Chee, said.
How does it work? Put simply, MyMoney gives consumers control over their trail fee payments that they did not have before.
“Consumers can, however, take control of these trail fees as long as they go to a holder of an Australian Financial Services Licence,” Chee said. “By simply nominating MyMoney, an AFSL-holder, as your financial adviser, we collect your trail fees and pay them back to you, direct to your bank account. Everything else about your investments remains the same,” he said.
Some of the key features of MyMoney that make it so attractive are:
• No joining fee
• No minimum annual fee
• Administration fee automatically comes out of trail fees
• Maximum annual fee of $240 per family account
Online registration is quick, easy and free, and MyMoney has kept to an absolute minimum the amount of paperwork investors need to complete in order to activate their account.
MyMoney clients have 24/7 online access to their refund balance information, and receive a monthly activity statement as well as their monthly direct bank account payments. The service is risk and hassle-free and completely transparent.
MyMoney has been built by professionals who are leaders in the development of trail fee management systems and who fully understand the needs and expectations of investors and financial planners when it comes to fees payments.
“There is no effect on investors’ existing financial products and the direct monthly payments into our clients’ bank accounts makes MyMoney particularly easy,” Chee said.