We created a conversion function as part of the online application tool to limit the amount of paperwork involved in converting your existing clients to the Wrap Series II products, if appropriate.
We’ve also produced a Wrap fee calculator to help you assess the impact on your clients. Please note adviser fees that aren’t offered in the new products won’t be carried over. See Fee impacts of product conversions below.
Please ensure any assets not available on the Macquarie Consolidator II – Engage Investment Menu are sold down or transferred into an SMA available on the Macquarie Consolidator II – Engage Investment Menu before initiating a conversion. Any assets that are sold must have settled before the conversion request is submitted.
To move clients from closed products to new Consolidator II and Manager II products:
From here you can complete the conversion process. Clients can then authorise this via either the print, sign, and upload method or digitally using security code authentication.
Each client account will need to be converted separately. This is because your clients need to authorise the conversion, including the terms and conditions of the new product.
Once your client converts their account, they’ll keep their account details, including their account number and transaction history. Their scheduled payments and automated transactions also won’t change.
Please note if you’re converting your client’s account to Macquarie Super Manager II or Macquarie Super Consolidator II, they’ll need to let their employer know the new Unique Superannuation Identifier (USI).
For more information about the Series II products and converting your clients’ accounts, see Macquarie Wrap or refer to the frequently asked questions below.
There are some differences in the way fees are calculated between Macquarie Wrap Consolidator/Manager and our newer products, Consolidator/Manager II.
Our Wrap fee calculator can help you assess the suitability of the various Wrap products.
The following fees are no longer available under Consolidator II and Manager II:
Any fees not offered in Consolidator II and/or Manager II will cease from the date of conversion. All other adviser service fees remain unchanged.
We’ve changed our administration fee structure to allow for fee aggregation. As part of this change, we have introduced an account keeping fee. This fee is still a form of administration fee.
Learn more about Consolidator II fees and view the PDS guide.
Transition requests generally occur on the first calendar day of the month following our receipt of the request. Any fees related to the new Consolidator II and/or Manager II account will begin once the transfer has been completed.
When will a product conversion happen?
After you submit a conversion application using the product conversion tool in Adviser Online, it will display as completed or resolved. This confirms that you have successfully submitted your conversion request. This isn’t a confirmation of a conversion. New product conversions will occur at the end of the month. You’ll notice from the changed product names that the conversion has successfully taken place.
Conversions usually occur on the first business day of the month following an application. We must receive a completed conversion application at least three business days before the end of the month for it to come into effect the first business day of the following month.
How can I see if my client’s account has been successfully converted?
Once an account has been converted, the changes will be reflected online. You and your clients will be able to see from the updated product names and codes that the product conversion has occurred. The codes are:
We’ll only notify you if the account conversion fails (see below).
What if a product conversion fails?
There are some circumstances where an account conversion can’t be completed. When this happens, we will notify you (but not your client) by email and it will be automatically picked up and the conversion will be attempted the following month.
Some of the reasons your client’s product conversion may fail include:
Can you convert a Macquarie Accumulator account to Macquarie Manager II or Consolidator II?
No, Accumulator accounts can’t be converted like existing Manager or Consolidator accounts can.
What happens to linked insurance policies on conversion?
As the account details – such as the account number –are retained, the linked insurance will automatically carry over to Consolidator II and Manager II products.
If you want to convert your clients from Super Accumulator to the new product, a new account will need to be opened for the client. To maintain the insurance linked to the Super Accumulator account, the new account number needs to be provided to the insurer to ensure premiums are deducted correctly.
For insurance provider-initiated rollovers, you may have to provide your insurance provider with the new Unique Super Identifier (USI) for the latest Macquarie products. See more about USIs here.
Will converting a pension account initiate a pension commutation?
The conversion of a pension account won’t initiate a pension commutation. Your client’s existing pension payment details will continue to be paid on their new pension account.
Can you convert a Macquarie Manager account to a Macquarie Consolidator account?
No, you can’t convert from a Macquarie Manager account to a Macquarie Consolidator account as these products are closed to new accounts. You can convert from an existing Macquarie Manager account to a Macquarie Consolidator II or Macquarie Manager II account.
Can a Macquarie Manager or Macquarie Consolidator account move from super to pension phase without changing products?
No, the previous Consolidator/Manager products are closed to new accounts. This means that your client must open a pension in Consolidator II or Manager II if they want to move from super to pension phase.
Chat in real-time with an adviser consultant Monday to Friday, 8am to 7pm Sydney time (excluding public holidays).
Everyone at Macquarie is commited to providing our clients with the highest standard of products and services available. If you have feedback we would like you to tell us about it.
