Advice fee request FAQs
These FAQs relate to the Australian Retirement Trust Adviser Registration Terms and Conditions. Terms like Advice Fees, Advice Fee Form and Advice Fee Policy are defined in our Adviser Registration Terms and Conditions, so please refer to them for full definitions.
Members can request that an advice fee be paid from their Australian Retirement Trust account to their financial adviser for superannuation advice services that meet the sole purpose test requirements of the Superannuation Industry (Supervision) (SIS) Act 1993.
This is available for members who receive personal advice from financial advisers that are registered with Australian Retirement Trust.
Payment of an advice fee from a member’s account is at Australian Retirement Trust’s discretion. These FAQs set out some of the principles where Australian Retirement Trust may exercise the discretion to pay an advice fee from a member’s account.
Payment of advice fees is subject to the Adviser Registration Terms and Conditions.
Available advice fee types and definitions
How advice fees are paid
Advice fee caps
Advice fee caps are applied across the total of all Advice Fees paid from a member’s account/s, within the same product offering (i.e. Super Savings or QSuper); separate caps do not apply for different types of Advice Fees.
Sole purpose test and apportionment of advice fees
Conditions and rules of Advice Fee payments
Monthly Advice Fee arrangements
For Super Savings members only, Australian Retirement Trust’s Advice Fee Request Form includes fields requiring both a Monthly Advice Fee start and paid until date.
Australian Retirement Trust Advice Fee reviews
Australian Retirement Trust conducts periodic reviews of Advice Fees to ensure compliance with its Trustee duties. From time to time, we will reasonably require copies of advice documents (e.g. Statement of Advice) and/or other advice related documents (e.g. Ongoing Service Agreements, Client Service Agreements, evidence of fair and reasonable apportionment where applicable) for review. These reviews may be conducted prior to, during or after payment of the Advice Fee.
Australian Retirement Trust reviews the requested advice documents to ensure that where an Advice Fee is charged to an Australian Retirement Trust member’s account, it adheres to Australian Retirement Trust’s sole purpose test obligations and Advice Fee Policy.
In the event Australian Retirement Trust is not provided a copy of the requested advice documentation, in a timely manner, Australian Retirement Trust may be required to cancel the Advice Fee and/or request a refund of any Advice Fee payments that have been made.
Refer to 'Advice Fee Policy' in the Adviser Registration Terms and Conditions for more information.
Other information
What do I do if I change AFS Licensee? (for Super Savings only)
Australian Retirement Trust will pay advice fees (One-off and/or Monthly) to the AFS Licensee named on the Advice fee form, until we become aware that the financial adviser has changed AFS Licensee.
Upon becoming aware that the financial adviser has changed AFS Licensee, Australian Retirement Trust will not pay any further amounts until we receive notice from the appropriate AFS Licensee that the member is still receiving advice services.
Australian Retirement Trust must receive this notice in a written document (in the form required by Australian Retirement Trust) signed by the AFS Licensee confirming the variation of AFS Licensee (fee recipient).
Refer to 'Suspension or cancellation of the Services' in the Adviser Registration Terms and Conditions for more information.
For further information regarding Client Transfers visit our Client Transfer FAQs.
Further questions
If you have further advice fee enquiries that are not answered by the above FAQs, please contact us at advice_governance@art.com.au