Latest North enhancements

MyNorth Managed Portfolios income instruction changes

We've listened to what's important to you and are introducing a range of tools allowing you to customise your clients’ managed portfolios. We're excited to announce the first of these tools will provide more control over how the income from your clients’ managed portfolios is treated to help manage their cashflow needs.

Account level income instruction changes

From 30 October 2023, additional flexibility will allow you to choose the most appropriate account level income payment option within your clients Managed Portfolio. 

You’ll be able to provide account level income instructions within the new Income Instructions section on North Online for your clients, with the following options:

1. If the income received from the underlying assets in your client’s managed portfolio investment is retained and reinvested back into their managed portfolio, or
2. Paid out to the client’s platform cash account.  

If no instruction is provided by you, the default option as decided by the investment manager will continue to apply.

The income instructions selected, will be incorporated into the ROA input document.

To further support your business, we’re also making minor changes to Trade Settings. We’re changing the name to ‘Listed Securities’ for consistency of labelling on North Online, and the Listed securities income instructions section will be relocated to the Listed securities section within the new Income instructions section.

More Information

We’ve provided helpful information to assist you with these changes, available on North Online and the Planner Portal at Portal > Products > Investments & Savings > MyNorth Managed Portfolios or North Online.

• Please watch the On Demand webinar. You can ask questions at any time throughout the session via the chat function. The webinar includes a comprehensive North Online demonstration.
• New Adviser report - an Account level income instructions report is available on North Online > Adviser reporting > Managed portfolio > Account level income instruction which details the income instruction settings for your managed portfolio clients.
• Managed Portfolios guide - available on North Online.

Note: The MyNorth Managed Portfolios PDS has been updated to include information on the new income instructions.

Making it easy to update bank details and link recurring transactions in North Online

We’ve made it easier for clients to update their bank details and link their bank account to a recurring transaction. A new 'update bank details' menu option has been introduced under the 'client details' tab in North Online to align with the North mobile app for clients. The client will be required to enter their password to confirm the changes. They will then receive an SMS confirming the update to their bank details, as an additional security measure.

We’re introducing a new Cross Client Transfer form

Currently when completing a cross client transfer, it’s inefficient and manual as there is no specific form for this purpose. We’re pleased to advise, that we’re introducing a new improved Cross Client Transfer form, with a simplified submission process to make this easier for you, effective from Monday 30 October 2023.

The new form will help you complete Cross Client Transfer requests, (including on-platform in-specie transfers), moving assets from one Client ID to another, in a more efficient way.

You can use the new form for the following transfers:

• A transfer of assets from one North account to another held under a different client number;
• A transfer of assets without the sale of the underlying investments;
• A transfer of beneficial ownership or change of legal ownership.

Note: Where the transfer does not constitute a change of beneficial ownership or change of legal ownership, or when transferring between accounts under the same client numbers, please use an Account Transfer Form or submit via the current online Account Transfer request process in North Online.

When will the form be available?

The new Cross Client Transfer Request form are available in North Online > Products > Forms, from Monday 30 October. 

To request a transfer, please download and complete the form and either upload the form in North Online > Activities > Upload forms, using document type 'Cross Client Transfer' or email to the North Service Centre (NSC) at inspecie.transitions@amp.com.au.

Support

If you have any questions, please contact your Business Development Manager.