On this screen, you will see the fees for both the existing and recommended super fund. Four types of fees are shown here:
- Ongoing Fees
- Transactional Fees
- Adviser Ongoing Fees
- Adviser Upfront Fees
Please refer to the below screen-shot:
Fee Defaults: Using this option you can set a default fee for all the clients belonging to one company.
When you click on “Fee Defaults” the below screen will open on your screen:
Functionalities available on this Fees screen:
- Fee Comparison
- Editable fee rows
- Add More and Compare
Fee Comparison
Option 1: Compare all Superfunds individually
- All comparison funds use the total rollover amount as if they are the destination fund
- You can add up to 10 superfunds
- Formula: Indirect Cost Ratio * Amount invested in that underlying investment / Total Rollover Balance
- Example: 0.2900*$5000 (Assumption)/ $16000 (Assumption)
Administration Fee=0.090625
Option 2: Compare using Existing Balances
- Existing funds use their current balance, recommended funds use the total rollover amount
- You cannot add more funds when using this option
- Formula: Indirect Cost Ratio * Amount invested in that underlying investment / Total Balance in the particular fund
- Example: 0.2900*$5000 (Assumption)/$35,000(Assumption)
Administration Fee=0.04142
If you have selected “Compare using Existing Balances” next to Fees at the top left-hand side of the screen, then:
- Under Pre-recommendation, the amount reflects the fees that the client is paying for that particular fund
- Under Post-recommendation the amount that comes up is the new fees that the client will pay after performing the rollover
- Please refer to the below screen-shot:
Editable Fields:
This means you can enter the fee manually or change the existing fee. Please refer to the below screen-shot:
Add More and Compare:
- Add more
Once you click on Add more, next to the existing and recommended superfunds column, a new blank column will appear where you can add the fund from the drop-down and do the comparison. Please refer to the below screen-shot:
Compare:
When you click on compare, it will take you to a new screen which will reflect the performance of the Superfund for the selected time period. Please refer to the below screen-shot:
If you want to go back to the Fees screen, you have to click on “Back”. Please refer to the below screen-shot:
Indirect Cost Ratio (ICR): The Indirect cost ratio is an estimate of the costs for investing in the Fund's assets which are deducted from investments rather than paid directly by the Fund. It includes expenses that do not form part of the investment fees incurred in investing the assets (but excludes any Buy-sell spread).
In the application, the ICR field is editable and you can see the details when you click on “i shaped icon”. Please refer to the below screen-shot:
