Low use features disabled on MLC Wrap and Navigator

Mike Taylor

Managing Editor and Publisher

23 August 2022

MLC Wealth has told financial advisers that from 1 October it will be removing the Dealer Facilitation Fee, Investment percentage-based Adviser Service Fees and Indexation by CPI On Adviser Services across MLC Wrap, Navigator and associated badges.

It said the move was aimed at removing low-usage features as part of a simplification of the product offering.

In an e-mail to advisers the Insignia-owned business said that the features would be disable in n-link from 19 September and removed from 1 October.

The announcement said that the Progressive Investment Facility would be removed across MLC Wrap and Navigator from 1 October, and that the option on the Regular Withdrawal Facility to increase the payment amount each year by a per centage would be removed across MLC Wrap and Navigator.

It also announced the closure of new business for IDPS Estate and Partnerhsips.

The e-mail said MLC Wealth would be advising all clients of the changes as part of their Half yearly or Quarterly Statement for the period ending 31 December 2022.

“In addition, clients that have a Progressive Investment Facility will be contacted directly during September,” it said.

N-link changes – from 19 September 2022

• You will not be able to update these features on impacted accounts (unless you are dialling the Adviser Service Fee and/or the increase in Regular Withdrawal Facility to zero).
• For the Progressive Investment Facility, the Add/Suspend/Resume facility buttons will be disabled. Accounts with Progressive Investments Facility will have the facility closed from 1 October 2022.
• New application for an IDPS Estate and Partnership will no longer be available.
• Any drafts created prior to, and validated post 19 September 2022 may fail validation if they contain the impacted features. If this happens you will need to delete the draft and re-enter the transaction.
• N-link forms will be updated on 24 October 2022 to remove reference of features impacted across new applications, transfers, Adviser Service Fee (including Renewal) and Account Amendment forms.
• To view the full range of Adviser Service Fee and Investment Facility options available you can refer to the relevant Product Disclosure Statement and How to Guide.