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MLC WRAP ACCOUNTS TRANSFERRING TO EXPAND

Your MLC Wrap Account(s) will be transferring to Expand, a more contemporary product offering an improved client experience and many benefits, including access to a secure mobile app. The mobile app will provide:

  • An easy-to-use interface.

  • Access to comprehensive reporting to provide everything you need to understand your account’s performance.

  • The ability to update your details securely, including personal details, beneficiaries, communication preferences, and more.


You will receive a formal “Significant event” notice from MLC advising of the transition. It is important to note that this transfer has been approved by ASIC (an independent Australian Government Body) on the basis that such a change must ensure all clients are better off and will not be charged higher product fees.

The proposed transfer will happen automatically, with:

  • A reduction in product fees in most cases (or the same);

  • No changes to the investments in your account; and

  • There will be no capital gains costs.


FOR YOUR ACTION

For investment accounts: No further action is required.

For super and/or pension accounts: You will need to provide Fee Consent for each individual super and/or pension account you hold.


For us to remain connected with your account, the Expand Trustee requires you to provide your consent for our existing adviser service fees to continue. There will be no change to the adviser service fee or the length of the agreement.


MLC will send you an email in early February.  All you will need to do is click on the consent button, fill out the details, and submit. This will ensure the arrangement continues as we have previously agreed.


To ensure you’re comfortable opening and actioning the email from MLC, it will come from mlc@ecomm.mlc.com.au email address with the sender profile MLC, and will look like the image below:



 

What will happen when your account is moved to Expand

You will be sent an:

  • Exit statement confirming your MLC account is closed.

  • Expand welcome pack that includes:

    • your new account number

    • details on how to update your employer to ensure your superannuation contributions are deposited in your new account (for super accounts only)

    • details on how to register your new account online and access your account via the Expand mobile app.

 

We’re here to help

We’ll be working with you and MLC to ensure the transfer is smooth and seamless. If you have any questions, please reach out as we are here to help.

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