What happens to my client’s dividend payments when I open a new ASX share portfolio with Selfwealth?
When you open an account with a new HIN (not HIN transfer) for your clients with Selfwealth, their dividend payments will automatically default to their Selfwealth ANZ cash account.
What if my client doesn’t want dividends paid into their Selfwealth ANZ cash account?
You can update dividend payment details either:
- Directly through the relevant share registry portals or by contacting the share registries. Please note they will notify the client of any changes.
· Alternatively, you can submit a ‘Change of Dividend Income Direction’ form to the Adviser Services team at adviserservices@selfwealth.com.au to elect your client’s nominated bank account for dividend payments. We will then update the share registries on their behalf.
What happens to dividend payments when transferring an existing HIN to Selfwealth?
During the application process, you will be presented with two options regarding dividend payments:
-
Elect to have dividends paid into the client’s Selfwealth ANZ cash account.
If you choose this option, Selfwealth will automatically update the share registries, overwriting any previous dividend payment instructions. -
Do not elect to have dividends paid into the Selfwealth ANZ cash account.
If you select this option, your client’s existing dividend payment instructions will stay in effect. They can update their dividend details directly with the relevant share registries at any time, or you can submit a ‘Change of Dividend Income Direction’ form to the Adviser Services team at adviserservices@selfwealth.com.au on their behalf.
How do I find the correct share registry to update dividend payment details?
Visit www.asx.com.au, search for the stock code, and find the share registry contact details at the bottom of the stock’s page.
What if I’ve already updated my clients bank details directly with the share registry?
If you make updates via the share registry portal (either at the HIN level or stock level):
- The update applies only at the share registry.
- The registry will notify your client of any changes via email or post, depending on your communication preferences.
Selfwealth won’t see the change and may not be aware of your registry instructions. Notifying Selfwealth when you make updates at the share registry can keep your clients account details aligned and avoid any confusion.
Where will my client’s dividends be paid to for a new stock purchase if I’ve changed the details with the share registry but originally nominated my Selfwealth ANZ Cash Account?
Dividends for new stocks will still be paid into the Selfwealth ANZ cash account by default. Advisers should inform Selfwealth about any registry updates to ensure consistent dividend payment instructions.
Where will my client’s dividends be paid for new stock purchases if we’ve completed a HIN transfer and elected ‘No’ for dividends to be paid into the Selfwealth ANZ cash trading account?
On the application, if you are completing a HIN transfer, select ‘No’ for dividends to be paid into the Selfwealth ANZ Cash trading account, Selfwealth will have no dividend payment details on record and will not provide bank details to the share registries for any new stock purchases.
To ensure dividend payments for new purchases are directed correctly, you can either:
- Update your client’s dividend payment details directly with the relevant share registries at any time, or
- Submit a ‘Change of Dividend Income Direction’ form to the Adviser Services team at adviserservices@selfwealth.com.au, and we will update the share registries on your behalf.
Can I update my client’s dividend details at any time?
Yes. Updates can be made anytime via the share registry portals or by contacting the share registries.
What communications will my client receive after dividend details are updated?
If your client’s details are updated by Selfwealth, they’ll receive a notification from the share registry informing them that their update has been completed.
Will updating dividend payment details affect my client’s Dividend Reinvestment Plan (DRP)?
A: No. Existing DRP elections will remain unchanged and are not affected by updates to dividend payment instructions.