This article will guide you through the process of setting up a SelfWealth portfolio with a kid (minor) as the beneficiary.
Before creating the portfolio, you will first need to create a SelfWealth account in your own name. If you have not yet created a SelfWealth account, click here.
In order to complete the 'Kids (Minor)' portfolio application, you will need to meet/have the following:
- Applicant (Trustee) to be 18 years of age or older
- Personal details, date of birth, current Australian residential and postal address
- Email address, mobile number
- Your TFN or exemption code
- Birth Certificate or current (not expired) passport of Kid (Minor)
Creating a New Application
If you have just created your SelfWealth account, or have not yet applied for a portfolio you can skip straight to the next section.
If you already have a SelfWealth portfolio on your account, you can still apply for a minor account by creating a new portfolio. This is done by clicking on your avatar (in the top-right corner) and clicking Settings.
You can then click on Open a New Portfolio to proceed to the application screen.
You will be asked if you wish to start a new trading application. Click Start to begin the application.
Completing Your Application
You will be directed to the 'SelfWealth Trading Registration' page.
On this page, you must click the Start Application button in the bottom-right corner to continue the application process.
After clicking Start Application you will be presented with the 'Trading Application Type' page.
On this page, you can select the application type you would like to open.
To open a portfolio for a minor you will need to select the Kids (Minor) option, as displayed below.
Once the Kids (Minor) option is selected, you will be presented with two additional options to choose from on this page, and they are Individual or Joint.
You should select Individual if you wish to have one adult and one minor on the portfolio. You should select Joint if you wish to create a portfolio with two adults and one minor.
Note: If you wish to create portfolios with multiple minors as beneficiaries, each minor will need their own portfolio.
For this portfolio application, we will be selecting Individual.
You will then be asked if any applicants are a tax resident of a country other than Australia. Note that SelfWealth cannot support foreign tax residents. Once you have answered this question, click Next.
You will then be prompted with the 'Primary Applicant Details' form. If you already hold a SelfWealth portfolio, this information will be mostly pre-filled. Enter your details as prompted and click Next.
A screen will be displayed which says 'Redirecting', after which you will be prompted for your own personal details (you will be prompted for the minor/beneficiary's details later).
Fill in your details as prompted, and then click Next.
Note: All fields marked with an asterisk (*) are mandatory, and you will not be allowed to proceed until completing them.
You will then be directed to a page which asks the following question:
"Would you like to include the name of a child under age 18 in the account name? ‘Yes’ or ‘No’"
Note: If you select No to the above question you will still be able to continue with and complete the application, but there will not be a minor associated with the portfolio once completed.
As you wish to include a minor on the application, select Yes.
You will then be prompted to enter the details of the minor for which the portfolio is being created.
Once you have added the minor's details, click Next.
You will then be directed to the 'CHESS Sponsorship' section for the portfolio application. Here you will have the option to choose a 'New HIN' to be allocated to the new portfolio.
If you do not wish to transfer an existing HIN from another broker, and instead wish for SelfWealth to create a new HIN on your behalf click Yes.
Note: For more information on what a HIN is click here.
If you do not wish to transfer any holdings, select No for both questions and click Next.
You will then be presented with the below screen:
On this screen, you have the option of using your residential address (as entered earlier in the application process), or you can choose to specify a different mailing address.
Note: The mailing address you provide here will be registered at CHESS and the relevant share registries. P.O. Boxes are acceptable.
Once you have chosen a mailing address, click Next.
The next screen will ask you to provide details for your nominated bank account. If you choose to withdraw funds from your SelfWealth account, this will be the account the funds are deposited into.
Once you have entered the details for this account, click Next.
The following screen will give you the option to add additional email addresses for contract notes. By default contract notes are sent to your primary email address. You can always modify your contract note email addresses later via the 'Settings' menu.
Once you have completed this section, click Next.
Submitting Your Application
Congratulations! You've made it to the final page of the application.
Here you will be given the option to review the information you have entered on your application. If you wish to make any changes click the Edit button next to the relevant section.
If you are happy with the information displayed here, you can submit your application by scrolling to the bottom and clicking Next.
On the next screen, you are required to complete the 'Applicant Declaration'. Review the information presented and tick each box to indicate that you understand and agree to the provided terms.
At the bottom of the page, you will be asked to provide a 'Completion PIN'. This is a 4 digit code which was emailed to you, and is required to submit your application securely.
Once you have entered your completion PIN, you can click I ACCEPT to submit your application.
Note: If you did not receive a completion PIN in your inbox, be sure to check your junk/spam folder(s). If you still cannot find it, you can also select the option to resend your PIN.
You will now be provided the results of our Electronic Verification (EV) process and any further required actions. If we were unable to verify your identity using our EV process, you will be required to submit certified documents so we may verify your identity.
Additionally, for minor accounts we are required to request a copy of the minor's birth certificate or current passport. Note that this document does not need to be certified. You will also have been sent an email which will allow you to go back to this page at any time (below)
Once you have uploaded your documents, they will be manually reviewed by SelfWealth. If anything further is required we will be in touch via email. Once your application is approved, your account will be ready within 2 business days (this is to allow time for your HIN and settlement account to be generated).