Financial advisers can onboard their clients to the Selfwealth Adviser platform by submitting an application on their behalf.
This is done via the 'My Clients' screen, where advisers can:
- add a new application
- view a summary of completed or in-progress applications, including the status of each
- modify an existing application
How do I submit an application?
Supported Account Types
Selfwealth supports multiple account types, including:
- Kids (minor)
- Self-Managed Super Funds (SMSF) (Individual and Corporate Trustees)
- Other Trusts e.g., Family Trusts (Individual and Corporate Trustees)
Before Starting the Application
Before adding an application, it's recommended you have the below information ready:
- The primary applicant's drivers licence or passport (a certified copy of one of these documents may be required if the client does not pass electronic verification), including their residential address and date of birth.
- The primary applicant's email address.
- A TFN (for individual clients) or an ABN (for business clients).
- An existing Australian bank account registered to the same individual/entity as the trading account (this will act as the nominated withdrawal account).
- The client's current HIN and broker name (if the client wishes to transfer their existing HIN/holdings to Selfwealth).
Additional information will likely be required depending on the account type. We've prepared a handy guide outlining the specific requirements for each application type, which can be found by clicking here.
Creating an Application
Follow the below steps to add a new application on behalf of a client:
1. Log in to the Selfwealth Adviser Platform
2. Click My Clients on the left-hand navigation bar.
3. Click Add Applications as New Client.
4. Click Start Application.
5. Choose the type of account you'd like to add (in this example we will be creating an Individual account). Depending on your selection, you may also need to select an option below relating to tax status. When ready, click Next.
6. Enter the primary applicant's details as prompted (this individual must be authorised to view/operate the account). This information is used to generate a user login for the client (for more information click here). Take care entering the details in this section, as you cannot go back and change them.
For trust/SMSF accounts the primary applicant must be a trustee or director of the trustee company (whichever is applicable). You will be given the option to add additional applicants later on in the application (all applicants will have access to the trading account). When ready, click Next.
7. This will redirect you to our external application platform, where you can follow the prompts to complete the client's application. The information required here will differ depending on which account type you selected.
If you need more time, you can now exit the application and come back to it at any time. How to return to an existing incomplete application will be covered in the following sections.
Submitting an Application for Client Review
After you have entered all the required details, you will be able to submit the application. Once it is submitted, we will email the application to the primary applicant on your behalf to review and accept the terms and conditions of the account.
The applicant will also receive a unique PIN in this email, which they must use to review and approve the application. Any additional applicant(s) will then be emailed to approve the application once the primary applicant has provided approval.
Client Document Submission
If we require additional documents to approve the client's application (e.g. certified photo ID, or a copy of the trust deed), they will also be prompted to upload these documents using a link sent via email. Alternatively, you can upload these documents yourself via the application manager, which is discussed here.
Please note: we will only ask for documents after the client(s) have reviewed and approved their application.
Resending a Client's Approval Email
You can resend the approval email to the primary applicant by clicking My Clients (1) and selecting the Incomplete Applications tab (2). All incomplete applications will be displayed in a list. To resend the approval email, click the button labelled Resend PIN next to the application name.
How do I view incomplete and outstanding applications?
Opening the Application Manager
You can view a list of all applications in detail by clicking My Clients (1) and then Manage Client's Applications (2).
This will redirect you to the LAB application manager. From here you can track and manage your client applications in detail.
Searching for an Application
You can search for a client's application using their name or email address via the search bar at the top of the screen. The ( ) button next to the search bar can also be used to filter applications by details such as status or assignee.
You can generate a CSV export of the currently listed clients using the 'More' drop-down menu in the top-right corner.
Understanding the 'Application Status'
The 'application status' indicates which stage of the application lifecycle an application is currently at.
The main statuses and what they mean are outlined below:
- 'Adviser Edit' - this means that the adviser is in the process of filling in the client's application form.
- 'Adviser Submit' - this means that the adviser has submitted the application but the applicants are yet to approve the application.
- 'Documents Pending' - this means that additional supporting documents must be uploaded before the application can be approved (if you've already uploaded all required documents you can ignore this). After documents have been uploaded, the application will be forwarded to our accounts team for review.
- 'Complete' - this means that the client's application has been approved. This approval may have been automatic (if the client passed electronic verification) or manual (if additional supporting documents were required). Please note that it can take up to 3 business days after approval for the client's account to become active.
Viewing Details of an Existing Application
To view details of an existing application, locate the application in the application manager and click on it.
This will bring up the application details. From here you can:
- edit an in-progress application
- track the application's progress
- view a summary of required supporting documents
- upload and download supporting documents
Uploading Supporting Documents to an Existing Application
Any required supporting documents will be shown under the 'Identification Requirements Summary' when viewing the client's application.
Any applicants (clients) on the account will be emailed a link prompting them to upload documents after they have reviewed and approved their application.
Alternatively, an adviser can upload documents by opening the client's application and dragging the files into the highlighted part of the 'Documents' section, shown below:
If a document has already been uploaded, you can download a copy by clicking on the document name.
Once a supporting document is uploaded, it will immediately be forwarded to the Selfwealth Accounts Team for review.
Editing an Existing Application
To edit an in-progress application, open the application in the application manager and click the Edit button at the top of the screen. This will open the application editor in another tab.
Please note: if an application has progressed past the 'Adviser Submit' status, you will no longer be able to edit it.