OneAnswer Portfolio Service
An easy way to manage your investment portfolio.
What is the OneAnswer Portfolio Service?
The OneAnswer Portfolio Service makes managing your investments simple and easy. It allows you to build your investments in a single portfolio, which we administer on your behalf. We take care of the paperwork, so you can focus on your investment objectives.
How does it work?
You work with your financial adviser to decide what you want to invest in, and when to buy and sell investments. Your adviser will then instruct us and we’ll carry out those instructions.
We arrange for a custodian (currently FNZ Ltd) to hold your investments. Your investments are registered in the name of the custodian, but you retain ownership. This allows us to handle all transactions on your behalf and consolidate your portfolio. We’ll also open a Cash Management account for all deposits and withdrawals from your account with us.
You retain control of your investment strategy, but we look after the administration – leaving you to focus on managing and building your portfolio.
How to join
To join the OneAnswer Portfolio Service, you must have:
- A financial adviser.
- An investment portfolio of $10,000 or more.
You’ll need to read the Guide and Client Agreement, complete the application form and relevant documents, then send them to your adviser.
Fees
The fees you pay for the OneAnswer Portfolio Service are made up of:
Administration and custodian fees
Administration and custodian fees | |
|---|---|
Total value of your account | Annual fee |
Less than $500,000 | 0.35% |
Greater than $500,000 | 0.30% |
Greater than $1,000,000 | 0.25% |
Greater than $5,000,000 | 0.10% |
Term deposits | 0.00% |
OneAnswer Multi-Asset-Class Funds | 0.00% |
Cash management account | 0.00% |
The fee is calculated using the monthly daily average balance of your account and paid monthly in arrears.
Client fee example
Value | Annual fee | |
|---|---|---|
Cash management account | $50,000 | 0.00% |
Term deposits | $60,000 | 0.00% |
OneAnswer Multi-Asset-Class Funds | $10,000 | 0.00% |
Other investments | $400,000 | 0.30%* |
*In this example, the client’s total portfolio is greater than $500,000, therefore a 0.30% annual fee applies to the investments.
Expenses on your account
This covers actual expenses incurred in administering your portfolio, for example brokerage fees and break fees.
Brokerage for the sale or purchase of shares and fixed interest is calculated as either a percentage of the value of each transaction, or a fixed fee, as shown below:
Brokerage* | |
|---|---|
NZX shares | 0.30% or $30 |
NZX fixed interest | 0.25% or $30 |
ASX shares | 0.30% or AU$30 |
ASX fixed interest | 0.25% or AU$30 |
Offshore shares | 0.30% or $40 |
Offshore fixed interest | 0.30% or $40 |
*Whichever is greater, plus any external charges such as stock exchange trading fees.
Other account expenses may include third party brokerage, break fees, management fees, and supervisor fees (within a fund). You should ask your financial adviser for more information about these.
FNZ Limited administration fees
The custodian, FNZ Limited, may deduct the following from your Cash Management Account:
- an administration fee from interest earned on your Cash Management Account
- an administration fee on any transaction where money is converted from one currency into another.
For more information on these fees, see the FNZ Disclosure Statement.
Your financial adviser's fees
Your financial adviser will charge you a fee for their services, which may include helping manage your investment account. Your adviser will discuss and agree their fees with you.
By signing the Client Agreement with us, you authorise these agreed fees to be paid (by deduction) from your Cash Management Account.
Other important information about fees
Tax deduction on fees
Some of the fees charged by your financial adviser or the OneAnswer Portfolio Service could be tax deductible. Your financial adviser or tax adviser will be able to tell you more about this.
Fee rebates
From time to time, you may receive fee rebates (such as for managed funds). On your application form, you can choose whether these rebates are paid to you or to your adviser. You should ask your financial adviser for more information.
Trail commissions
Some investment providers will pay trail commission to advisers when their clients acquire an investment product. On your application form, you can choose whether these trail commissions are paid to your or your adviser.
Frequently asked questions
How do you give us your instructions?
To tell us what you want to do with your investments, you (or an authorised person you’ve named) can instruct your financial adviser, who will provide this information to us.
Your adviser can give us instructions without you needing to authorise them, as long as you have given authority to your adviser (Adviser Authority) over your OneAnswer Portfolio Service account.
How do you make deposits and withdrawals from your portfolio?
When you join the OneAnswer Portfolio Service, we’ll open a Cash Management Account for you. All your cash transactions flow through this account. You can make deposits to, and withdrawals from, your Cash Management Account whenever you want.
Can you set up regular withdrawals?
Yes. If you want a steady income stream from your investments, you can set up a regular withdrawal facility. The amount you choose will be deposited in your bank account at the frequency you choose.
What happens to income from your investments?
We receive and report on any income (or other benefits) from your investments in your Cash Management Account.
Do you receive interest on your Cash Management account?
You may receive interest on money held in your Cash Management Account. The rate of interest that you receive:
- will depend upon the currency in which the money is held
- may vary from time to time
- is paid to your Cash Management Account after administration fees are deducted by the custodian, FNZ Limited.
What tax reporting will you receive?
We will send you a consolidated statement after the end of the tax year (i.e. after 31 March). This statement details the income you've received during that tax year as well as any tax you've paid on assets you hold through the service. When you've got investments in a portfolio investment entity (PIE), we’ll provide you with an investor certificate detailing your income, tax credits, any allocated rebates, as well as any PIE tax paid on your behalf.
What should you do if you want to stop using the OneAnswer Portfolio Service?
Your investments are registered in the name of the custodian. This means that if you want to stop using the OneAnswer Portfolio Service, we’ll either need to transfer legal ownership of the investments back to you or you can sell your investments.
What else do I need to be aware of?
Investments are not guaranteed:
Investments that are made available through the OneAnswer Portfolio Service are not guaranteed by ANZ Bank New Zealand Limited, Australia and New Zealand Banking Group Limited (together ‘ANZ Group’), or any other person. We don’t research or review investments to determine their suitability for you.
We’re not responsible for your Financial Adviser:
To join the One Answer Portfolio Service, you must have a financial adviser. The agreement you have with your adviser, and the extent of their role, will be set out in a separate agreement that you have with them. We’re not responsible to you for anything that your adviser does (or fails to do).
Important information
ANZ is not responsible for choosing or reviewing investments made through the OneAnswer Portfolio Service.
Advisers using the OneAnswer Portfolio Service are not ANZ employees or agents. ANZ is not responsible for what your adviser does or does not do.