FAQs

SUPPORT

Is phone support provided?

In order to maintain Australia’s lowest flat-fee brokerage we only provide support via email and live chat. Support is available during business hours.

SELFWEALTH

Does my portfolio performance include dividends/income?

Yes, our performance calculation includes income paid.

Can I change the dates for my performance dates?

Reporting periods for performance are currently rolling 1 day, 1/3/6 months, one year and annualised.

How often is a Members performance updated?

Performance for all portfolios is updated every 20 minutes. This includes stock performance and unit prices using the ASX price data feed matched with a Members portfolio holdings.

Does my portfolio get automatically updated?

Yes, portfolios are updated automatically for all buy and sell orders.

Does SelfWealth provide financial advice?

SelfWealth is a platform for self-directed investors, therefore information provided is general advice only and has been prepared without taking account of your objectives, financial situations or needs. Before acting on this general advice, you should consider the appropriateness of the advice having regard to your own objectives, financial situation and needs.

What is a Target Portfolio?

As a Premium Member you can use the strategies of top investors to create a Target Portfolio and measure its performance over time, as well as being able to align your portfolio to this Target Portfolio easily.

Where do you source your research data from?

Our Stock Analysis tool is powered by Thomson Reuters.

Where is the Stock Analysis tool located?

The Stock Analysis tool can be accessed from the left-hand menu, once logged in.

How is SafetyRating calculated?

SafetyRating is a 1 – 5 star rating based on the criteria below, indicating the diversification of a member’s portfolio.

(1) The number of holdings

(2) How evenly that Portfolio is spread across different holdings

(3) A measure of the number of holdings considered lower risk in the Portfolio (such as shares listed on the ASX100, Australian ETPs, cash and interest rate securities or convertible notes)

(4) And on the different types of asset classes in that Portfolio.

What is a WealthCheck score?

WealthCheck measures is the ultimate score of a member, combining the following:

 

  1. Their portfolio performance, relative to the other 50,000 community members
  2. Their Safety Rating (see question above)
  3. A valuation of their portfolio, as provided by Thomson Reuters

 

The Wealthcheck score can range from an F to an A+.

Can Member Like Me preferences be changed?

Yes, Members can change their preferences anytime through the setting menu within SelfWealth. Go to the Members tab | Members Like Me.

Social Following

What can be seen in Member Portfolios?

All Members are anonymous and identified by the use of a nickname. Dollar amounts for your Portfolio are not made public at any time, rather allocations are represented as percentages. Other Members can see nickname, WealthCheck score, Portfolio performance, SafetyRating and Portfolio holdings. If a Member has included another Members Portfolio in their Target Portfolio that Member  will receive a notification when they make a change to their Portfolio.

Is there a limit on the number of Members that can be watched?

Members can watch as many Members as they like. Members can find other Members to watch under the Members section and add them to their Watchlist.

Is it possible to stop watching a Member?

To stop watching a Member go to the Members tab and My Watched Members, select the Member and un-check In My Watch List.

Can Members compare their portfolios?

Yes. This information is accessible through the Members tab.

Share Trading

How many portfolios does a SelfWealth Membership support?

Currently only one portfolio can be linked to each SelfWealth account. Members can view two portfolios one ‘virtual’ and one real trading account referred to as ‘trading’.

Are the shares purchased through SelfWealth CHESS sponsored?

Yes, all shares brought through SelfWealth are CHESS sponsored.

Is international trading available through SelfWealth?

Not currently. International share trading will be supported by SelfWealth in later iterations of the solution.

Is there a minimum parcel size when buying a security for the first time?

Yes, when buying a particular security for the first time, the ASX prohibits the settlement of transaction that will establish a holding of less than $500 based on the closing price of that stock (Marketable Parcel). To provide a buffer for intra-day security price movements and to ensure that we can settle transactions, we will not accept orders for securities that are less than $600 (excluding brokerage and charges) unless holdings in that security are held already under our sponsorship.

Can a SelfWealth account be established using an SMSF?

Yes, Members can establish a SelfWealth account with their SMSF, with all trades settling to your SelfWealth settlement account.

What is an Account Designation?

Account designations are relevant to company, Trust and Superannuation Fund accounts. This is because shares cannot be registered directly in the name of a minor, deceased, unincorporated fund or trust (e.g. superannuation fund).

Examples include <John Smith A/C> or <Smith Super Fund>.

Account designations are not mandatory for individual or joint accounts.

Can orders be changed or cancelled, and is there any charge for it?

Members can change or cancel their orders at no cost as long as the trade is not partially or fully filled. The balance of partially filled orders can be adjusted but the filled portion of the order cannot be modified.

Do Member's get reimbursed for failed trades?

Yes, full reimbursement of trades will be made.

What does good until date mean when placing an order?

Good until date allows Members to select a predetermined date for execution of their order. When selected, orders can be filled before or on the predetermined date selected during market hours.

What does day only mean when placing an order?

A day only order is valid only for the date selected. This order expires at final close of the market.

Does SelfWealth offer Live-pricing?

Yes, Premium members have access to Live Pricing in SelfWealth – supplied by Thomson Reuters.

 

For non-premium members Live Pricing will remain on the orders page as it always has been.

 

 

What is the Market Depth Tool?

Market depth lists all buy and sell orders in the market for a particular security. If you wish to see if there is sufficient liquidity to sell a particular security, you can quickly check how many orders exist, and at which prices. This is particularly important for certain interest rate securities and warrants, where liquidity can be low.

Does SelfWealth have a Market Depth tool?

Yes, market depth is available to Premium members and can be seen on the ‘stock analysis’ and the ‘place orders’ pages in the platform and on the mobile app.

Can HIN or Asset Transfers be blocked?

Yes, HIN and Asset Transfers can be blocked. This can be for a number of reasons including being held in custody, held as security for a margin loan or because there are outstanding orders.

Why is the cash transfer out cut off 2 pm?

The 2pm cut off is to guarantee all payments are processed for the overnight banking batches. Requests received after this time are not guaranteed.

Can a new HIN be established when applying for a SelfWealth trading account?

Yes, a new HIN can be established when applying for a SelfWealth trading account.

Can multiple HIN’s be established with different brokers?

Yes, multiple HIN’s can be held at different brokers.

Can holdings be transferred from an existing broker to SelfWealth?

Yes. The easiest way to do this is when applying for a trading account and selecting the option to transfer all holdings. This will be done electronically. Otherwise, at a later stage, you will need to individually identify the holdings to move across from another broker.

 

If you wish to transfer holdings post-trading account application, please complete a Broker to Broker Transfer form. This is located via the lin the SelfWealth Account | TRADING | Trading Account | Documents & Forms | Broker HIN Transfer Form.

What assets and securities are available on SelfWealth?

ASX listed securities are available within the platform.

Is there a minimum balance to be kept in the Trading Cash Account?

There is no minimum balance required.

Who can use SelfWealth?

SelfWealth members are required to be 18 years or older and an Australian resident for tax purposes.

What are unsettled funds? Can stock be immediately purchased after selling stock?

Unsettled funds are funds that have not yet cleared and settled after selling stock.

You are able to immediately buy stock after selling stock, however, as per standard ASX processes, it will take up to 2 business days for funds to be settled and available to be withdrawn from the cash account.

How can funds be transferred into the trading cash account?

In branch transfers are not supported.

To transfer funds into the trading cash account, once logged in go to Trading Account > Cash Account via the left-hand side menu. Select “Add cash to this account” under TRADING Cash Account.

Cash transfers take 1-2 business days, remembering there is a 2 pm cash cut off time.

The preferred method of transferring funds is via BPay or Direct Bank Transfer.

How are funds transferred out of the Trading Cash Account?

Once logged in, go to Trading Account > Cash Account via the left-hand side menu.  Select ‘Transfer Money from Cash Account’ under ‘Nominated Bank Account’.

Which bank holds the funds in the cash account?

Funds are held in a trust account held in SelfWealth’s name as bare trustee for you; monies are held by ANZ. SelfWealth is not entitled to withdraw any amounts from your cash balance in the trust account, except in accordance with a direction from you.

 

Each SelfWealth Cash Account is reported individually to APRA by ANZ, the trust account is governed by ASIC and cannot be used for corporate purposes, including if SelfWealth were to go into liquidation and needed to pay debtors.

What interest rate is paid on my cash account?

Interest is paid on the balance of your cash account within the following tiers:

 

<$10,000 no interest paid
$10,000 to $100,000 — 0.5% interest per annum
>$100,000 — 0.75% interest per annum

 

Interest will be calculated daily and applied to your account within 5 business days after the end of the month.

Are there any fees associated with the cash account?

No, there are no fees associated with the cash account. BPay transfers will attract a fee of $1.00 per transaction.

Does SelfWealth support ETF's?

Yes Members can trade in ETF’s through SelfWealth TRADING.

Can the Trading Cash Account be overdrawn?

Members cannot overdraw their cash accounts when placing a Limit Order.

To avoid funds being overdrawn in the Trading Cash Account when placing a Market then Limit Order we have implemented buffers for Market movement.

< $0.01 – 20 % buffer for Market movement

< $0.11 – 15 % buffer for Market movement

< $1.00 – 10 % buffer for Market movement

< $50.00 – 5 % buffer for Market movement

> $50.00 – 2.5 % buffer for Market movement

Failed trades would be at the expense of the Member.

Are there fees associated with transferring holdings to SelfWealth from another broker?

SelfWealth do not charge for HIN or Asset Transfers.

 

Off Market Transfers do attract a fee of $27.50 per holding. This fee is charged to you directly by OpenMarkets, on your authority they will debit the fee directly from your SelfWealth cash account.  An Off Market Transfer is a method for privately transferring shares between two shareholders. Essentially, an offmarket transfer is a change of ownership as the shares are not being publicly traded on the share market.

How can a Member transfer assets from another broker to SelfWealth after their account has been established?

To transfer assets after an account has already been established a broker to broker transfer authority form needs to be completed.

How can issuer sponsored holdings be transferred to SelfWealth after an account has been established?

To transfer assets after an account has already been established a Convert Issuer Sponsored holdings form needs to be completed.

 

What is an in-species transfer?

An in-species transfer is the transfer of assets between different ownership structures, for example from your own name to a trust account.

 

Are you able to trade without a SelfWealth Membership?

Yes, there is no membership required to access SelfWealth TRADING, just pay for your trades as needed. There is an optional feature to access our community for $20.00 per month.

How is a trade placed?

Placing a trade is simple, go to TRADING Portfolio | Place Orders. View Video.

What account types does SelfWealth TRADING support?

  • Individual
  • Joint
  • Company
  • Trusts
  • Self-Managed Super Funds (SMSFs)

Can the nominated bank account details be changed?

Yes, a change of nominated bank account details form must be completed and submitted as per instruction on the form. Go to TRADING|Trading Account|Documents & Forms.

Why can't the cash balance for the Trading Cash Account be seen in ANZ?

All cash is held in custody and can only be viewed via SelfWealth. Go to TRADING|Trading Account|Cash Account.

Do Members receive a Financial Statement for the Trading Cash Account?

Yes. Members will receive a statement annually in September.

How do you pay for trades and Membership?

The $9.50 brokerage fee will be deducted from you cash balance at the time of placing your trade.

To purchase a membership, members can use a credit card.  We accept VISA, Mastercard, VISA Debit and Mastercard Debit. Alternatively, you can elect the membership fee to be deducted from your cash balance account.

To update your payment preference, go to Trading Account > Payments and Invoices.

 

Where do you view available trades?

Available trades can be viewed by going to TRADING | Trading Account | Trades.

How long are my trades valid for?

Any referral trades received via referrals are valid for 1 month from the date of issue.

Can an existing bank account be used for trading activities with SelfWealth TRADING?

We only allow the ANZ Trading Cash Account to be used for trading activities.  We will automatically open an ANZ Trading Cash Account as part of the SelfWealth TRADING application process.

What is the nominated bank account used for?

The nominated bank account is used to transfer funds out of the Trading Cash Account.

Does there need to be funds in the Trading Cash Account before I execute an order?

Yes, funds must be available in the Trading Cash Account before placing an order. The order will not execute if there are insufficient funds in the Trading Cash Account.

What does Market to Limit order mean?

A Market-to-Limit order executes as a market order at the current best price. If the order is only partially filled, the remainder is submitted as a Limit order with the Limit Price equal to the price at which the filled portion of the order executed.

What is a Limit order?

A Limit order is an order to buy or sell stock at a specific price or better. A buy limit order can only be executed at the limit price or lower, and a sell limit order can be only executed at the limit price or higher.

Are there additional fees for orders placed outside market hours?

No additional fee is charged.

How does making an amendment to an order affect the position of an order in the market?

Amending number of units

If there is an order to purchase 400 units of GGG and the order is amended to 600 units, the existing 400 units will remain in the same position in the market, while the additional 200 units will go to the bottom of the queue within the price interval.

Amending Limit Price

If there is an order to purchase 400 units of GGG at $2.65 and  the order is amended to $2.55, the entire order will be moved to the bottom of the queue for that price interval.

Amending Expiry Date

Will not affect the position in the market.

What is the Share Registry?

A Share Registry is an organisation which, on behalf of a company, records changes in share ownership, issues share holding statements and makes adjustments for dividend payments, bonus and rights issues. To find the share registry for a company, go to the ASX, enter the code, and click on the details tab.

CONDITIONAL ORDERS

What is a conditional order?

A conditional order is an advanced order e.g. ‘stop loss’ that is automatically submitted into the market or cancelled if specific rules are met. The rules are placed at the time the order is submitted by the trader.

How to enable the stop loss feature.

Note: this must be done via a web browser, not on the mobile app.

 

To enable the stop loss functionality, you will need to read and accept the ‘SelfWealth Advanced Order Terms and Conditions’ before you enable the feature.

 

Access this via the menu option Trading > Trading Account > Settings > Advanced Orders.

What is a stop loss order?

A type of conditional order. An order placed to sell a security once it reaches a certain price and is used to limit an investor’s loss. The order is placed ‘in market’ at the limit price once the trigger price is met.

Is the stop loss order guaranteed to be filled?

No, there is no guarantee that a stop loss order will be filled and is subject to the standard satisfy standard market trading rules. Please refer to the trading terms and conditions.

What if a stop loss order is not triggered?

If your stop loss is not triggered, it will expire at the expiry date you have set. Once the order expires you will need to resubmit your order

Note: Any unfilled units can be amended prior to the order expiring.

What are trigger and limit prices?

When you place stop loss orders you set a trigger price and a limit price.  Once the share price reaches the trigger price the limit order is placed in the market.  The limit price will ensure the shares are not sold at a price lower than the limit price you set.

Can the trigger price and limit price be the same value?

Yes!

What is 'waiting activation' for a stop loss order?

When a stop loss order is submitted, the order will have a ‘waiting activation’ status until the trigger price has been reached.  Once the trigger price has been met, the status of the order will change to ‘in market’.

How long can an order sit in the market?

You can set an order to sit in the market for up to 180 days.  Any unfilled units can be amended prior to the order expiring.

Payment

Is a Tax Invoice sent out for Memberships and trades?

Yes we will email a Tax Invoice upon payment of Membership and trades.

Can SMSFs pay for my Memberships and trades with a credit card?

SMSF’s cannot have credit cards. We suggest that the SMSF repay the billed credit card.

What account do dividends get paid into?

Dividend payment accounts must be nominated via the share registry for each new holding that is purchased .

Trading Applications

How can the trading application be resumed?

Locate the email titled – SelfWealth TRADING account application (it will include a reference no.) this email is sent from support@selfwealth.com.au, this email contains a resume application link. This email also contains a completion pin that is to be entered at the end of the application. Please check your junk or spam inbox for this email.

What is the completion PIN?

The completion PIN is used to confirm an applicants identity and to submit their trading application. The completion PIN is 4 digits and is entered at the bottom of the Investor Declarations page.  A completion PIN is sent to all authorised signatories. Each signatory must enter the completion PIN to finalise the application.

Why can't the completion PIN be entered?

All Investor Declarations must be agreed to for the completion PIN to be able to be entered. There is a total of 6 boxes to be ticked.

What causes the EV (Electronic Verification) Check to fail?

  • Name and residential address does not match at least two data sources.
  • Date of birth cannot be validated with at least one data source
  • No customer transaction history has been found for the past three years

Who can certify documents?

  • Judge of the court
  • Justice of the peace
  • Solicitor
  • Police Office
  • Permanent employee of Australia Post with 2 or more years of continuous service
  • Chartered accountant, CPA or member of the National Institute of Accountants with 2 or more years of continuous membership
  • An officer with, or representative of, a holder of an AFS License, with 2 or more continuous years of service with one or more licensees

What documents are required to get an account approved?

One certified Primary document and one certified Secondary Document is required.

Examples of Primary documents:

  • Drivers’ licence
  • Passport (current or expired within 2 years
  • Photo ID Card issued by a State or Territory
  • Foreign Passport or similar document containing a photograph and signature

 

Examples of Secondary Documents:

  • Bank Statement
  • Credit Card Statement
  • Local rates Notice
  • Utilities Bill
  • Tax Assessment Notice

Can Members get their documents certified whilst overseas?

Yes, if Members are currently outside of Australia, documents can be certified by one of the following:

  • A solicitor or barrister qualified in Australia and holding a current practicing certificate. This includes Migration Agents who are also solicitors or barristers qualified in Australia
  • Officers of any Australian bank or other Australian financial institution (bank, building society or credit union) or Australian finance company with offices offshore where the officer has 2 or more years’ service with Australian financial institutions or Australian finance companies
  • A police officer of another country
  • A judge, magistrate, registrar or deputy registrar of an overseas court
  • An Australian consular or diplomatic officer who holds one of the following positions: Consul-General, Consul, Vice-Consul, Trade Representative, Consular Agent, Ambassador, High Commissioner, Minister, Head of a Mission, Commissioner, Charge d’Affaires, Counsellor, Secretary or Attache at an Embassy, High Commissioner’s office, Legation or similar.
  • A member of the Institute of Chartered Accountants in Australia, CPA Australia or the National Institute of Accountants with 2 or more years of continuous membership

General

How can Members cancel their Membership?

Members need to get in touch with SelfWealth members@selfwealth.com.au to cancel their Membership or Trading Account.

Why are portfolios kept anonymous?

We respect our Member’s privacy, therefore we do not display any information that could make Members identifiable to one another.

Does SelfWealth provide Financial advice?

SelfWealth is not a Financial Product, all information provided is, unless otherwise indicated, factual information and does not involve any recommendation or statement of opinion by SelfWealth or any third party. Such information does not take into account your objectives, financial situation or needs and you should consider obtaining professional financial advice before making any investment decision. SelfWealth operates under AFSL #421789 as General Advice only.

What is CHESS?

CHESS (Clearing House Electronic Subregister System) is the computer system used by the Australian Securities Exchange (ASX) to record shareholdings and manage the settlement of share transactions.

What are CHESS sponsored shares?

Shares that are registered with a stock broker. CHESS sponsored shares are allocated a HIN (Holder Identification Number) by the broker.

Are the shares purchased through your platform CHESS sponsored?

Yes, all shares brought through SelfWealth are CHESS sponsored.

What time does the ASX market open?

Orders can be placed during the ASX trading hours. Limit orders can be placed outside of ASX trading hours but will not enter the market until the market re-opens. Market than limit orders cannot be placed outside of ASX trading hours.

What is a Broker PID? (Participant Identification Number)

A PID is an acronym for Participant Identification Number which is a Broker’s identification number. PID’s can be located on a CHESS statement, online trading account, or by contacting the current broker.

What are Issuer Sponsored Holdings?

Issuer Sponsored holdings are sponsored by the issuer not by a CHESS participant.

Issuer sponsored holdings use a SRN (Security Reference Number) which typically begin with an “I”. SRN’s can be found on a holding statement or other communication that has been mailed by the company’s share registry.

What is consideration? (The value of the transfer or sale)

The price paid by the buyer to the seller for the securities on the date of transfer/sale, or market value.

Is a separate form required for each stock when completing an Off Market Transfer?

Yes, a separate standard transfer form must be completed for each different class of security and each different registered holding.

How are address details changed?

To change address details please complete the Change of Address form.

How can the Trading Account Name be changed?

To change the Trading Account Name please complete the Account Name Change form.

What do you use for your username?

Your username is the email address used to register for SelfWealth.

How do you reset your password?

Members can reset their password using the forgot password button on the account login page. Enter their email address in the required field and select send instructions button. An email will be sent that contains instructions on how to reset their password.

What is the cost of the SelfWealth Premium after the 90-day free trial?

SelfWealth Premium is optional. If Members opt-in to SelfWealth Premium the fee is $20.00 per month.

Mobile Trading App

Why can’t Touch ID or Pin be set up for the SelfWealth Account login for the app?

To enable Touch ID or a PIN with the SelfWealth TRADING app it must be set as a default in the phone settings.

Is there an app for an iPad or tablet?

SelfWealth’s site is fully responsive therefore there is no dedicated app for tablets.

Is the SelfWealth TRADING app identical to the desktop site?

The app facilitates trading only, you can view your Dashboard and Portfolio, Stock Analysis, Order Placement and review.

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