A MDA is an investment portfolio management service where investors can provide discretion to an investment manager to manage their portfolio on their behalf in accordance with their instructions, investment objectives and an agreed investment program.
Entering into a Managed Discretionary Account contract eliminates the need to constantly obtain an investors agreement or instructions to sell, buy, apply for, or redeem investments in financial products.
MDAs are regulated by the Australian Securities & Investments Commission (ASIC) and the provision of MDA services must meet certain conditions of the Corporations Act 2001, Regulatory Guide 179 and the ASIC Corporations (Managed Discretionary Accounts) Instrument 2016/968. MDAs are managed by a Managed Account Operator that must hold an Australian Financial Services License authorising them to provide MDA services.
In the case of Implemented Portfolios – we act as the Managed Account Provider and manage your portfolio on your behalf in accordance with your adviser’s instructions, and the investment objectives and investment program agreed between you and your adviser. Through your adviser we ensure at least once every 13 months that our service continues to remain appropriate for your needs.
We recommend you speak to your financial adviser or seek independent financial advice to determine whether this is suitable for you.