Safe Money Management Practices

We recommend you always adhere to the following safe money management practices:

  • Only act on financial product advice received from Authorised Representatives of AAS and always read the relevant Product Disclosure Statement before investing in a financial product.
  • Ensure any cheques you draw can only be used for the purpose intended by always:
    • Making your cheques for investments payable to the Financial Institution in the format of ‘Trustee’ – ‘Fund Name’ – ‘Your Name’;
    • Crossing your cheque ‘not negotiable’ and crossing out ‘or bearer’.
  • Make sure you receive written confirmation of your investment from the Financial Institution or Share Registry within 3 weeks of investing. Please also check that the investment was made in the correct name, fund or share.
  • All financial statements should be sent directly to you from the Financial Institution, not via a third party (this includes your Adviser). You should receive a new statement at least once a year and you should check all transactions that have taken place since the previous statement.
  • Do not appoint anyone from your adviser’s firm as your Personal Representative/Agent, Power of Attorney or Account Operator as it allows them to redeem your investments. Please note that appointing your investment adviser as an authorised nominee for online broking transactions, does not give them the ability to redeem your investments.
  • Give careful consideration to the establishment of an Enduring Power of Attorney as it authorises an individual to sign on your personal, business or Self Managed Super Fund (SMSF) bank accounts or cheque books.
  • If you have a Self Managed Super Fund (SMSF), and your adviser’s firm recommended the investment strategy, placed the investments and/or administers your SMSF, an unrelated partner or accounting firm must audit your fund.
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