Transactions

STREAMLINED PORTFOLIO ADMINISTRATION

Wealthport realise the importance of keeping you up to date when it comes to the progress of your instruction, and do so via automated email and SMS correspondence. Financial advisors are provided with an online portal where they are able to keep track of client portfolios and load instructions on behalf of clients. Any instruction submitted in such a manner for which there are no outstanding requirements may be submitted up until 13h00 for Unit Trusts and ETFs and 10h00 for Money Market Funds in order to be processed that same day. For more information, please refer to our Ts & Cs or our detailed instruction turnaround times. Wealthport facilitates client approval of instructions submitted online on behalf of clients where required by FAIS. Read more about FAIS.

Commissions

Wealthport facilitates the deductions and payment of initial and annual service commission to Financial Advisors. The maximum initial commission that a Financial Advisor is permitted to charge on the Wealthport platform is 3%. The maximum ongoing annual service commission is 1.5%.

Fees

At Wealthport we believe in complete transparency with regards to costs and we want our financial advisors and clients to have a clear understanding of our fee structure. We have provided a breakdown of all fees charged during the lifetime of an investment with Wealthport. Our priority is to keep costs as low as possible.

INITIAL FEES

Administrator fee: There are no initial administration fees. Product Supplier fee: The Product Supplier may charge an initial fee on investment into their Product. This includes when investment into the product takes place via a switch. You can refer to the fund fact sheet of the fund to determine if an initial fee is applicable. (Fund fact sheets are coming soon!) ETF Broker fee: The Client will pay a 0.1% (plus VAT) ETF Broker fee when purchasing or selling or switching an ETF. The fee will be deducted from the investment amount before the investment in an ETF is processed or before the proceeds of the sale are paid out. Any regulated fees such as the Investor Protection Levy and nominal STRATE settlement fees will be passed on to the client and are incorporated into the purchase or sale price of the ETF.

ONGOING FEES

Administrator fee: Wealthport has the lowest all in cost of portfolio fee in the market. Annual administration fees are determined between the Advice Practice and Wealthport. Wealthport is 100% clean priced platform which means it receives or takes no rebates or kickbacks on funds listed on its portal. Wealthport will calculate the monthly fee due on an investment portfolio and if the fee amount is less than R10 (plus VAT) for an individual portfolio then a minimum fee of R10 (plus VAT) will apply. Annual administration fees will be calculated as a portion of the annualised percentage fee and will accrue daily on client investment portfolios. The fee will be deducted proportionality from all funds in the portfolio in the form of units. Deduction will take place in arrears on a set date of the month for the previous calendar month. If there is a transaction in progress on the portfolio which prevents this from taking place then the fee deduction will take place the following month or on request once the transaction in progress has completed processing. In the event that a client performs a full withdrawal from a portfolio, any administration fees due for the month but not yet deducted will at such time be deducted from the withdrawal amount. Product Supplier Fee: The Product Supplier charges annual investment management fees. This fee, as well as other legally allowed expenses, is incorporated into the published price (NAV price) of the fund. The investment management fee may be fixed or performance related. The total expense ratio encompasses all of these charges and the ratio for each investment option offered on the platform is indicated on the fund fact sheet. (Fund fact sheets are coming soon!)

Instruction Approval

Category I and Category II Financial Advisors can use our platform, however certain bulk instructing facilities are only available to Category II Advisors. Wealthport will also ensure that we obtain final approval from the end-client to process instructions submitted on their behalf by a Category I Financial Advisor.

ETF Administration

Wealthport is one of the first platforms in South Africa to facilitate ETF investment within a traditional LISP or Retirement Fund portfolio. Whilst every effort is made to create standardised administration processes, the nature of an ETF means that there are certain instances in which they must be managed differently to the typical procedures used for unit trusts. We have provided an ETF information page where we unpack the details with regards to ETF administration.

FICA

FICA was established in 2001 in order to prevent money laundering and other money related fraud. In accordance with this legislation, financial institutions are required to gather information to ensure that they have established and verified the identity of their clients. We have provided a detailed FICA requirement list for your reference.

1. Natural Persons

1.1 A South African bar-coded identity document or passport for a foreign national with three specimen signatures.
1.2 Proof of residential address (not older than three months).
1.3 The first page of the client’s bank statement/canceled cheque.
1.4 An official document issued by SARS reflecting the tax registration number or a letter confirming that the client is not registered for tax indicating the reason.

2. Minors

2.1 Minor’s birth certificate,South African barcoded identity document or passport.
2.2 Confirmation of legal guardianship.
2.3 FICA documents for the guardian as required for Natural Persons.
2.4 The first page of the client’s bank statement/cancelled cheque.
2.5 A letter of request from the guardian to manage the minor’s investment and receive relevant communication from Wealthport as the authorised person.

3. South African companies

3.1 CM1/Memorandum of Incorporation (CoR 15.1A). Proof of registration should reflect the directors’ details.
3.2 Proof of business address (not older than three months).
3.3 A letter of authority/resolution from the Board of directors specifying the following: Natural person/s authorised transact on behalf of the company.
3.4 Documents as set out in 1.1 and 1.2 for all directors.
3.5 Documents as set out in 1.1 and 1.2 for all individuals authorised to act on behalf of the company.
3.6 Documents as set out in 1.1 and 1.2 for individual/s with a shareholding of 25% or more.
3.7 Proof of registration/Incorporation and proof of address for any legal entities with a shareholding of 25% or more.
3.8 The first page of the entity’s bank statement/original canceled cheque.
3.9 An official document issued by SARS reflecting the tax registration number.
3.10 Proof of VAT registration if applicable.
3.11 Written confirmation of the company’s shareholding.

4. Foreign companies

4.1 An official document of Incorporation approved by the foreign regulator.
4.2 Proof of business address(not older than three months).
4.3 A letter of authority/resolution from the Board of directors specifying the following: Natural person/s authorised to transact on behalf of the company.
4.4 Documents as set out in 1.1 and 1.2 for individuals authorised to act on behalf of the company.
4.5 Documents as set out in 1.1 and 1.2 for individual/s with a shareholding of 25% or more.
4.6 Documents as set out in 1.1 and 1.2 for all directors.
4.7 Proof of registration/Incorporation and proof of address for any legal entity’s with a shareholding of 25% or more.
4.8 The first page of the entity’s bank statement/original canceled cheque.
4.9 An official document issued by SARS reflecting the tax registration number if issued.
4.10 Proof of VAT registration if applicable.
4.11 Written confirmation of the company’s shareholding.
Wealthport (Pty) ltd, registration number 2012/025878/07 Version 0.1

5. Trusts

5.1 Letter of Authority granted by the Master of the High Court.
5.2 Trust Deed and Founding document.
5.3 A letter of authority/resolution specifying the following: Natural person/s authorised to transact on behalf of the Trust.
5.4 Documents as set out in 1.1 and 1.2 for the founder of the trust and all trustees.
5.5 Documents as set out in 1.1 and 1.2 for the trust beneficiaries.
5.6 Documents as set out in 1.1 and 1.2 for individuals authorised to act on behalf of the Trust. 5.7 Proof of registration/Incorporation and proof of address for any trustees that are legal entities, partnerships or Trust/s acting as Trustees.
5.8 Proof of registration/Incorporation for any legal entities, partnerships or Trust/s acting as Trustees that have been named as a beneficiary of the Trust.
5.9 The first page of the Trust’s bank statement/cancelled cheque.
5.10 An official document issued by SARS reflecting the tax registration number or a letter confirming that the trust is not registered for tax indicating the reason.
5.11 Proof of VAT registration if applicable.
5.12 A death certificate where the founder of the trust is deceased.

6. Partnerships

6.1 The partnership agreement with the registered number of incorporation and registered name.
6.2 Proof of the registered address of the partnership.
6.3 If the partnership is a Trust or if one or both partners are Trusts, we require all the FICA documents as required for a Trust.
6.4 A letter of authority/resolution specifying the following: Natural person/s authorised to transact on behalf of the partnership.
6.5 Documents as set out in 1.1 and 1.2 for all partners with executive control.
6.6 Documents as set out in 1.1 and 1.2 for all individuals authorised to act on behalf of the partnership.
6.7 The first page of the Partnership’s bank statement/canceled cheque.
6.8 An official document issued by SARS reflecting the tax registration number.
6.9 Proof of VAT registration if applicable.

7. Close Corporations

7.1 CK1 for the close corporation. Proof of registration should reflect the members’ details.
7.2 Proof of business address (not older than three months).
7.3 A letter of authority/resolution from the Board of directors specifying the following: Natural person/s authorised to transact on behalf of the close corporation.
7.4 The first page of the close corporation’s bank statement/original canceled cheque.
7.5 Documents as set out in 1.1 and 1.2 for all close corporation members.
7.6 Documents as set out in 1.1 and 1.2 for individuals authorised to act on behalf of the close corporation.
7.7 An official document issued by SARS reflecting the close corporation tax registration number.
7.8 Proof of VAT registration if applicable.

8. Sole Proprietor

8.1 Fica documents for the sole proprietor as required for Natural Persons.
8.2 Proof of a physical business address of the sole proprietor by means of providing a written statement on a letterhead of the sole proprietor.
8.3 The first page of the sole proprietorship bank statement/canceled cheque.
8.4 Proof of VAT registration if applicable