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FIIG can help you to understand if you are a ‘Wholesale client’ (including ‘Sophisticated investor’). One way is to obtain a certificate from a qualified accountant that you have net assets of $2.5 million or a gross income for each of the last two financial years of at least $250,000. FIIG can provide you with the form of this certificate.
FIIG will provide you with a form to complete called, ‘Becoming a Wholesale client’ which will help you register correctly as a Retail or Wholesale client.
Some bonds can be bought in parcels of less than $500,000 but only by ‘Wholesale clients’, rather than ‘Retail clients’. Therefore, those ‘Wholesale clients’ (including ‘Sophisticated investor’) under the Corporation Act 2001, have access to invest in a broader range of bonds.
Custodian services are where a company (licensed by ASIC to do so) holds clients’ assets (such as bonds) in safe custody for their clients.
To open your bond trading account and purchase bonds through FIIG, you are required to have custody arrangements in place (much like requiring an HIN account to buy shares). You must have a custody arrangement in place for your bonds until they mature or you sell them.
You have the following options:
Yes. The beneficial ownership of your assets held in safe custody using FIIG’s custodian services remains with you at all times. Your assets can only be bought, sold or otherwise dealt with on your instruction to FIIG. This means that your bonds are your assets at all times and do not form part of the assets of FIIG.
Yes. FIIG will only act upon your instructions which can be made in writing, via facsimile, email or over the telephone.
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FIIG provides general financial product advice only. For a copy of our disclaimer please refer to fiig.com.au/disclaimer* Based on FIIG’s high yield sample portfolio. Click here to view. Subject to change and before fees. Please see our FSG for any applicable fees.