Complete Guide to Beneficiaries
Types of Beneficiaries
There are two types of beneficiaries you can add to your account, each serving different purposes in managing your financial legacy.
Nominated Beneficiaries
Nominated beneficiaries are individuals you designate to receive a portion of your assets in the future. They can be family members, friends, or other individuals you trust.
Key Features:
- • Can be allocated specific percentages of your portfolio
- • Multiple nominated beneficiaries are allowed
- • Can be updated or changed as needed
- • Requires basic personal information and contact details
Access Options:
Private (Default)
Beneficiary cannot view portfolio details until activated
Public
Beneficiary can view basic portfolio information
Advisor Access
Beneficiary's financial advisor can view and provide guidance
Acting Beneficiaries
Acting beneficiaries are individuals authorized to manage financial affairs on behalf of someone else. They play an active role in portfolio management and decision-making.
Key Features:
- • Can request access to manage specific portfolios
- • Must specify who they are acting on behalf of
- • Requires verification and approval
- • Can work with financial advisors
Best Practices
• Regularly review and update your beneficiary information
• Keep contact details current for all beneficiaries
• Consider discussing your choices with family members
• Consult with financial advisors when making significant changes
• Document your reasons for beneficiary selections