Frequently Asked Questions
How do I get started with Collins House Online?
- Register online at the Collins House Online Website (www.collinshouse.com)
- You will need to provide information on how much you earn and spend.
- Fill in your age and information about education level.
- Answer a series of questions that will help determine your attitude towards risk.
- Choose if you wish to opt in to socially responsible investments.
- Choose how much money you would like to invest through Collins House Online to begin with, starting from $10,000.
- Choose if you would like to set up optional monthly contributions or not.
- Collins House Online will then show you what your portfolio is likely to be worth over time.
- If you’re happy with this, you will be asked to sign up and confirm your email address.
- You will be asked to provide your personal details.
- Invest your money then sit back and let Collins House Online do the rest.
Can I transfer my initial deposit in multiple payments?
Yes, you can. We understand that banks often impose a daily transfer limit and that some people want to transfer their initial deposit from multiple bank accounts so there is no need to transfer your initial deposit in a single transaction.
Should I invest if I need my money for less than 2 years?
We don’t recommend investing for less than 2 years, and believe you’d be better off leaving your money in a high-interest savings account.
Our investment approach is to grow wealth over the long term.
Who are OpenMarkets?
OpenMarkets are an Australian stockbrokerage firm specialising in online trading. We open an OpenMarkets brokerage account for you so we can trade on your behalf.
When you’re completing the CMA activation form, you’ll see that OpenMarkets has third party authority on your CMA. This authority is necessary so they have permission to withdraw funds to invest in the ETFs for your Collins House Online portfolio.
What are the costs of setting up the Cash Management Account in my name?
There are no costs associated with setting up the Macquarie CMA on your behalf. This is simply part of the Collins House Online service.
What happens once my account is opened and I’ve deposited my initial investment?
Once you’ve deposited your first investment into your Collins House Online linked CMA, we will invest your money in the portfolio of ETFs that we recommended for your personal situation.
What happens if I already have a Macquarie Cash Management Account?
Even if you have an existing Macquarie CMA we need to open a new CMA on your behalf. Having a Collins House Online specific CMA allows us to be an Advisor on the Collins House Online CMA, which is essential for us to monitor your CMA balance, and invest and/or re-balance your portfolio on your behalf.
It also allows for deposits, withdrawals, portfolio distributions and fees to be monitored as well as audited each year as part of our service.
Opening up a new CMA for you is completely free.
What is the minimum investment amount?
Our minimum investment amount is $10,000.
We believe investing less than $10,000 is not in your best interests due to the relatively high investment costs you face when investing small amounts. However you are able to transfer lesser amounts into your Macquarie CMA and we will not deploy the funds until your account balance reaches the amount of $10,000.
Why do you ask for my financial details?
In order to provide personal financial advice and recommend the right investment strategy that is in your best interest we need to know your current financial situation and objectives.
Why do you ask for my Tax File Number?
We ask for your Tax File Number (TFN) so that we don’t have to deduct withholding tax from your investment returns.
Providing your TFN is not compulsory, it just means that without it we have to deduct tax, which you may be able to claim back at a later day. You also have the option to provide a TFN exemption code if one applies to you.
How long does it take for Collins House Online to invest my money?
Once your initial transfer into your account is complete, it will take 1 to 2 business days for you to be invested. We will email you when we have received your initial deposit, and when we’ve invested on your behalf.
I’ve got my CMA details, what do I do now?
If you have not done so already, you will need to activate your CMA. Once this is done you will need to transfer your initial investment from your everyday bank account to your CMA. This is done using your normal online banking tool.
What information do I need to open my Collins House Online account?
Most of the information you need to provide is straightforward such as your name and address.
We’ve found that people struggle most with providing their Tax File Number (TFN) so we suggest digging this up before you start. (FYI: you can find your TFN on your tax statement)
We also ask for your income and expenses – these numbers need only be estimates so don’t worry about putting together a complete yearly budget.
Do I need to be an Australian citizen to invest with Collins House Online?
You do not, but you do need to be an Australian resident for tax purposes.
What types of accounts are available with Collins House Online?
Collins House Online is currently available to individuals, and SMSFs.
How old do I have to be to use Collins House Online?
You must be at least 18 years old to invest with Collins House Online, although parents/ grandparents and others can hold investments on behalf of children/grandchildren and others.
How do I add more money to my investment? And when are these funds deployed?
If you wish to add to your investment portfolio once it is already up and running, you simply log into your normal online bank and transfer the money you want to invest into your CMA. We will invest the monies from your CMA once the balance of your CMA reaches a minimum of $5000.
This trading strategy ensures that we maintain some cash in your portfolio (to pay fees etc.) and that all trades are placed in sizes, which adhere to the ASX, recommended minimum trade sizes.
Will I get a confirmation when you receive my initial investment or subsequent investments?
Absolutely. We keep you up-to-date with email confirmations at all stages of the investment process, including when you make a deposit into your CMA.
Can I open multiple Collins House Online Online accounts?
You can indeed. You will need to use a different email address for each account and go through the normal account opening process including activating a new CMA for each Collins House Online account you create.
We will shortly be introducing the ability to have multiple separate portfolios within the one Collins House Online account.
Collins House Online Investment Services Pty Ltd (Collins House Online) is a Corporate Authorised Representative of Collins House Private Wealth Pty Ltd AFSL 449146.