Before you submit a closure form to close your client's Wrap account, you’ll need to consider the action you would like to take with the cash and any assets held in the account.
Options for assets when closing an account
For Investment Wrap accounts, your options include:
- Selling the assets to cash, and/or
- Transferring the assets out of the account.
For super and pension accounts, all assets will need to be sold to cash as we’re unable to facilitate a transfer of the assets out of the account.
Options for cash when closing an account
Once you’ve decided on what action to take with any assets, you’ll need to decide what action to take with the cash component of the account.
To close a super or pension account via rollover to another platform, please initiate this via the external super platform once all assets are sold to cash.
For all other scenarios, please send us a completed and signed request. Product-specific requirements for account closure can be found in the below articles: