InvestSMART

Regular monthly automatic withdrawals

time 3wks ago
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By · 21 Apr 2021
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Tom Wilson
By ·
21 Apr 2021
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time 3wks ago

Question

I understand that once invested I can withdraw part or all of my investment. Can I set up automatic monthly or weekly withdrawal amounts? - Submitted by Philip

Answer

Yes, you can set up monthly withdrawal amounts.

What is the difference between a withdrawal plan and receiving income?

Regular withdrawal plans require the client to specify a dollar figure ($) to be paid monthly from their Professionally Managed Account (PMA) to the nominated bank account listed. Dependent on the size of the dollar figure specified InvestSMART may need to sell down investments to fulfil your request. Please be advised that if this is the case that brokerage will be incurred for the necessary transactions. Whereas, choosing your income setting to be "paid out" will see any distributions or dividends received from the underlying investments within the calendar month retained, accumulated and paid out in a single lump sum to your nominated bank account in the middle of the following calendar month. 

If you wish to check or amend your income preference at any time please take the complete the following steps:

  1. Click My Account and then My Investments
  2. Select Investment Preferences
  3. Toggle the Regular Withdrawal Plan option and specify $ amount
  4. Select Save Settings
  5. Click Verify Request Choose Email Verification or SMS Verification
  6. Complete Verification Process

Please be advised that if you specify an amount that requires InvestSMART to sell down your investments to fulfil the request then brokerage will be incurred. If you require any assistance, please contact our friendly team at invest@investsmart.com.au

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