We’ve removed the need to print, sign and return a PDF declaration with copies of ID providing a convenient and secure digital experience for you and your clients.

The new process aims to improve the speed and efficiency of opening new accounts and allows your clients to complete the application in their own time via mobile, tablet or desktop.

Learn how to get the most out of the new online application with our simple step-by-step guide, FAQs and other information below.

Key Enhancements

Digital ID Verification
Clients can securely verify their identity online, removing the need to send in copies of ID with each application.

Expedited ID Verification for Existing Customers
Clients with an existing CommSec Adviser Services account will not be required to re-verify their identity.  NetBank clients can verify their identity using their NetBank login details.

Applications Electronically Sent to Clients
Pre-filled applications will be sent to your clients to review and complete electronically at a time convenient to them via mobile, tablet or desktop, without the need for you to download and print a PDF.

Digital Acceptance
Both you and your clients can digitally accept terms and conditions, removing the need to sign and submit a PDF declaration.

Adviser Visibility
See where each of your clients are up to in the process via Managed Applications.  Enhancements to your Managed Applications screen will allow you to see the result of your client's verification check, and see which have digitally accepted and which haven’t started.

Reduced Application Error
Unsigned applications are one of the main reasons for delay.  Digital Acceptance and ID verification will remove this and other common reasons for application delay or rejection. 

Step 1

Adviser/Assistant prefills application for client

Step 2

Adviser/Assistant reviews and digitally accepts

Step 3

Client/Beneficial Owners/Controllers verify identity & digitally accept application

Step 4

Application is processed

Step 5

Account is opened

Step-by-Step Guide

To start a new account application, login and navigate to Clients > New Application.

Once you submit the online application, your clients will receive an invitation via email to complete the application, and if required, complete a quick online ID check.  The following simple step-by-step guide outlines the experience for your clients in more detail.

Step 1
Personalised email invitation sent to clients

Clients (and associated account parties if applicable, such as beneficial owners or controllers) receive an email invitation with a summary of the application details and instructions on how to proceed.

Step 2
Clients proceed to the online application portal ‍

After clicking ‘Get Started’ in the email invitation, clients are taken to the application portal.  From here clients send an SMS code to their mobile for secure access to their application.

Step 3
Clients review their personal information and (if required) verify their identity

This step will vary:

  • Clients with a CommBank account
    Where your client has a current CommBank account they can use their NetBank login details to securely validate themselves and automatically pre-fill their information using their existing profile.
  • Clients with a CommSec Adviser Services account
    Where you have nominated your client as an existing CommSec Adviser Services client, we will use the information from their existing CommSec Adviser Services profile and they will not be required to re-verify their identity.
  • Clients without an existing CommBank or CommSec Adviser Services account
    Clients will be asked to review their personal details and complete a quick online ID check using either their Australian Driver Licence, Medicare Card or Passport.

    If your client is unable to successfully verify their identity online, they can still proceed with the application.  We will send you an email requesting additional documentation to verify their identity.

Step 4
Digital Submission

Clients review the application information and accept the terms and conditions before digitally submitting the application.

Join our webinar

Attend one of our webinars for an in-depth demonstration of the new online application enhancements and how they can help you save time when opening new client accounts. All attendees receive 1 CPD hour.

Covering:

  • Trading and ACA product information
  • Online application for Trading and Cash
  • Benefits and rework reasons
  • Electronic Customer Verification
  • Managing and tracking applications
Thu, Feb 27
10:30 AM - 11:30 AM AEDT

FAQs

The enhancements will apply to all online applications for Individual, Joint, Company, Self-Managed Super Fund (SMSF) and Trust accounts.

All clients will need:

  • an email address as we will send them an invitation via email to complete the online process; and
  • a mobile number for SMS verification.

We will use the email and mobile number provided by you in the application.

Clients with an existing CommBank account will also need their NetBank login details.

Where your client does not have an email address and mobile number a PDF application will need to be completed.

Clients without an existing CommSec Adviser Services or CommBank account can identify themselves using an Australian Driver Licence, Australian or International Passport and/or Medicare card.

Note: The security of your client’s data is important to us. This process uses a combination of your clients’ mobile number and email address to ensure we have the right recipient.

 

No, your clients must provide their own valid email and a mobile number.

Where your client is required to identify themselves online, they can do so using:

  • Australian Driver Licence;
  • Australian or International Passport and/or;
  • Medicare card.

We recommend clients ideally have two of these documents with them and ensure their address on the documents is up-to-date when completing the application to maximise their chance of success.

Your client can still proceed with the application, accepting the terms and conditions and digitally submitting the application. Should your client be unsuccessful you will be notified by email and asked to provide original certified copies of identification via post to verify their identity.

We recommend you also send the copies of ID to us via eSubmit as this will give us an opportunity to review the documents while the original certified copies are being delivered.

Please refer to the Identification Documentation Requirements PDF for a list of acceptable documentation.

  1. Clients with an existing CommSec Adviser Services account

    As we are adding a new product to an existing account and have previously verified your client’s identity, further verification is not required.

  2. Clients with an existing CommBank account

    No, your clients’ information will be automatically pre-filled using the information from their existing NetBank profile and will not be required to re-verify their identity again. They simply enter their NetBank details and follow the prompts.

What details your client can update during the process varies:

  1. Clients without an existing CommBank or CommSec Adviser Services account

    Clients will be able to make amendments to some of their personal details like their first name, middle name, date of birth and address to ensure they are consistent with their ID documents if required. They may also update their job category and title, and tax residency to meet regulatory self-certification requirements.

    Clients will be unable to amend other information like surname, mobile number and email address to ensure the integrity of the application and prevent the account party being changed.

  2. Clients with an existing CommBank account

    Clients who provide their NetBank details will be set up using their existing CommBank profile with their key personal information pre-filled into the new application. They will be able to update their job category and job title. Should any other details require updating, they will first need to amend them via NetBank.

  3. Clients with an existing CommSec Adviser Services account

    Clients with an existing CommSec Adviser Services account will be set up utilising their existing profile. They will be able to update job category, job title and their tax residency details. Should any other details require amending, these will need to be updated on their CommSec Adviser Services account by completing the relevant ’Client Administration and Maintenance’ form.

As clients digitally verify through the online application process, signatures are not required to open a new account. However, as some account maintenance requests do require a client signature, we highly recommend you submit a certified copy of their Driver Licence or Passport for verification as we will retain this document on file.

Yes, all Beneficial Owners will need to complete online verification and digitally accept the Terms and Conditions regardless of whether they are listed as applicants or not. Controllers are only required to do this if there are no applicable Beneficial Owners.

Any applications saved prior to the changes will automatically transition and you can open the saved application and complete any outstanding information then follow the prompts to submit via the new digital ID verification and acceptance process.

Any applications submitted prior to the change can still be completed by providing copies of client identification as per the current process with the PDF declaration available for download and signing.

Note: If not finalised, submitted applications will expire after 90 days instead of the current 365 days.

Submitted applications will expire after 90 days instead of the current 365 days.

Once submitted you can download a copy of the application at any time via the Manage Applications page which will be available for 30 days from when the account is opened.

We recommend downloading the PDF once all parties have been verified, ensuring all information accurately reflects the personal details used to open the account.

You can monitor the progress via the Action Centre on the Adviser Dashboard, or the Manage Application page which will allow you to see the result of your client's verification check, and see which have digitally accepted and which haven’t started.

You’ll also receive a notification via email once all parties have reviewed and digitally accepted.

Where your client has been unsuccessful in verifying their identity online we will send you an email to obtain additional information.

Yes, the PDF application forms will continue to be available and can be used for all account and client types. You will need to submit the PDF application via eSubmit along with copies of ID and additional documents as required for all applicants.

A PDF application will also need to be completed for LPOA accounts, and where applicants do not have an email address or a mobile number.

Yes, however for Accelerator Cash accounts, an original certified (wet ink) copy of the minor’s birth certificate must be posted to us as supporting documentation to Locked Bag 3005, Australia Square NSW 1215.

No, there will be no changes. Trust deeds and supporting documents are still required.

We understand the value of being able to open accounts under an LPOA, however as direct client engagement is central to the new online process, LPOA applications are not supported. Please complete LPOA applications using the relevant PDF form.

When applying for a new trading account online:

Any transfer of securities for online trading account applications submitted prior to 10 February 2020 can be processed as per the existing method.

Once you submit the application each applicant (and associated Beneficial Owner/Controller if applicable) will receive an email invitation to complete the application and if required, complete an online ID check. Once all account parties have successfully verified their identity, digitally accepted the terms and conditions, and provided any additional supporting documents (if required), the application will be processed and opened within 2 to 3 business days.

Need Help?

If you would like any further information, please call our Adviser Services Team on 1800 252 351.