Once an MDA Manager is on-boarded and appointed, the Mckay Global Markets team will work closely with them to ensure that all the requirements under the Australian Financial Services Licence conditions are met. This in turn allows the MDA managers to focus on revenue generating activities such as actively managing client portfolios.

 

Mckay Global Markets has invested heavily in technology to provide their MDA Managers with simplified reporting that limiting paperwork. These advancements have improved all round efficiencies ensuring we are at the forefront of technological advancements.

 

ASIC defines a Managed Discretionary Account service as such:

 

The client provides the MDA service operator with access to their money and assets, usually via a trading account at an executing broker.

The operator may use his or her discretion to trade financial products using the client’s contributions.

The operator agrees to manage the financial products acquired, or derived from, using the client’s contributions as a discrete portfolio belonging to the client.

 

ASIC generally defines discretionary portfolio accounts (DPAs), managed discretionary portfolio services (MDPS), investment advisory programs (IAPs), individually managed accounts (IMAs), and separately managed accounts (SMAs) as MDA services, which are all subject to the AFSL obligations under ASIC Regulatory Guide 179.