frequently asked questions for advisers

HESTA’s advice fee rules are:

• Maximum fee allowed is $5,500 or 3% of the member's HESTA account balance (whichever is lower)
• Only one advice fee can be deducted per member within a 12-month period per membership
• Minimum account balance requirements after the fee deduction:
  • Super accounts: $10,000
  • Income Stream accounts: $50,000.
    
    

We don’t ask for advice documentation (SOAs or ROAs) for every advice fee deduction request, but we may request them from time to time.

HESTA conducts periodic reviews of advice fee requests where we need to review the Statement of Advice or Record of Advice to help us:

• confirm the fee is for advice related to the client’s HESTA account, and
• meet our Trustee obligations to verify that advice fees meet the sole purpose test and regulatory requirements.

If we don't receive the advice documentation in time, we may need to:

• cancel the advice fee arrangement, or
• ask for any paid fees to be refunded.

We can only process advice fees for services directly related to your client's HESTA account. This includes advice about:

• HESTA super investments
• super contributions to their HESTA account
• HESTA insurance options only
• transition to retirement and retirement planning with HESTA.

Remember: We can only deduct fees for advice specifically connected to your client's HESTA account.

Any portion of advice not related to the HESTA account cannot be deducted from their account.

Need more information? Our Advice Relationships team is here to help you understand what advice services can be charged to your client's account. Book a call with the team or email advicerelationships@hesta.com.au.

We typically process advice fee deductions within 5 business days.

You'll receive a confirmation letter once it's done and the fee will appear in your client's transaction history.

The fee deduction will be visible in your client's account straight away, but payments to all AFS licensees are processed monthly.

You can expect your licensee to receive the payment on or around the first of each month.

The Retirement Reward represents a tax saving that's unique to each member, based on:

• their average daily balance over the past 24 months
• unrealised capital gains in eligible investment options during this period.

This tax benefit is then added to their HESTA Retirement Income Stream as a one-off bonus.

The most significant impact on the bonus comes from changing investment options, particularly moving to lower growth investment options just before retirement. This is because the reward is capped based on the lowest growth exposure recorded in the last 6 months before starting a Retirement Income Stream.

Learn more about the Retirement Reward. 

Planning a retirement strategy? Contact our Advice Relationships team at advicerelationships@hesta.com.au or schedule a call to discuss how different approaches might affect your client's Retirement Reward.

You can get a Retirement Reward estimate by:

• calling our contact centre on 1800 813 327
• booking a meeting with our Advice Relationships team or emailing us at advicerelationships@hesta.com.au. 

We’ll be able to provide you with a Retirement Reward estimate if there’s an active third-party authority in place.

HESTA members can make a one-off payment or set up regular contributions into their super through BPAY^®.

BPAY details are available through:

• Adviser Online, under the Transactions tab on the right-hand side
• members can access their BPAY deatils through their online account in the 'Contribute extra' section. 

Alternatively, you can call us on 1800 813 327.

®Registered to BPAY Pty Ltd ABN 69 079 137 518

Here are some important identification numbers for HESTA, the Trustee and our products. If you're filling in forms for rollovers, super choice and more, you might need these.

• Fund numbers
  Australian Business Number (ABN): 64 971 749 321
  Superannuation Fund Number (SFN): 129638949
  
  
• Trustee numbers
  Australian Business Number (ABN): 66 006 818 695
  Australian Financial Services License (AFSL): 235249
  
  
• Product numbers
  Unique Superannuation Identifier (USI) (previously known as SPIN): HST0100AU
  Income Stream Unique Superannuation Identifier (USI) (previously known as SPIN): HST0001AU

Only representatives listed on the third-party authority can pass our security checks.

Quick tip: Make sure all team members who need phone access are nominated on your signed third-party authority form or have ''all staff" nominated on the form.

If you don’t have your own authority form, you can download and complete our Third-party authorisation form (PDF).

To help us process your authority quickly and securely, please include these 4 points of ID on the signed third-party authority form:

1. member's full name
2. date of birth
3. residential address (and any previous addresses)
4. HESTA member number.

Having all these details ready helps us protect your clients while ensuring you can access their information when you need it.

Yes, HESTA accepts digital signatures through any platform (like DocuSign, Adobe Sign, or others). We’ll also need the digital signature receipt that shows the email address matches what we have on file for your client.

Important exceptions:

• Binding death nomination forms, and
• Statutory declarations.

We take our members’ security seriously. The bank statement adds an extra layer of security to help us verify your client.

HESTA offer 2 options for proof of identity:

• electronic proof of identity
• providing certified copies of ID plus a copy of a bank statement issued within the last 3 months.

Certifying your identification form (PDF).

If you need help with planning the implementation of your advice strategy, our Advice Relationships team is here to help.

Book a call with us or email us at advicerelationships@hesta.com.au.

As a financial adviser, you have two options to help your clients claim tax deductions for their after-tax contributions to HESTA:

1. Ask your client to log in to our online member portal at hesta.com.au/login. If they’re eligible to claim, they’ll be able to complete the Notice of intent on the ‘Transactions’ page, or
2. Complete the ATO Notice of intent form. Upload it through Adviser Online or email it to hesta@hesta.com.au.

We need to receive Notice of intent and confirm it’s valid before (whichever of the below comes first):

• the date the tax return is lodged, OR 
• the end of the financial year after the contribution was made, OR 
• the member withdraws their super from HESTA, OR 
• the member commences an income stream. 

Quick tip: Please ensure your client’s details on the ATO Notice of Intent match their details with HESTA. 

To transfer clients directly:

• the new adviser must be listed on the active third-party authority,
• both advisers need to be under the same AFSL and practice, and
• clients must have active authorities.

Clients will automatically move from the previous adviser's portal to the new adviser's portal. You won't need to submit new third-party authorities.

Your practice manager or licensee needs to provide:

• written confirmation of the requested change
• confirmation that affected clients are aware and consent
• details for both the previous and new adviser:
  • adviser names
  • ASIC registration numbers
  • adviser email addresses

Important note: If the new adviser isn't listed on the active third-party authority, you'll need to submit a new authority form for each client.

Need help with a transfer? Book a call with our Advice Relationships team or email us at advicerelationships@hesta.com.au.

With the right documentation, your active third-party authorities may continue under your new AFS licence.

What we need from you:

• The new licensee must already be registered with HESTA Australian Financial Services (AFS) Licensee Agreement (PDF).
• A written request from the licensee which includes:
  • Adviser certificate of authorisation
  • Adviser contact details
  • Adviser practice details (name and ABN)
  • Confirmation that clients consent to the transfer of servicing rights specified in the ASFL onboarding and/or release letter.

Your existing third-party authorities will remain active under their respective primary advisers, as long as they haven't expired.

Need help with your AFSL transition? Our Advice Relationships team is ready to support you. Make an appointment or email us at advicerelationships@hesta.com.au.