They generally offer a menu of preselected wholesale investments/investment managers over which the investor’s money can be distributed. They are investment structures where the investor has the ultimate responsibility for choice of investment manager, with guidance and access to the product from a financial planner - in most cases. Sometimes it is possible to deal directly with the platform operator.
Wrap Accounts differ from Master Trusts in that direct investments such as shares, property etc. can be included.
These structures provide a means for acquiring and retaining investments within a single administration arrangement that provides a consolidated simplified report on the investments held. They can cover both superannuation and non-superannuation investments. Superannuation master trusts/funds are regulated under the Superannuation Industry (Supervision) (SIS) Act and non-superannuation investments are regulated under the Corporation Law.