The SMSF segment has been a focus for Macquarie for over 20 years and key to its approach is understanding the needs of advisers and trustees. The group strives to offer flexible products and services that allow advisers, and their clients, to manage all of their investments from one cash hub, Macquarie Banking and Financial Services Group head of payments and deposits Olivia McArdle says.
Evidence of the bank’s expertise in this field is the fact 2017 marks the fourth year running that Macquarie has won this category.
Macquarie is a big player in the sector with over 30 per cent of Australian SMSFs managing their investment cash flow through Macquarie’s Cash Management Account, which amounts to over half a million clients.
“We’re committed to constantly improving and investing in our service offering and platform, based on feedback we receive from advisers and their clients,” McArdle says.
This year the team has spent more time on the road speaking with clients to better understand how they can continue to meet their needs. This has resulted in more adviser and trustee-led initiatives, such as the recently launched Adviser Initiated Payments, a new platform that enables more efficient and flexible payments.
“It enables advisers to initiate and make payments for clients quickly and seamlessly from their Macquarie cash account, and clients can seamlessly authorise payments on the go with mobile-enabled capability, speeding up the process and removing the need for paperwork,” McArdle says.
It provides clients with complete visibility of the payment process and added security through a two-step verification process.
The group looks forward to providing advisers with further updates to their online experience.
It may seem like a no-frills asset class, but advisers are demanding a high-quality, fully functional cash solution.
“Adviser feedback drives new innovation and product enhancements we prioritise to help support their clients and business,” McArdle says.
Feedback is the key to ensuring Macquarie is continuously improving and investing in its offerings to ensure they are meeting each of its clients’ needs.
“Part of this is working with clients to help set development prioritisation, and not just about bringing a product to them, but a real mindset of helping them to grow.”
Central to its approach is a focus on continued innovation to ensure the offering remains at the forefront of the market.
Macquarie keeps its product offering in this space relevant by investing in meeting the evolving needs of the SMSF industry.
“A significant priority for us is the ongoing digital transformation for our business, which includes modernising our technology platform and digital capabilities to further support advisers and help them position their business for growth,” McArdle says.