The banking and financial services arm of Macquarie has launched a SuperStream service for its existing SMSF clients.
“In line with Macquarie offering a high level of service for our self-managed super fund clients, we’ll be providing an electronic message service for users of our cash management account and the cash account on our wrap platform as well,” Macquarie Banking and Financial Services Group head of cash product Peter Forrest told selfmanagedsuper.
“It’s been launched as a free feature and we’re just trying to make it as easy as possible for our clients to comply with the new SuperStream reforms.”
The new SuperStream service is being offered exclusively to its cash product clients running their own super funds.
Given Macquarie’s standing as an SMSF service provider, Forrest said the initiative was fairly logical.
“Macquarie has a lot of relationships with SMSF trustees, advisers, administrators and software vendors who will need to comply with the new rules, so it was a natural move for Macquarie to provide this service,” he said.
Both trustees and advisers can access the new electronic messaging service online.
“We’ll have a tab available via Macquarie online for trustees and on Macquarie Access for advisers where they’ll be able to use the service,” Forrest said.
Although the service has only just been launched, he said the feedback from clients and advisers to date had been very positive.
Although the SuperStream facility is being made available to existing clients, users will still have to provide Macquarie with additional details as per the legislation.
“We are reliant on the appropriate ABN (Australian business number) information to be provided to Macquarie so that data can be checked by the employers,” Forrest said.
