Colonial First State (CFS) is set to release its new cash management solution on 1 July, providing advisers with real-time visibility of their SMSF clients’ cash flow in and out of their FirstWrap Plus Investment accounts.
CFS product and investments general manager Peter Chun said one of the institution’s initiatives in relation to doing more with less was around advisers’ SMSF clients.
“We understand that managing the cash flow of your SMSF clients can be complex and time consuming,” Chun told the 2016 CFS Adviser Briefing in Sydney last week.
“So we’re offering CBA’s [Commonwealth Bank of Australia] market-leading cash management solution, the Accelerator Cash Account or ACA, integrated to work seamlessly with the FirstWrap platform to help you administer and service your SMSF clients even more efficiently.
“Acting as a central cash hub, it provides you, your clients and even their accountants real-time visibility of their cash in their IDPS [investor directed portfolio services] wrap account.”
The new SMSF solution will allow advisers to manage SMSF cash flow in one place.
“It will ensure quicker investment decisions because you’ll have a consolidated view of all your clients’ transactions and available cash,” Chun noted.
“And it will give you the option to offer your clients access to their IDPS via the ATM, cheque book, online banking or throughout CBA’s extensive branch network across the country.
“And so by taking the complexity out of managing your SMSF clients’ cash flow, it means you’ll spend less time on admin and more time with your clients on their investment strategy.”
He revealed the solution was developed in response to adviser feedback.
“Advisers said they wanted a better way to manage their clients’ cash flow – we listened and involved them in the design of our solution,” he said.
FirstWrap’s cash management solution added a new dimension to its offering for SMSF advisers, complementing FirstWrap’s comprehensive investment menu, investor and third-party platform access, and wide range of tax management tools.
It has no account keeping fees and a competitive interest rate.
