Wholesale trading and clearing business AUSIEX has provided a new cash facility for financial advisers to use in servicing their clients.
The AUSIEX Cash Account acts as a hub for advisers to manage client cash alongside trading accounts and is designed to simplify and streamline cash management.
According to the financial services provider the new facility will also accelerate funding and settlement, improve visibility and control and reduce the risk associated with multiple cash accounts and transfers.
AUSIEX head of product and customer experience Brett Grant revealed the integrated cash hub had been developed to help advisers reduce unnecessary steps in trading and cash administration.
“Inefficient cash and trading processes is costing advisers and their clients valuable time, reducing both trading agility and time spent with clients,” Grant noted.
“Our analysis shows advisers executing 100 trades a month could save more than eight hours by removing unnecessary cash transfer steps through a more integrated cash solution – time that can be redirected to client outcomes,” he added.
“Streamlining these processes also helps reduce the compliance and operational risks associated with cash movements.”
The AUSIEX Cash Account keeps cash liquid and accessible which means it can be invested into other assets when clients want it to be.
“Cash should not simply be set and forget, nor treated as a passive and disconnected portfolio holding. An efficient integrated cash management account can help advisers build more deliberate liquidity positions, enabling client cash to earn income while giving advisers the flexibility to meet cash needs, respond to volatility and take advantage of investment opportunities without unnecessarily disrupting long-term portfolio strategies,” Grant indicated.
As of 25 May, the AUSIEX Cash Account an interest rate of 4.2 per cent per annum is applicable for all individual, joint and SMSF balances. For trust accounts excluding SMSFs up to $2 million, the relevant interest rate is 4.2 per cent and for $2 million and above the interest rate is 3.2 per cent.
The account has no establishment or ongoing account fees although charges may apply to transactions.
