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Ease of use drives planners to cash

Efficiency and ease of use continue to drive financial planners towards cash products, a survey has revealed.

The Macquarie Adviser Services Cash Satisfaction Survey 2013 garnered 270 responses from advisers and adviser support staff using Macquarie Cash Solutions and found product features and online adviser services were also among the top three drivers of satisfaction. Meeting the needs of self managed super funds (SMSFs) was listed as a high priority.

“Advisers are telling us what is most important to them is the ability to easily open and manage accounts, which means providing them with solutions that help them to change account details and process withdrawals in a timely and simple manner,” Macquarie Adviser Services head of cash product, Peter Forrest, said.

Technology can help streamline processes for advisers which is another area they value highly, Mr Forrest said, adding that was the type of feedback behind the group’s decision to add an online application process with electronic verification.

Assessing its in-house offerings, Macquarie said the survey found a new high in terms of satisfaction of 8.5 out of 10, and had increased from 8.4 in the previous study to 8.7 for SMSF clients.

“SMSFs are a significant part of our client base and as the sector continues to grow, it is important that we deliver cash solutions that meet their needs,” Mr Forrest said.

“Every SMSF trustee needs somewhere to hold their cash and requires a cash hub that helps them simplify super fund accounting, tax returns and end-of-year auditing.


“They also want flexibility to access funds and make payments, visibility of their account and security for their deposits.”