Financial advisers are generally satisfied with the cash products available, with ease of opening and ongoing management of cash accounts cited as the most important considerations.
According to a survey by Macquarie Adviser Services, product features and online adviser services were also among the top three drivers of satisfaction, suggesting that features and functionality of cash products are what matters most.
When it comes to product features in particular, advisers identified meeting the needs of self-managed superannuation funds as being very important.
Macquarie Adviser Services’ head of cash product, Peter Forrest, says the results confirm that advisers are looking for cash products that help them work more efficiently and that technological innovation is a key part of this solution.
“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,” he said.
“It was this sort of feedback from advisers that drove us to launch our online application process with electronic verification earlier this year. The use of technology can help to streamline processes for advisers and, as the results of this study show, online adviser services are another area that advisers highly value.”
Macquarie’s Cash Satisfaction Survey 2013 also revealed the increasing demand from 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,” 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.”
