Topdocs further simplifies cash account applications for SMSFs

Financial advisers will be able to set up a self-managed super fund and apply electronically for a Macquarie Cash Management Account (Macquarie CMA) via the Topdocs’ Online Document Portal using just one online form.

This not only removes the need for the adviser to log in and out of two separate websites to initiate a Macquarie CMA application for an SMSF client, but will enable the application to be pre-populated with client data, cutting out unnecessary double-entry.

To further streamline the application process, Macquarie’s electronic ID verification technology will validate SMSF trustee details electronically and enable advisers to receive their clients’ Macquarie CMA account numbers by email once the application has been submitted via Topdocs.

Accountants will also benefit from the initiative.  Non-AFSL holders will be able to initiate an expression of interest with Macquarie for a CMA on behalf of their clients via Topdocs.

Topdocs’ Director and Head of Technology, Michael Spakman, says the initiative was driven by the desire to provide the SMSF industry with simple, efficient solutions that draw together the services of providers regularly used by the industry.

“With one in four SMSFs in Australia currently using Macquarie’s CMA [ according to Macquarie Bank Limited data and an ATO Self Managed Super Fund Statistical Report], we realised that providing advisers with the capability to apply for this account while setting up an SMSF would be a natural step towards developing greater industry efficiencies.”

Macquarie Banking and Financial Services Head of Cash Product, Peter Forrest, said, “We know that meeting the needs of SMSFs is very important to advisers and we have an ongoing focus on reducing the time it takes them to establish a Macquarie CMA account for their clients. Advisers are looking for connectivity between products and their office, and this initiative further demonstrates our commitment to putting this into practice.”

Topdocs will be demonstrating the new integration at the SMSF Professionals’ Association of Australia’s (SPAA) National Conference which takes place at the Brisbane Convention & Exhibition Centre from 19-21 February.