Colonial First State will launch a powerful new cash management solution on FirstWrap Plus Investment accounts on 1 July to make cashflow management a lot easier for investors, SMSF trustees and their advisers.
The cash management solution is powered by Commonwealth Bank’s Accelerator Cash Account, which has been integrated to work seamlessly with the FirstWrap platform.
Colonial First State General Manager Product & Investments Peter Chun said the FirstWrap cash management solution was developed in response to adviser feedback.
“Advisers said they wanted a better way to manage their clients’ cashflow; we listened and involved them in the design of our solution,” he said.
“FirstWrap’s new cash solution allows advisers to manage clients’ SMSF and cashflow in one place. Advisers can facilitate quicker investment decisions by having a consolidated view of all their clients’ transactions and available cash.
“Clients can also have access to their IDPS cash account1 via ATM, chequebooks, online banking or throughout Commonwealth Bank’s extensive branch network,” he said.
FirstWrap’s cash management solution adds 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. The cash management solution has no account keeping fees and a competitive interest rate.
For advisers, the FirstWrap cash management solution provides real-time visibility of cash flow in and out of their clients’ cash account.
“By taking the complexity out of managing a clients’ cashflow, we’re enabling advisers to spend less time on admin and more time working with investors and SMSF clients on their investment strategies,” Mr Chun said.
