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ISCOVER
Staff Reporter
The Commonwealth Bank of Australia has strengthened its adviser proposition, launching a new cash management service.
According to a statement from the bank, the new service was created on the back of high levels of demand from advisers and their clients.
Commonwealth Bank’s Cash Management Service encompasses two key products that have been customised for the intermediary market: the Commonwealth Bank Accelerator Cash Account; and Term Deposit (TD).
The Accelerator Cash Account is expected to help maximise investment opportunities, adviser relationships and administration services, while the term deposit assists to lock in market-competitive returns.
“The new Commonwealth Bank Cash Management Service challenges established services through extensive features and convenience. We believe a cash management solution that combines the security and service of a major bank with the convenience of Australia’s largest retail banking network is a major game-changer and ultimately what makes our offering so robust,” CBA’s general manager of core equity services Pete Steel said.
Developed specifically with investors and Self-Managed Super Funds in mind, the Commonwealth Bank’s Cash Management Service provides intermediaries such as financial advisers, accountants, stockbrokers and administrators visibility of their clients’ account balances and transactions through their software package along with the ability to transact on the client’s behalf where a signed Authority to Operate is in place.
