A new National Australia Bank (NAB) cash management product, NAB Cash Manager, has been created to assist financial advisers in managing cash flow through one central account.
NAB Cash Manager is a combination of features from wealth cash trusts and bank deposit products and allows for better management of cash flow for investing while also providing investors with easy access to savings through managing the cash component of an investment portfolio.
“Typically bank deposit products are narrow in scope and cash trusts are limited when providing access for customers. NAB Cash Manager, however, provides a highly competitive cash management account with a range of features and security measures,” NAB personal banking executive general manager, consumer product solutions, John Salamito said.
The product also offers advisers the ability to rebate commission back to clients, allowing them to align the product with their practice fee model, according to Salamito.
