Macquarie enhances term deposits for SMSFs
Macquarie Adviser Services has enhanced its product offering for self-managed superannuation funds (SMSFs), introducing an upgrade to the functionality of its term deposits.
The company announced this week the upgraded functionality reflected recent research by Investment Trends confirming a third of SMSFs intend investing in term deposits in the next 12 months - up from 27 per cent in 2011.
The company said the enhancements were aimed at driving efficiencies for financial planners through the introduction of an online maturities capability and data-feed improvements.
It said the updates would help streamline the administration required in managing the term deposit component of clients' investment portfolios.
Commenting on the product upgrades, Macquarie Adviser Services head of cash product Peter Forrest said they were intended to deliver simple yet effective enhancements to Macquarie's broad range of cash management solutions, especially for SMSFs.
"Managing term deposit maturities can be a laborious process for both advisers and their clients, with the traditional process requiring significant paperwork in a limited timeframe," he said.
"By introducing an online capability and enabling clients to allow their adviser to manage instructions on their behalf, we have reduced the time burden on both parties, simplifying the whole maturities process."
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