CBA has anncounced the launch of its Cash Management Service, aimed at brokers and their investor clients.
The two products, Commonwealth Bank Accelerator Cash Account (ACA) and Term Deposit (TD) will "create a convenient, fully-featured cash hub for advisers and their clients," it said.
The ACA will focus on investment opportunities, advisor relationships and administration services. It includes an RBA
cash rate plus 50 bps interest rate guarantee until 30th June 2013.
Meanwhile the TD "assists to lock in market-competitive returns," said CBA
The bank is hoping the service will allow intermediaries visibility on their clients' balances and transactions through a software package.
It will also allow them to transact on the client's behalf, provided a signed 'Authority to Operate' is activated.
Pete Steel, CBA
's general manager of core equity services said the move was "a major game-changer."
“Recent market volatility and regulatory reform has meant that advisers are seeking a broader range of wealth creation strategies to offer clients.
"Cash flow management advice is a vital contributor to financial success and many advisers are developing their service models to deliver this.
"We are working with advisers to provide them with cash flow management strategies and tools to help them more effectively deliver this with their clients and expedite wealth creation and financial security outcomes,” he said.