The solution was designed to give investors added flexibility to meet cash flow needs by linking the banking services to investors’ SEI investment account. The Cash Access Account is offered through The Bancorp Bank, a Federal Deposit Insurance Corporation-insured financial services provider of internet banking.
According to SEI, the services included in the program are unlimited checking and no-fee A access; direct deposit for paychecks, social security or pension benefits; electronic bill-paying service; extensive overdraft protection; and a securities-backed line of credit.
With the new solution, clients are kept fully invested, maintaining a minimal balance in the Cash Access Account while the majority of assets remain fully invested in their investment account. The program also enables advisors to handle all of their clients’ cash management needs with no additional administrative burden.
Kevin Barr, senior managing director of program development at SEI Advisor Network, said: By incorporating everything into a single program, this solution makes it easier for advisors to give clients a clearer view of their finances and help them achieve their goals. Advisors have an opportunity to meet a growing demand from boomers, the SEI Cash Access Account takes them one step further toward offering a full array of life and wealth services for their clients.
