National Australia Bank has launched NAB Cash Manager, a new cash management product designed to assist financial advisers and investors to manage cash flow in one central account.
Financial advisers and investors can manage cash flow for investment activity such as property, share trading and self managed super funds (SMSFs). The bank said that it is also suitable to manage the cash component of an overall investment portfolio, providing investors with easy access to savings.
John Salamito, Executive General Manager, Consumer Product Solutions, NAB Personal Banking, said: “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.”
“In addition, it offers advisers the ability to rebate commission back to clients, allowing them to align the product with their practice fee model – a feature not offered by many cash management products despite the importance of it in the industry at present. Advisers will also be able to monitor clients’ balances and transactions, which we believe will assist with practice efficiency. Traditionally only cash trust products have offered this functionality, so we’re very excited about offering advisers an alternative, a bank deposit product supported by the NAB brand and the Government guarantee,” he added.
