Read about recent updates in the October Digital Download 2023

We’re committed to providing you and your clients with tools and features that are secure and enabled through market-leading digital functionality.

As part of our digital-first focus, we’re making some important changes:

• More secure verification with Macquarie Authenticator - we’re moving away from SMS for adviser authentication within Adviser Online. Macquarie Authenticator will become the only verification tool you and your staff can use to log into Adviser Online. Please have the app set up with your Macquarie ID by 20 November.
  
• Faster resolution of your account enquiries via live chat –our digital live chat function has become increasingly popular with advisers and support staff because of its speed, efficiency and safety. We’ve extended the hours and are moving consultants from the phones to chat so we can help you better and faster.
• Digital super and pension withdrawals – soon you’ll be able to request partial rollovers and withdrawals from super accounts digitally in Adviser Online and get your clients’ approvals much more efficiently.

Read more about these changes, as well as our latest platform enhancements and updates in our October Digital Download.

Michelle Weber

Head of Wrap Platform

Monthly feature: Building a seamless online experience

As part of making your experience with us seamless, we’re building digital forms which pre-populate and validate information on-the-go, instruct users intuitively and provide a streamlined experience from completion through to processing.

Our first digital form for partial pension withdrawals significantly reduces the time it takes to get funds to your clients. By releasing this form, we’ve been able to:

• reduce the average processing time from more than 3 days to approximately 1 day
• increase the number of forms that are processed within the same day by approximately 80%
• reduce our need to contact you for more information, with approximately 2% of digital forms received by us requiring us to follow up versus 25% when using the paper form.

Watch our pension withdrawals video via our Help Centre article ‘Adviser Initiated Pension Payments’.

Since then, we’ve been working on a digital form for super withdrawals and rollovers, which will allow you to seamlessly initiate partial withdrawals and rollovers on super accounts online.

Built with you and your staff in mind, you’ll be able to benefit from:

• better visibility with status tracking in Request Centre
• enhanced client experience with Macquarie Authenticator integration, which means you no longer require signatures for client consent.

When we release this form online, we’ll no longer accept the paper super and pension withdrawals forms. We’ll be in touch with you closer to this change to ensure you’re prepared.

Enhancements and updates

Helping protect you, your business and your clients

• More secure verification with Macquarie Authenticator
  To ensure optimal protection from fraud for you and your clients, the Macquarie Authenticator app will become the only verification method to log into Adviser Online and verify certain tasks. If you currently use SMS for verification, please set up Macquarie Authenticator now to ensure you don’t lose access.
  Please note that there will be no impact to your clients – this change is introduced to further increase the security of our adviser platform.
• Ensuring you and your business are protected against scams and fraud
  Whether you’re running your own business, are part of a large organisation, or are working in a small business, taking the time to educate yourself and your team about scams is key to ensuring your business stays protected.  Our brand-new business scams hub has scams guides, videos and other helpful resources for you, your clients and teams. We recommend visiting and bookmarking our new 'Protect your business' education hub which helps you and your staff understand the importance of securing your business.

Streamlining your tools and operations

• Quick and reliable support at your fingertips
  Following positive feedback from advisers and support staff on the speed and efficiency of our digital live chat function in Adviser Online, we’ll be moving our consultants from the phones to live chat for all general account enquiries and requests on behalf of your clients.

You’ll be speaking to the same team so you can expect the same level of service – only faster! If the consultant is having difficulty resolving your issue over the chat, they’ll call you promptly. No need to wait in a call queue and complete a full ID verification.

We’ve extended the operating hours for live chat. It’s now available from Monday to Friday (excluding public holidays), 8:00am to 7:00pm (Sydney time).

• Simplifying fee grouping
  Macquarie Wrap users can now:
  • Group accounts for fee purposes and edit existing account groups, using the uplifted ‘grouping’ flow.
  • Apply and manage the advice fees on a grouped account via our updated Advice Fee Form.
  • View current fee structures on the Fee profile page of a wrap account.

As a reminder, from 1 November 2023, we’ll only accept the latest version of the Application Form, Advice Fee Form and Switch Form.

• Easily identify the adviser service fees we collect from clients and pay to you
  From November, our Remuneration and Dealer Remuneration Reports will be generated in an uplifted format to:
  • provide a clearer breakdown of the adviser service fees charged to clients from 1 November 2023 
  • administrate record keeping at scale  
  • provide deeper insight of adviser service fees where asset-based fees are charged 

It’s important to know that this uplift may impact reconciliation software such as XPLAN, where it uses data from these reports. We recommend contacting your reconciliation software provider, to ensure the correct fields can be captured and stored.

• Faster account opening for CMA and Term Deposit accounts 
  We’re transitioning to completely digital payments and as part of this, between January 2024 and November 2024, we’re phasing out our cash and cheque services across all our banking and wealth management products, including super and pension accounts. To ensure you’re prepared to help your clients with this change, please read our Help Centre article ‘It’s time to make and receive payments digitally’, which we’ve created to help you and your clients access key information and resources about this change and digital payments.
• Giving you more options to submit documents to us digitally
  We continue to focus on faster account opening for you and your clients by uplifting our online application forms. These uplifts help to ensure your clients’ account applications are processed quickly, with minimal disruption and delays. Some of our recent enhancements include:
  • Guidance on key information and documents
    When you’re selecting the account type to open for a CMA, you’re presented with a list of key information and documents you'll need to provide to us before submitting your application. You can also read ‘What you need to open a Macquarie Cash Management Account (CMA) for clients’ for more information on beneficial ownership.
    
  • Avoid typing mistakes and easily select details from our new Third Party Authority (TPA) details drop-down
    We’re removing the need for you to manually type in TPA information with the ability for you to select TPA details from a drop-down list using your dealer/company name or code for over 50% of applications. This helps to avoid typing mistakes and allows your application to be processed faster. Please speak to your relationship manager if you would like to have this capability and don’t currently have it.
    
  • Upload additional documentation for company & trust applications
    If you have multiple layered company structures, you may need to provide more documents with your application. You now have the option to upload additional documentation to verify the ultimate beneficial owner(s).

Giving you more choice and flexibility

Access new assets added to our investment menu effective 3 October 2023

* IDPS only
**Access to this investment for Super and Pension is restricted to clients of the relevant adviser or dealer which has been approved by the Product Issuer.

Monthly tips and tricks: Account opening requirements

We've received feedback from you that you’d like to know more details on account opening requirements upfront.

We recommend reading the following Help Centre articles to help you with this topic:

1. What you need to open a CMA - for information about the detailed requirements per entity type
2. Beneficial Ownership requirements - for information on who is considered a Beneficial Owner.    

Helpful Resources

• Get answers to commonly asked questions via our Adviser Help Centre 

• Learn how to make the most out of Adviser Online

• Submit and manage requests with Request Centre