A Cash Account within a platform acts as a main cash hub under which all the investments flow in and out, thus allowing investors to manage their cash transactions through one portal.
Generally, there are fees associated with using Cash Account. The fees can be included in the platform’s Administration Fee or deducted from Interest Rate on the Cash Accounts.
To cater for the fees associated with the Cash accounts, we have enhanced Adviserlogic to have the ability to flag bank deposits as a Cash Account, thus allowing the fee to be included in relevant fee calculations.
How to flag Cash Accounts in AdviserLogic
Any bank deposit can be marked as a Cash Account in the following screens of the Application
Cash Accounts within Super/Pension Funds
Check the Cash Account box under:
Fact Finder >> Superannuation >> Add New >> Underlying Investments >> Bank Deposit
Cash Accounts within Investment Platform
Check the Cash Account box under:
Assets >> Add >> Bank Deposit
Cash Accounts within Digital Advice
- Scenario >> Investment Portfolio screen >> Underlying Investments >> Bank Deposit
- Scenario >> Buy/Sell screen >> Underlying Investments >> Bank Deposit
- Advice Tools >> Fee Comparison screens
How Cash Account Fees are displayed in Digital Advice
When the bank deposits are marked as “Cash Account” only then the “Cash Account Fee” will be calculated on the said balance if the fees are applicable.
On all Fee Comparison Screens in Digital Advice be it Scenarios or Advice Tools, you will find a new parameter of “Cash Account Fee” under the heading of “Ongoing Fees” 
The percentage column of Cash Account Fee will be un-editable, and the value will be based on the proportion of Cash Account Fees ($) in terms of Total Portfolio Balance.
However, when you click on “Details” you will be able to see all details like Cash Account Fees (%) as charged under platform provider.
Key Points:
- The description will always show Cash Account irrespective of what description is added.
- The Cash Account Fee (%) column is editable, if the data is edited fees will get calculated accordingly.
- Details icon will be visible in the following cases:
Case 1: If Cash Accounts are available & there are no fees for a Cash Account under a platform, you will get a $0 fee with the “Details” icon.
Case 2: If Cash Accounts are not available, you will not get the details icon too.
4. For any bank deposits that are added through Data Feeds, will be taken care of automatically if they fall under the following provider's list:-
- Acclaim Management Group (AMG)
- Mason Stevens
- IOOF Pty Ltd
- BT Portfolio Services Ltd
- HUB24 Pty Ltd
- Wealth O2
- Netwealth Investments Limited
Template Output:
Cash Accounts Fees will not appear as a separate heading under the “Ongoing Fees” heading in SOA (Statement of Advice). This fee will get clubbed with Investment Fees in all Cost Comparison table outputs.
