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New MCMA reporting solution available for FirstWrap

You can now experience a more holistic view of your client’s cash position, by viewing their Macquarie Cash Management Account (MCMA) alongside their FirstWrap Investments account.

We’re investing heavily in our business to bring you the tools you need to deliver the best and most efficient advice to clients.

We’ve recently partnered with Macquarie to introduce a new reporting solution which allows you to view a client’s Macquarie Cash Management Account balance and transactions, alongside their Investments portfolio.

How it works

FirstWrap has now connected to the Macquarie data feed, which facilitates consolidated reporting of a client’s MCMA balance and transactions, alongside their Investments portfolio.

Once an Investments client provides consent to Macquarie to share data with CFS, you’ll gain read-only reporting of a client’s MCMA balance and transactions, on FirstWrap.

This reporting solution will be visible to advisers only.

Your client will need to authorise Macquarie to share their account data with CFS by completing Macquarie’s Third Party Authority Form. A how-to guide is available in the forms library. 

Once completed, you’ll need to login to the platform and navigate to the External Bank Account screen and either select View/Manage an existing MCMA or Add a new MCMA and select that you want to display the client’s MCMA balance and transaction data. 

Does this solution replace the need for the Default Cash Account?

No, this is not a direct replacement for the Default Cash Account (DCA). This new reporting solution will provide read-only access to the MCMA. The DCA will continue to serve as the central transaction hub of the Investments account to receive contributions, buy and sell investments, pay fees, receive income from investments and make payments. 

When will it be available?

The solution is available now.

How does a client open an MCMA?

If your client would like to open an MCMA, this can be done directly with Macquarie.

Where can you find out more?

We’ve included the following resources to help you learn more about the solution and get started:  

We're here to help

If you have any questions, please contact your local Business Development team, call us on 1300 769 619, 8am to 7pm, Monday to Friday, Melbourne time or email us.

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