Asgard chases stand alone cash
Asgard Wealth Solutions has decided to make two of its high interest yielding products available to investors using the Asgard platform in an effort to attract a greater portion of peoples’ cash holdings.
The two products are eCash, an online savings account, and Cash Connect, a cash management account with complete bank and automatic functionality. These products had previously only been available to the public via Asgard’s eWrap offering
The initiative means Asgard is the first platform provider to offer cash management devices of this kind to its clients and is designed to directly compete against other high interest deposit accounts in the market.
“Not only are we the only platform to offer a linked high yield online cash product and a fully transactional bank account to investors, the products will also have some great features including no account keeping fees, a new, specialised call centre, and some of the best savings account interest rates in the market,” Asgard chief executive Geoff Lloyd said.
Asgard’s decision to include the cash products on its platform was made in response to calls from advisers to widen the availability of these accounts to investors.
“We enhanced service, functionality, and rate, and created a standalone product that sits within the platform and can be linked to client’s other accounts that are in the platform for single reporting. It’s all about allowing planners and those clients to have their cash managed in the one place regardless of its traditional method,” Lloyd said.
“It allows planners to use cash as an asset class for financial planning strategies now. Right now we’re seeing a lot of asset allocation going to cash, we know clients online are driven to rate, and we know for service and connectivity other cash management trusts are being used as well as term deposits and traditional bank accounts. So it allows the planner to manage all of the client’s cash end-to-end,” he explained.
The two cash accounts will be available on the Asgard platform from January 31.
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