Macquarie Wrap introduces contra facility
Advisers trading through Macquarie Wrap’s Investment Manager will now have access to a new contra share trading facility that will allow them to reduce the incidence of failed trades.
The new product was launched by Macquarie’s head of wrap products, Douglas Chan, who said it was the first time the process had been made available and had been introduced following overwhelming support from advisers.
The new offline contra trading facility is an automated process that allows ‘buy’ trades to be processed with a combination of contra ‘sell’ trades and cash, meaning advisers only have to use their client’s Macquarie Cash Management Trust account balance if they do not have sufficient contra trades.
Chang said the ability to contra trade would save advisers a great deal of time and processing and would make managing accounts on behalf of their clients easier.
AUTHOR
Mike Taylor
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
