Online transactional site launched for term deposits

financial-services-licence/term-deposits/financial-planners/commonwealth-bank/macquarie-bank/australian-financial-services/fund-manager/ANZ/

16 October 2008
| By By Liam Egan |

Australian Moneymarket has launched what it claims is Australia’s only online term deposit transactional shop, prompted by the ongoing flight into cash by investors.

A private Brisbane-based company, Australian Moneymarket operates www.moneymarket.com.au under the Australian Financial Services licence of Brisbane-based fund manager DDH Graham.

There are currently 12 product providers represented on the site, ranging from major banks — including Commonwealth Bank, ANZ, Macquarie Bank, Bank of Queensland, and Adelaide Bank — to building societies and credit unions.

Managing director Stephen Jewell predicts the site’s product provider representation will grow to 14 over the next few weeks and will reach around 25 providers by early next year.

Funds under management (FUM) is currently at $100 million, and is projected to reach $300 million within 12 months, he said.

The site is currently only being marketed to financial planners and stock brokers, but it is designed to be capable of handling direct retail as well.

“Our two main markets currently are financial planners and stock brokers as well as mid-sized corporates, which often aren’t big enough to have their own staff on the financial investment side.”

The site currently has eight dealer groups and stock broking firms represented as customers, and each of these “have multiple users” of the site by way of planners and brokers.

A key benefit for advisers lies in the efficiencies provided by automating the process of purchasing term deposits on behalf of clients, Jewell said.

“There’s a lot of administration involved in an adviser trying to put, for example, 12 different clients individually into a term deposit.

“By contrast, our site puts all the rates in one spot, and then it allows the adviser to transact on the customers behalf at three clicks of a button.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 4 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

5 months ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

2 weeks ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 5 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 3 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND