Macquarie has launched a series of new digital features and security enhancements on the Macquarie Wrap platform. The enhanced digital experience includes the introduction of new account-level performance reporting in Adviser Online, providing advisers with key client portfolio information and performance insights in one convenient location. Macquarie has also launched a live chat function in Adviser Online as the primary adviser engagement channel, ensuring faster and specialised support for advisers to speak directly to a Macquarie consultant, without the need to call.
Michelle Weber, Head of Wrap Platform for Macquarie’s Banking and Financial Services group said that Macquarie is continuing to invest to ensure that the platform delivers better connections, deeper integrations and provides easier access to more investment solutions.
“Working closely with advisers, we’re focused on getting to the heart of their requirements and bringing to market enhancements that solve for those needs. As an invested partner to the industry, we’re pleased to bring to market these latest functionality updates as part of the ongoing evolution of the Macquarie Wrap platform,” Weber said.
Digital experience
The functionality updates on Macquarie Wrap include:
- Live chat offering advisers faster, simpler and more secure support by enabling them to speak directly with a Macquarie consultant via Adviser Online. Live chat offers an average response time of under 2 minutes1 meaning for general account enquiries there is no requirement for advisers to wait in a phone queue.
- Account-level performance reporting providing advisers with quick access to additional insights to further support investment recommendations and advice to clients. This includes improved data displays and greater visibility of portfolio information.
- Further digitisation of forms including the adviser-initiated pension payments form and the advice fee-grouping form. Enhancements were also made to the digital advice fee form, switch form and application form.
“We know that advisers are busy and we’re hearing that live chat is delivering efficiency gains for their businesses, as it removes the need for them to wait on the phone to speak to a consultant. In fact, the average wait time to get in touch with a consultant via live chat is up to three times shorter than over the phone2 and nine out of ten enquiries raised are solved without the need to speak to a consultant over the phone3. There’s also no need to go through the same identification process that advisers would need to do over a call, as they are already interacting with us in a secure environment through Adviser Online,” Weber said.
“Our latest release of account-level reporting in Adviser Online includes a new performance summary screen featuring headline statistics for quick insights, portfolio movement visualisation with dynamic waterfall graph, intelligent filters and enriched data. As part of account-level performance reporting, we’ve also released our security detail screen built to allow advisers to customise their view and easily see top movers by growth and performance.”
“We’re also hearing about the positive impact our digital pension withdrawal form is having with most clients receiving their funds within 24 hours4, as opposed to around three days when requested using a paper form. The follow up rate for digital form requests is less than 2%5 which signifies a far smoother experience," Weber added.
Enhanced security - Macquarie Authenticator
This month, Macquarie also made Macquarie Authenticator, its market leading standalone mobile authentication app, the sole multi-factor authentication method for access to Adviser Online. Macquarie Authenticator uses push notifications to provide real-time verification for logins and transactions and is an important step to further enhancing adviser and client protection on Macquarie Wrap.
“The ACCC reported in 2022 that Australians lost approximately $3.1 billion to scams6 and we know that the volume and sophistication of scams is constantly evolving. By using Macquarie Authenticator as their access verification tool, advisers are leveraging our secure, digital verification and transaction approval app to help keep themselves and their clients safe from potential fraud and scams,” Weber said.
“This security enhancement builds on the broader education series we’ve been conducting with advisers including through webinars led by Macquarie’s fraud and security experts. We continue to look at ways in which we can arm advisers with information on the latest threats and how best to protect themselves and their clients,” Weber added.