Automatic cash management (ACM) is an automated investment tool designed to help you manage your client's wrap cash account balance.
There are two types of ACM plans:
ACM generally runs on the 20th of each month. When the 20th falls on a weekend or public holiday, ACM will generally run the following business day.
The cut-off to set up, change or cancel an ACM plan in time for the next run is 5pm Sydney time on the 19th of the month (or the preceding business day if the 19th falls on a weekend or holiday).
Only users with Full transact authority can set up, change or cancel an ACM plan. Users with Limited transact or Enquiry authority can’t access ACM.
You can access the ACM feature from the Administration tab within the Portfolio section of your client’s wrap account in Adviser Online. From there you can set up or change the following:
Set a plan end date – You can set a plan end date, or select ‘No’ if no end date is required.
Set a cash target & trigger – For each plan type, you need to select a cash target and cash trigger. These can be fixed dollar amounts or percentages that scale with your client’s portfolio. If you’re setting up a minimum and maximum plan, they must both apply the same configuration type (all dollar or all percentage). For pension accounts, you have the option to consider your client’s regular pension payments in the cash target and trigger amounts.
Consider setting an investment limit – For maximum plans, you have the option to set an investment limit. If the plan creates orders above this amount, you'll be notified to authorise them. See What happens if an investment limit is breached when ACM runs? for further information.
Complete the assets selection – You need to select each of the individual assets you’d like the ACM plan to buy or sell. If the account is linked to a model portfolio, you can link the plan to the model in this section rather than link individual assets.
Select an allocation method – Allocation method refers to the calculation method the plan will use when buying or selling assets.
Once you’ve linked the ACM plan to a model portfolio, you’ll have the following options:
You can add up to 20 of the following managed investments to an ACM plan:
ACM isn't available for:
An account must first be linked to a model portfolio before you can link an ACM plan to a model portfolio.
Once an account is linked to a model portfolio, you simply need to select the model portfolio in the asset selection section of the ACM feature.
It is important to note that model portfolios are available to a greater range of assets than ACM plans. You can check which assets are ineligible when linking an ACM plan to a model. Any ineligible assets will have an ‘Ineligible’ status. The impact of ineligible assets within the model will depend on the allocation method selected when setting up the plan. See set an allocation method within How do I set up or change an ACM plan? for further information.
To review which accounts have orders generated from ACM:
You’ll receive an alert that an ACM transaction exceeded the limit and needs your authorisation. Orders that require authorisation will need to be reviewed and authorised on the ‘Work in progress’ screen in Wrap Online.
Please note, these orders will be cancelled if authorisation isn’t provided by the 28th of the month.
ACM won’t process any investment into assets with pending transactions. This includes SMA orders and any income redirection in progress.
If an asset is closed to new investments, the impact to the ACM will depend on the asset selection and allocation method of the ACM plan:
| Plan type | Impact of closed investments |
| Managed investments – Proportional allocation | If a managed investment in the plan is closed, the order for that specific asset will fail. The allocation percentages for the open assets won’t be adjusted to compensate for the failed order/s and the portion of cash allocated to the closed assets will remain in cash. |
| Managed investments – Percentage allocation | If a managed investment in the plan is closed, the order for that specific asset will fail. The allocation percentages for the open assets won’t be adjusted to compensate for the failed order/s and the portion of cash allocated to the closed asset will remain in cash. |
| Model portfolio – Smart applications (buy underweight) | If a managed investment in the model is closed, it will be excluded from the list of eligible assets. The allocation will then be recalculated across the remaining open and eligible assets to bring them closer to their target weights. |
| Model portfolio – Standard applications (per target allocations) | If a managed investment in the model is closed, the order for that specific asset will fail. The allocation percentages for the open assets won’t be adjusted to compensate for the failed orders and the portion of cash allocated to the closed asset will remain in cash. |
You can cancel an ACM plan in two ways:
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