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In this article, you will find out how to:
- Setup a client account with a new Macquarie CMA
- Manage missing information for a new Macquarie CMA
- Submit the application the Macquarie portal
- Completing the application in the Macquarie portal
Set up a new Macquarie CMA;
Before WealthO2 can generate the draft application form with Macquarie, a few details need to be provided on the client account. This can either be done via the onboarding wizard or after the wizard completes.
Via the onboarding wizard
The 'accounts' page of the onboarding wizard allows you to add a new Macquarie account. Click the Macquarie CMA checkbox in the top row to add this to the WealthO2 client account.
There are extra details that are required for Macquarie require for the client account. When you have selected a new Macquarie account, these fields will display.
Although the onboarding wizard will not prevent you from proceeding, you will not be able to start the Macquarie application unless you provide this information.
Once you add the account, you will need to complete the contact details. Whilst the requirements for Macquarie applications change based on the client account type, the authorised signatories must always be completed in full (i.e. all basic details, one form of ID and a mailing address).
For each authorised signatory, Macquarie will also require a mailing address and identity document (from 1st April 2022). Please note that this identity document must be issued in the past and have an expiry in the future to be considered.
When the onboarding wizard is complete for the client account, you can either proceed to manage missing the information or, if you have provided all required information, you can submit the Macquarie application.
Post onboarding wizard
If you have already completed the onboarding wizard, but need to setup a new Macquarie, you can do this via the 'Client Details > Accounts' page.
From this page, click the 'Open new account' button and then choose the Macquarie CMA option.
When you complete the onboarding wizard, you can proceed to manage missing the information or, if you have provided all required information, you can submit the Macquarie application..
Manage missing information
From the 'Client Details > Accounts' page, the system will automatically determine whether the client account or linked contacts are missing information required by Macquarie.
Should the account status show “Ready to Submit Application” then there is no mandatory information missing, and you can proceed to submitting the application.
If the account is missing only one piece of information, the status will indicate what is missing directly.
If the account is missing more than one piece of information, the status will be “Awaiting further information”. In this case, you can click to see the full list of errors. The errors can be removed by providing the information.
The only way to resolve these messages in the system is to add the information to the client account or contact, as needed.
You can refer to our article Setting up a Macquarie CMA for clients with a mobile number if your client does not have a mobile number.
Please note, Macquarie defines these requirements, and they are subject to change over time.
Submit the draft application to Macquarie
Submitting the application to Macquarie can only be done if the status reads “Ready to submit application”. When in this state, you can simply access the action menu and select “Submit application”.
This will start the draft application in the Macquarie portal. Although the application is in a draft state, details held on the platform are automatically pre-populated in the Macquarie portal.
Once submitted, the application link can be found in the action menu, by selecting “Access application”. From this point, a BSB and Account number are available to use in other third party account applications.
Selecting to view the application will the launch the Macquarie portal and will not require a login. This link is only valid 30 mins. Should the time limit expire, Macquarie will also email the adviser on record with details on how to access the application after the link expires.
Completing the application in the Macquarie portal
For complete support on the Macquarie application portal, please contact Macquarie directly. Support documents can be found on the Macquarie Help Centre.
Generally, details held on platform will be pre-populated in the Macquarie portal.
Any mandatory details that cannot be populated will be highlighted in the Macquarie portal. You must complete these before the application can be finalised. To do so, simply click the edit button and update the field with the appropriate value.
To submit the application for client approval and account set up with Macquarie, simply click the Submit button. This can only be done once you have entered all mandatory information.
What's next
Refer to our other academy articles for more information on the Macquarie account set up process.