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Overview
The Establish a Working Cash Account strategy in AdviserLogic’s Digital Advice module is a Custom SMSF strategy that helps you recommend and document the setup of a dedicated transactional cash account within a Self-Managed Super Fund (SMSF). This account can be used for managing contributions, paying expenses, and facilitating ongoing fund cashflow, which supports practical SMSF administration and liquidity planning.
Custom Strategy
The Establish a Working Cash Account SMSF Strategy is a Custom Strategy, a template with prefilled text relevant to the recommendation, rather than a strategy that calculates data.
Custom strategies are designed to reduce the time and effort required for drafting in the advisory process. By providing pre-filled text data relevant to the selected strategy, advisors do not need to start from scratch, saving valuable time.
To learn more about Strategy Types, please read the Strategy Cheat Sheet.
Establish Working Cash Account
Please follow the step-by-step instructions below to prepare advice for the SMSF Trustee Structure - Individual strategy.
Your client must have an existing SMSF in Fact Find for this strategy to be available. If no SMSF exists in Fact Find > Superannuation, the SMSF strategy button will be inactive.
📌Note
Before completing this advice, you can model an SMSF strategy in the Cashflow Module. The modelling can be added to the advice to support your recommendation.
From the Digital Advice - Scenarios Screen, select the Add Scenario icon.
Select the Client the advice is for, or select Joint to create advice for your client and partner. Select the type of advice ( SoA or RoA), then Proceed To Scope.
Select the Establish a Working Cash Account SMSF strategy from the Strategy screen, then select Proceed. Link the Goals or skip this step.
To adjust your Advice text, use the Editor Tool at the top of a Word document-inspired page.
It's a user-friendly feature enabling you to customise your text as needed.
📌Note
Hovering over each icon in the tools ribbon will show what it does.
The Establish a Working Cash Account SMSF strategy includes a pre-filled explanation of the options of retaining/ establishing a working Cash Account for your clients.
To help you with your task, the text area has been designed with 3 constructive main headings that are pre-filled with common considerations. You can use this as a starting point and customise as needed.
My Advice - Outline of the advice that you are providing to the client.
Why My Advice is Right for You - Add the reasons for which you have recommended the strategy to the client along with their benefits.
Risk and Things to Consider - Add consequences etc. for your Advice.
Edit the Advice Document
You may also edit the advice document from within the scenario by selecting the Save And Preview button from the top right of any screen within a digital advice scenario and following the Advice Editing Instructions.
Fee Disclosure
After editing the text to your liking, select the Proceed to Disclosure Fees button at the bottom right of the screen. From there, add your fees and complete your advice.
Link Cashflow
After completing the advice, you may add any previously created cashflow modelling to the scenario by selecting the Link Cashflow option from the Scenario Tile. The cashflow tables will be drawn into the final advice document.
