The Wire: Winter 2019 – Introducing Cash Management and Foreign Exchange solutions for our clients

Introducing Cash Management and Foreign Exchange solutions for our clients

We’re always looking for ways to improve the services you receive from us. We have listened to feedback from you about other services that you would like assistance with and have now teamed up with partners to meet these needs having carried out due diligence on your behalf. 

Whilst we stand by the old adage that it is time in the market that counts and not timing the market, we are now able to source a range of cash solutions. Through one easy to open account, the cash platform gives you access to hundreds of savings products as well as an active management service designed to maximise both your return and FSCS protection. The concept is similar to the investment platforms that you currently use but facilitating access to the broader cash market rather than investments. This is perfect for our clients holding cash for tax returns, proceeds from the sale of a business pending reinvestment, or for long-term cash buffers in order to improve returns on these savings. 

We are now also able to help you more easily access a wide range of currency and FX solutions. From mitigating risk to managing international cash flow, this service is designed to handle all your foreign exchange and currency needs. 

Keep reading for more information about these two new services. 

Cash solutions 

Opening multiple bank accounts to benefit from ever-changing rates is too time-consuming. So, with a single platform account that acts like a hub, giving you access to the whole savings market, providing reporting all in one place. The providers and products accessible through the platform regularly change and are updated. 

Having researched the cash platform market we are able to introduce a product which offers hundreds of savings products within a single sign-up process. The service caters for: 

  • Individuals 
  • Companies 
  • Charities 
  • Trusts 

The service operates a ‘one-stop shop’ for you as a client, providing you with the ability to actively self-manage your cash savings. Bespoke solutions can be created to balance your individual priorities for security, liquidity and return. By using multiple accounts, the cash platform removes the hassle, and you benefit from greater FSCS protection and higher yields. 

The main benefits include: 

  • FSCS protection – government-backed FSCS protection eligibility of up to £85,000 per individual for each account opened
  • One-time sign-up process – you benefit from multiple savings accounts now and in the future with a single sign- up process 
  • Increased interest – ongoing management and proactive communication mean less hassle and always getting better returns for your cash 
  • Large banking network – the platform presently works with 25 banks to make hundreds of savings accounts available in GBP, USD and EUR. There are a variety of term options to meet your liquidity requirements from instant access to five-year deposits 
  • Your money – you remain the beneficial owner of all your money regardless of how many savings accounts you open, and all accounts are eligible for the FSCS. 

So, if you are worried about Brexit or the international economy, have cash on deposit pending the purchase of a property, or even if you are holding cash to try and time the markets, this service would suit you. 

The cash platform service also offers the ability to share visibility of your cash solutions with us as your adviser, helping to provide oversight of cash as part of your broader planning strategies that we are advising you on. The service can be accessed via your HFMC Wealth adviser. 

FX Solutions 

Much like finding the best cash rate, we recognise that clients are leading increasingly complex lives often with multi- jurisdictional issues. With currency markets often being volatile and with large sums of capital being transferred the exchange rate can make a significant difference in the value chain of any transaction. We have therefore found a trusted foreign exchange partner to make sure you benefit from: 

  • Excellent exchange rates 
  • Access to a dedicated account manager 
  • Fee-free transfers online, over the phone or via an app 
  • Market guidance and currency news delivered straight to your inbox (optional!) 
  • The ability to fix or target an exchange rate ahead of making a transfer 

Use of a foreign exchange partner can help manage international cash flow, mitigate risk, and maximise overseas opportunities. 

How it works 

  1. HFMC Wealth introduce you to our Foreign exchange partner 
  2. Get a quote to secure a rate and find out how much you could save.
  1. Create an account either online or over the phone. 
  2. Send the funds to transfer

For further information about either our Cash Management or FX solution, please either contact your HFMC Wealth adviser for further details, send us a message via hfmcwealth.com or call us on 020 7400 4700.

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