Financial Adviser - Frequently Asked Questions

Here are our frequently asked questions, listed in Topic areas. Simply click a topic to be taken to the appropriate section or scroll through the list of questions below.

If you require any further information or can't find the answer to your questions, please don’t hesitate to contact us on 1300 306 281.

AMM Background

  • Who is Australian Money Market?

    Australian Money Market (AMM) is a private company that was established in 2007 to run a cash deposit broking business. Australian Money Market provides a brokerage service for our clients and their term deposit requirements. We operate under the Australian Financial Services Licence of DDH Graham Limited, a funds management and administration organisation with a total of $4billion funds under management. Learn more.

Broker Registration

  • Who can give instructions on my client accounts?

    The client gives you authority in the application form to provide instructions on their behalf. Read-only access can be setup for the client to access their account but they are not able to transact.

  • How can I view my client accounts?

    You are able to view all client accounts attached to your broker code in one place. Once you login to the platform, you can access them on the Accounts Page.

  • How is the broker code made up?

    The broker code is made up of your dealer group, your adviser practice and your name. Your broker code will be attached to your client accounts.

  • What is required to set up a new Dealer Group broker agreement?

    If your Dealer Group does not already have a broker agreement in place with AMM, you will need to provide us with your contact details as requested on our Register Form, including your Australian Financial Services License number (AFSL). We will then contact you to complete the setup process.

  • Can I setup more than one broker code for my practice?

    At registration, we can set up broker codes for other advisers in your practice to trade. It is also possible to setup read-only access for administration staff as required. The Broker Code Page within the platform shows you which broker codes your User ID provides access to. To edit access rights to Broker Codes, please contact us.

Cash Management Accounts

  • What if my client already has an existing cash management account with a provider listed above.

    We can link an existing cash management account held by our client. When you complete the online application form, there is an option for existing accounts where you can provide us with the details. This will ensure that a duplicate account will not be opened.

  • What if my client has an existing AMM account but wants to switch to a different cash management account option with another product issuer?

    It is possible to change the cash management account to another provider. AMM allows for the ability to have multiple cash management accounts linked.

  • Who are DDH Graham Limited and why do they manage Bank of Queensland and Westpac accounts and term deposits?

    DDH Graham Limited is a funds management and administration organisation. They have been appointed by Bank of Queensland (BOQ) and Westpac as an agent to manage and administer their deposit offerings. As BOQ and Westpac's agent, all account information for the BOQ Money Market Deposit Account and Westpac Select CMA is accessed through DDH Graham, not directly through BOQ or Westpac.

  • What are the options to transfer funds to the cash management account?

    For the initial and subsequent term deposit investments, your clients have several options to transfer funds to their cash management account. Find out more.

  • Does my client earn interest on funds in the cash management account?

    Yes. The interest rate is dependent on the choice of product issuer.

  • Can my client set up direct debits and credits to the cash management account?

    Yes, this can be nominated on the application form and the details of your client's external linked accounts can be provided. This will enable Direct Credits to the linked account(s) on your instruction. If you opt for Direct Debits as well (only available with BOQ and Westpac hubs), funds can be pulled by AMM from your external linked bank account into your cash management account. Please note the Direct Credit function cannot be used for charging fees of any kind. Please note the Direct Credit function cannot be used for charging fees of any kind.

  • Can you obtain details on the Cash Management Account interest?

    No, this will need to be obtained directly from the product issuer. Please note this will not be included in the AMM Tax Pack.

Change of Details

  • What if my details change?

    You need to complete the Change of Adviser Account Details form so we can update your records.

  • What if I change dealer groups?

    You need to notify us if you change your dealer group licence at any time and we can then reallocate your broker code for you and any other advisers in the practice. Your client accounts will then be attached to the new code upon receipt of either a release letter from your former licence holder, or signed transfer letters from individual clients.

  • What if my client's details change?

    You need to notify us if your client’s details change from those entered on the original application form so we can update our records. You can either contact us or complete the Change of Client Account Details form online.

Client Logins

  • Can you or your client obtain account information directly from the product issuer?

    Yes, you will be listed as the primary broker on your client's cash management accounts and can deal directly with them. Both you and your clients are able to have internet access to account information.

  • Can my client have access to their accounts on the system?

    You can request read-only access on behalf of your clients, however, they are not able to transact on their accounts.

  • Who can give instructions on my client accounts?

    The client gives you authority in the application form to provide instructions on their behalf. Read-only access can be setup for the client to access their account but they are not able to transact.

External Linked Accounts

  • What is an external linked account?

    AMM allows electronic deposits and withdrawals to be made from a linked bank account. The name of this linked account must be the same as the account name with Australian Money Market. The client can authorise for funds to be direct debited from this account for initial and subsequent investments. Transfers of funds can also be made between the linked account and the cash management account using your login.

Funds Transfer

  • Do funds always stay in the client's name?

    Yes. Australian Money Market do not use trust accounts. Movement of funds between financial institutions is always in the client's name via their cash management account.

  • What is required to setup a Direct Debit for a linked account?

    If your client would like to direct debit an initial investment from their linked bank account, this is avaliable for BOQ and Westpac hubs only. You will need to provide their linked account details and the amount in section 7 of the online application form. We also require a copy of the client’s bank statement for the external account, within six months of issue, to verify their details. If you have any queries concerning the direct debit arrangements at any time, please contact us in the first instance on 1300 306 281.

  • How long does it take for the funds to clear?

    This depends on the method you choose to transfer the funds and the institution with whom the account is held. It ranges from next day for electronic funds transfer (subject to the time it was transacted) up to three days for direct debit subject to the institution, provided the request is input by 2.30pm QLD time.

  • Does my client earn interest on funds in the cash management account?

    Yes. The interest rate is dependent on the choice of product issuer.

  • Can my client set up direct debits and credits for funds transfers?

    Yes, this can be nominated on the application form and the details of your client's external linked accounts can be provided. This will enable Direct Credits to the linked account(s) on your instruction. If you opt for Direct Debits as well (only available with BOQ and Westpac hubs), funds can be pulled by AMM from your external linked bank account into your cash management account. Please note the Direct Credit function cannot be used for charging fees of any kind. Please note the Direct Credit function cannot be used for charging fees of any kind.

  • What are the options to transfer funds to the cash management account?

    For the initial and subsequent investments, your clients have several options to transfer funds to their cash management account. Find out more.

  • How are funds transferred to the chosen institution?

    Once you accept the deal, Australian Money Market transfers the funds via the cash management account. We provide the chosen institution with a contract note containing the terms of the deal; an application form containing details to open an account in the client name and an authority to direct debit the client’s cash management account for the amount prescribed in the contract note.

  • Is there a minimum amount required to invest?

    For each institution, there are different minimum and maximum amounts. These are specified on the rates table by provider. AMM does not enforce any of its own minimums or maximums.

  • Who can authorise the transfer of funds?

    Australian Money Market transfers the funds on the request of clients or their authorised representatives only.

  • Can funds be transferred to third parties?

    No third party payments can be made via AMM.

ID Requirements

  • What ID is required where the signatory is a Power of Attorney?

    AMM requires ID to be provided for both the applicant and the signatory acting as Power of Attorney to the account. Please refer to the Identification Requirements for Individuals table for more details.

  • What happens if my client is elderly and I'm unable to provide photographic ID?

    Where photographic ID is not available, please refer to the Identification Requirements for Individuals table where you will need to provide one form of ID from 'Primary Non-photographic ID' and one from 'Secondary ID'. Please contact us for more details.

  • What action is required to be taken for Deceased Estates?

    It depends on the type of investment entity. The following is a guide only. Each individual provider may have additional requirements outside of AMM's control.

    Individual Accounts: The AMM POA legally ceases to exist and executors are required to deal directly with the relevant banks. Once AMM is notified that an individual account holder is deceased the facility will be blocked.

    Joint Accounts: Death certificate and updated AMM application required. On receipt AMM will notify the banks to update their records.

    Company Accounts: A death certificate together with an updated ASIC statement will need to be provided to AMM. On receipt of an updated AMM application we will notify the banks to update their records.

    SMSF: Please refer to the relevant trust deed clauses.

  • Who is authorised to certify ID?

    Click here for a list of persons authorised to certify a copy of your identification document. Unless it is specified that the Authorised Person may be overseas, an Authorised Person must be either an Australian Citizen or Permanent Resident of Australia.

Interest Payments

  • How often is interest paid?

    Term deposit rates quoted in the site are interest paid at maturity for deals one year or less and annual interest for terms greater than one year. For quotes on deposits with regular interest options (for example, quarterly or semi-annual interest), please contact AMM.

Maturities

  • What is the best way to provide instructions on maturity?

    The best way for you to provide instructions is by logging into the site and opting to reinvest or redeem online.

  • What happens if instructions are not provided on maturity?

    Advisers receive email notification of upcoming maturities, both as a weekly report and on an individual basis, the day before each maturity. If no instruction has been received within dealing hours, the investment is automatically redeemed back to the client's cash management account where it will earn interest at the prevailing rate.

  • How do you break a term deposit prior to maturity?

    To break a term deposit, notice is required in writing such as an email sent to admin@moneymarket.com.au . Costs will be attributed to an early redemption and these will vary on a case by case basis. The client is informed of all charges prior to breaking the term.

  • How far in advance can I provide maturity instructions?

    The site allows you to deal up to 7 days prior to the maturity date of the term deposit. Any instruction for a new deposit provided prior to the maturity date will be treated as a pending deal within AMM and will be subject to changes in Bank rates.

New Accounts

  • Can my client set up direct debits and credits for funds transfers?

    Yes, this can be nominated on the application form and the details of your client's external linked accounts can be provided. This will enable Direct Credits to the linked account(s) on your instruction. If you opt for Direct Debits as well (only available with BOQ and Westpac hubs), funds can be pulled by AMM from your external linked bank account into your cash management account. Please note the Direct Credit function cannot be used for charging fees of any kind.

  • What are the options to transfer funds to the cash management account?

    For the initial and subsequent investments, your clients have several options to transfer funds to their cash management account. Find out more.

  • Who can give instructions on my client accounts?

    The client gives you authority in the application form to provide instructions on their behalf. Read-only access can be setup for the client to access their account but they are not able to transact.

  • Does my client earn interest on funds in the cash management account?

    Yes. The interest rate is dependent on the choice of product issuer.

  • How can I view my client accounts?

    You are able to view all client accounts attached to your broker code in one place. Once you login to the platform, you can access them on the accounts page.

Pending Deals

  • What if there is a rate increase after you have placed a pending deal?

    Should the rate increase, when the deal is processed it will be at the new rate. Find out more about pending deals.

  • Can I tell which deals are pending?

    Yes. When you place the deal outside of standard dealing hours, it will show on the Current Investments Page as a pending deal until such time that it is processed by our brokers.

  • How long before I’ll be able to see what rate the deal went through at?

    If the rate changes between the time you place the deal and the time that it is processed, we may be in contact with you depending on the nature of the change. Once the deal is processed, you will receive confirmation from us. The deal will then appear on the Current Investments page.

Pricing

  • Do you get better rates than publicly available?

    Generally not. There are some Banks that pay AMM's brokerage on top of the rate publicly available which means the client gets the same rate as if they dealt directly with the institution. Banks will also provide us with specials from time to time. The ability to easily switch between institutions on the platform, allows you to maximise the return on your client's investment.

Rates

  • Do all advisers have access to the full range of providers?

    It depends on the dealer group you are licensed through. In some cases, there is a limit on the providers offered through the dealer group’s approved product list. You need to check with us on registration.

  • Do you get better rates than publicly available?

    Generally not. There are some Banks that pay AMM's brokerage on top of the rate publicly available which means the client gets the same rate as if they dealt directly with the institution. Banks will also provide us with specials from time to time. The ability to easily switch between institutions on the platform, allows you to maximise the return on your client's investment.

  • Which financial institutions are covered by the Government Guarantee scheme?

    All the banks, building societies and credit unions listed with Australian Money Market are covered by the Government Guarantee Scheme up to $250,000 per person per institution. This took effect under the Financial Claims Scheme from 1 February 2012.

Reporting

  • What information can I access for tax purposes at the end of the financial year?

    We provide a full history of financial transactions at the end of the financial year. This can be downloaded online including the corresponding bank confirmations in one ZIP file.

  • What reports are currently available to me?

    You are currently able to download an audit certificate, interest summary and customer report which you can access under the “Reports” tab online.

  • How long does it take for confirmations to be sent out?

    Typically it can take up to two weeks of the deal start date for confirmations to be sent out by the chosen institution(s). AMM maintains processes to ensure that any deposits that have not had a confirmation within 2 weeks of the start date are chased up by the provider bank.

  • How do you access the contracts history for a client?

    Once you have logged in, select the Account Name from the Accounts Page, then you can access it from the Current Investments Page by clicking on "Contracts History" in the sub-menu.

Security

  • What security is there behind the movement of funds?

    Funds are always invested in the client's name. Australian Money Market only has the authority to move funds between approved institutions based solely upon the client's instructions.

  • If something happened to Australian Money Market, what would happen to the client's funds?

    The client's funds would be unaffected as the investment with the chosen financial institution(s) is always in their name.

  • Who can authorise the transfer of funds?

    Australian Money Market transfers the funds on the request of clients or their authorised representatives only.

  • Can funds be transferred to third parties?

    No transfers to third parties can be made via AMM. Third party payments can be made from your Cash Management Account by contacting the Bank directly and providing signed instruction.

  • How long does it take for confirmations to be sent out?

    Typically it can take up to two weeks of the deal start date for confirmations to be sent out by the chosen institution(s). AMM maintains processes to ensure that any deposits that have not had a confirmation within 2 weeks of the start date are chased up by the provider bank.

  • What is the Government Guarantee Scheme?

    The Australian Government has guaranteed deposits up to $250,000 in Authorised Deposit-taking Institutions (ADIs). The cap applies per entity, per ADI. Find out more.

Trading Hours

  • What are our standard trading hours and what happens if you place a deal outside these times?

    We know you want to be able to deal with us at any time of the day, however bank interest rates can change daily. This means that a rate chosen at 8pm may not be available the next day when AMM is processing your deal.

    For this reason, AMM has standard trading hours of approximately 10.45am until 1.30pm, (Sydney time).

    The 10.45am opening time allows the banks time to publish their rates to AMM, if they are changing that day. The 1.30pm closing time allows AMM the time to process the deal same day and remit the funds to the chosen institution.

    Any deal placed outside these hours will still be accepted, however they will be marked as "Pending - rate to confirm".

    This means the deal will be placed in a holding pattern until approximately 10.45am the next business day when the rate you placed your deal will then be compared to the current rate issued by the bank.

    At the time the pending deal is processed:

    • - should the rate remain the same, the deal will go ahead as originally requested
    • - should the rate increase, the deal will go ahead at the new higher rate and your Contract Note updated to confirm the new rate
    • - should the rate decrease, the deal will not go ahead and remain pending. AMM will contact you via email to either confirm the lower rate, or change your instructions. IF we don't get a reply from you, the deal will be cancelled at 1.30pm
    • - should any other bank rates change, there will be no bearing on the original deal unless we are contacted by you before cut-off time of the next dealing period.
  • Is there a minimum amount required to invest?

    For each institution, there are different minimum and maximum amounts. These are specified on the rates table by provider. AMM does not enforce any of its own minimums or maximums.

  • What happens when daylight savings time is in effect?

    When daylight savings time comes into effect, we trade on the basis of Australian Eastern Daylight Savings Time (AEDT).

  • Can I tell which deals are pending?

    Yes. When you place the deal outside of standard dealing hours, it will show on the Current Investments page as a pending deal until such time that it is processed by our brokers.

  • How long before I'll be able to see what rate the deal went through at?

    If the rate changes between the time you place the deal and the time that it is processed, we may be in contact with you depending on the nature of the change. Once the deal is processed, you will receive confirmation from us. The deal will then appear on the Current Investments page.

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