Advisers flocking to UMA platforms: OneVue
Despite reports to the contrary, OneVue has seen advisers flock back to platforms as regulatory changes force them to run their practices more efficiently.
OneVue head of strategic relationships Brett Marsh said the company has had 24 months of positive net inflows into its unified managed account (UMA) platform — as well as an increase in flows over the last six to 12 months.
Much of the demand is coming from self-managed superannuation fund (SMSF) advisers, who are attracted by the fact that OneVue's UMA caters for direct property and geared SMSF products, said Marsh.
Advisers appreciate being able to have everything in one place, he added.
"Having things disparately on platforms or having a mix of business that's on-platform and off-platform can create efficiency issues for advisers," said Marsh.
"It's helpful for them because they can get the whole of client relationship at their fingertips, and someone else is keeping it up to date for them," he said.
Advisers can also access the adviser service fee with the click of a button, which will be handy when it comes time to send out fee disclosure statements, Marsh added.
Having an entire SMSF on a platform can also reduce the paperwork and help advisers get the paperwork right, Marsh said.
"It's one thing [for an adviser] to embark upon using a relative simple piece of software and doing the mailhouse yourself; it's a different thing to be trying to run a professional administration outfit while you're running an advice business," he said.
FOFA has forced advisers to look at their businesses and "run them like a business", said Marsh — "and platforms are able to play a significant role in them running an efficient and profitable advice business".
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