Advisers struggling to justify platform costs
Many advisers are questioning the value of high cost platforms and may benefit from having access to a tailored managed discretionary account solution, MyPlanner managing director, Philippa Sheehan believes.
Sheehan said that many advisers within the MyPlanner dealer group, were finding it "increasingly hard to justify the cost of investing in funds and administering portfolios via a wrap platform", prompting the independently-owned dealer group to unveil its My Managed Portfolio managed account service last week.
"A managed discretionary account solution is a good fit for many financial planners," she said.
"Some of our planners don't have the time, experience or desire to build portfolios, and licensees don't want the risk and compliance headache associated with inexperienced advisers trying to manage portfolios.
"Clients, however, want a more direct, transparent, flexible and transparent service.
"With the right structure and procedures in place, licensees and advisers can offer a tailored solution which is designed and managed to meet their clients' personal needs and objectives."
Sheehan said the new managed account service would enable planners to cut their reliance on "big brand fund managers", in favour of boutique managers who can "construct and manage robust investment portfolios focused on client outcomes".
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