Wealth O2 doubles FUA
Wealth management software solutions provider, Wealth O2 has announced it has doubled its funds under administration between June and October this year.
Managing director, Shannon Bernasconi said the growth had stemmed from referrals only as advisers sought efficient ways to manage their best interest obligations under Future of Financial Advice (FOFA) reforms.
“It’s exciting to have the support of the adviser community and, in turn, help them deliver better value advice to more Australians,” she said.
“Technology and ethics are converging, enabling the best interests of both clients and advisers in a symbolic manner. For instance, greater automation and new approaches to administration can lower the cost of advice and remove remaining conflicts of interest.”
Libertas Wealth Consulting director, Michael Rees-Evans, said as an independent licensee, the firm did not want its approved product list to be confined or influenced by partners.
“With a large practice in the process of leaving a CBA [Commonwealth Bank]-owned AFSL [Australian Financial Services Licence] and moving onto our licence, we were looking for a partner to add value to our client service and practice efficiency by automating compliance and administrative functions, and enabling more timely client portfolio rebalancing client record of advice generation,” Rees-Evans said.
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