Wrap market’s rising star
Avanteosappears to have nosed in front of its competitors on its wrap platform development.
At the end of October, Deakin Financial Services announced it would launch a new wrap account service built around a platform provided by Avanteos. The move followed Beacon Investment Management Services Group’s lead — it made a similar announcement in August.
Beacon managing director Kevin Wyld claims Avanteos has been the industry’s sleeping giant for some time due to its superior technology and efficiency.
“As far as we are concerned it’s far ahead in the technology stakes.”
Wyld claims the platform takes work off the adviser’s desk through features such as reporting the asset allocation of both superannuation and retail funds together.
Avanteos chief executive Mark Papendieck says the company aims at providing business model flexibility for wrap providers, enabling clients to choose a set of products and services from an Avanteos platform that suits their individual businesses.
Papendieck claims Avanteos is set apart by being one of the few organisations that has developed its own technology, allowing it to integrate all parts of its platform.
“With our technology there is no issue about sharing data between systems, as everything is seamlessly integrated on the same straight-through system,” he says.
Another factor Papendieck believes sets the business apart is its appeal to business as a pure wholesaler.
“The thing that our target market finds attractive is that we are a pure wholesaler, with no retail arm, so our customers know we aren’t giving a better product or price in our own retail office. Everything is for their [benefit] and their customers’ benefit,” he says.
—Ben Abbott
Recommended for you
In this week’s episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford discuss a busy week of announcements from ASIC, with submissions to its public and private markets paper made (mostly) public.
In this week’s episode of Relative Return Insider, AMP chief economist Shane Oliver joins the show to unpack Australia’s underwhelming March quarter GDP figures and what they signal for the Reserve Bank’s next move.
The latest episode of Relative Return sees host Laura Dew chat with Brian Jones, founder of outsourcing company VA Platinum, on why choosing to outsource certain functions of your business can enable you to be efficient and productive.
In this episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford are joined by Money Management editor Laura Dew to discuss learnings from JP Morgan’s recent conference in London, and what top fund managers and analysts see driving market behaviour.
