By George Liondis
THE financial planning arm of the HSBC bank has signed the Aviva –owned Navigator master trust as one of only three preferred platforms for its advisers.
The Hong Kong-based bank has 20 advisers working in Australia, with some $500 million under advice through platforms.
HSBC manager of wealth management Sean Allen said Navigator was chosen after a review of other platform providers.
As well as Navigator, the advisers will continue to use the IOOF master trust and Perpetual’s WealthFocus platform.
“We are going to continue with these three and see which ones win the support of advisers over time,” he said.
Aviva general manager of distribution Paul Northey said a number of other dealer groups were close to being signed to the Navigator platform.
He said Aviva was also willing to go a step further and buy a strategic stake in some financial planning groups — a move the UK insurance giant first flagged after it agreed to buy almost 27 per cent of ProfessionalInvestment Services (PIS) last month.
PIS, which was being pursued by a number of other financial institutions, invests about $2 billion through Navigator.
“This is the first of a number of announcements we are expecting to make in the next period,” Northey said.
“We also have a number of discussions in place that we are excited about.
“We are on the record as saying that we will take a strategic stake where appropriate. We are willing to explore opportunities when they present themselves.”
