The rise and rise of managed accounts over the past five years has been owed to a range of factors including the impact of the Future of Financial Advice on planner revenue and increasing competition the platforms space. Money Management conducted a roundtable in which key participants discussed the evolving dynamic.
But what became most evident was that increasing use of managed accounts was owed to a mutuality of interest on the part of planners and platform providers and the reality that the resultant relationships were proving to be deep and lasting.
Present: Mike Taylor (chairman) – Managing Editor, Money Management
Peter Chun – Colonial First State
Toby Potter – Chief Executive, IMAP
Andrew Jones – Financial Wisdom
Brett Baker – Evergreen Consultants
Gary Loffagen – Centric Wealth
Justin McLaughlin – Clearview (matrixplan)
What makes managed accounts on platforms attractive?
Colonial First State has brought a number of enhancements to the managed accounts offering on its FirstWrap platform, including no brokerage fee, but does that represent a really compelling differentiator?