Goals-based advice and managed accounts

Managed accounts go hand-in-hand with a goals-based approach to advice, because you can align your clients to a portfolio that closely matches their financial objectives.

There has been a shift towards goals-based advice in our industry, with advisers increasingly focused on helping their clients define and achieve their personal and lifestyle goals. The emphasis is on defining each client’s objectives at a much more granular level, rather than just minimising tax or saving for retirement.

While a client’s risk tolerance and expected investment return are important, they are only a small part of why a client may be seeking financial advice. They have specific goals they want to achieve in their lifetime, and they’re entrusting you to help them get there.

Managed accounts go hand-in-hand with a goals-based approach to advice, because you can align your clients to a portfolio that closely matches their financial objectives. With less time spent on administration and portfolio management, managed accounts can also free up more of your time to spend with your clients, planning for their future.

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We’re hearing more and more that is what clients value from a financial adviser — someone who will be dedicated to helping them achieve their financial goals while providing them with personalised and attentive service.

Colonial First State’s managed account solutions

When developing our managed account product suite at Colonial First State, we recognised that different licensees and advisers have individual business needs and requirements. That’s why, rather than developing a one-size-fits-all solution, our approach was to develop a range of managed account solutions.

Colonial First State’s managed account solutions are available across both our FirstChoice and FirstWrap platforms. On FirstChoice, licensees can set up and run managed account portfolios for their super and pension clients, with access to the full FirstChoice investment menu of over 100 managed funds from leading investment managers.

On FirstWrap, advisers can invest on behalf of their clients in a range of managed account portfolios provided by a number of professional portfolio managers, and hold them alongside other investment options in a client account. Work is also underway on a tailored managed account solution, ideally suited to licensees with in-house investment capability who are looking to take on the role of portfolio manager for their own managed account solution.

For more information on Colonial First State’s managed account solutions or to find out more about managed accounts, visit colonialfirststate.com.au/managedaccounts.

Peter Chun, General Manager Distribution, Colonial First State