Big bank platform dominance at an end
The days of the big bank offerings dominating the Australian platform space appear to be over, with Netwealth and HUB24 once again confirmed as leading the pack in the latest Investment Trends Platform Benchmarking and Competitive Analysis Report.
The Investment Trends research found that Netwealth continued to lead the market for overall platform functionality, followed by HUB24 with the only big bank offering to make it into the top four for overall functionality being Westpac’s BT Panorama.
This represents a significant turnaround from the situation a decade ago when the offerings of Colonial First State and others were seen to dominate.
According to the Investment Trends analysis the top-ranking full-function platforms were
- Netwealth
- HUB24
- BT Panorama
- Praemium
- OneVue
Investment Trends gave a special mention to Macquarie Wrap’s Digital Portfolio Manager which it said was helping advisers deliver affordable scalable advice.
As well, it said that managed accounts remained a key development area for platforms as the solutions continued to gain popularity among financial planners.
Investment Trends senior analyst, King Loong Choi, said platforms were aware that more financial advisers were starting to use managed accounts, while existing users were using the solutions more extensively.
“As a result, improvements in the last 12 months focused on helping both new entrants and also model managers who demand greater flexibility and functionality,” he said.
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
