Coreinvest puts cash down to lure advisers
Platformprovider Coreinvest has taken competition in the investment platform market to new heights, offering cash payments to financial planners.
Dealer groups and advisers who use Coreinvest will receive a cash payment of 0.25 per cent of the assets they invest with the group in the first year, with that percentage gradually rising to one per cent over four years.
Alternatively, advisers can opt to have each dollar of revenue they generate matched with one converting share in Coreinvest, which will later transfer into ordinary shares.
Coreinvest managing director John Morrison says part of the reason the platform was created was in response to recent sales of other investment platforms, where he believes the value created by financial planners and their clients failed to be recognised.
Morrison says Coreinvest also urges advisers and their dealer groups to share the cash payments with their clients.
Coreinvest consulted with around 24 licensed dealers while developing the vehicle, and around 100 advisers are currently subscribed to the platform.
Coreinvest was launched earlier this year but was taken off the market for three-and-a-half months while the group developed the new remuneration structure for advisers.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
