Former InvestorWeb execs to model portfolios
Former InvestorWeb executives Toby Potter and Paul Collins have turned up at Model Portfolios, a new administration service for individually managed accounts.
Potter, InvestorWeb’s chief operating officer until 2003, said Model Portfolios would provide advisers with “managed discretionary accounts”, which he describes as “IMAs [individually managed accounts] with better administration”.
Potter will be chief executive of the new venture, whose other full-time staff member for now is Gary Angel, the former Commonwealth Bank securities custody boss who will head Model Portfolios’ operations.
Both are shareholders in the venture, along with Collins, the InvestorWeb co-founder who left the business in December; Chris Lavers, who recently sold his share of Neville Ward Direct; and Rob McGregor, who once worked with Potter at Morningstar and now provides investment consulting to dealer groups including Bongiorno and Matrix.
Model Portfolios will use FMCSuite as its software platform, for a service which Potter said could efficiently implement a large number of IMAs using block trades, while still providing individual portfolio details to clients’ desktops.
A panel of funds managers and brokers are now being selected to underlie Model Portfolios’ options, which Potter said would be available in June.
Recommended for you
With the high cost of advice keeping young Australians locked out of advice, a fintech provider has said digital advice is key for licensees to capture this unadvised demographic.
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
