Grove releases non-super wrap
Grove Financial Services has launched a new online wrap service targeted at non-superannuation institutional investors.
Grove Portfolio On-Line, to be offered by Grove in conjunction with its administrator,Macquarie Portfolio Services, will gives clients access to a range of wholesale funds of Australian fund managers.
The service is designed to be a low-cost wrap for investors with a minimum portfolio of $2 million and minimum individual holding sizes of $500,000.
Fees, which will be reported monthly, will be charged based on a percentage of assets invested via the online wrap, and deducted by the administrator by redeeming units in the underlying funds. The company believes this is simpler than the traditional separate cash account for fee collection.
“Our existing clients have shown a great deal of interest in Grove Portfolio On-Line, so we realistically expect the service to grow to $1 billion under administration by the end of this financial year,” says Grove Financial Services director Janice Marshall.
Grove, an asset consultant to the wholesale non-superannuation sector, including local governments, friendly societies, health funds, charities and corporates, currently advises on more than $3 billion of assets primarily invested in a range of managed funds.
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
