InvestSMART launches white label investing platform
InvestSMART has launched its own white label online investing platform as it positions the business to be a leading digital wealth and advice platform.
Founded in 2001, the firm is a source of investment research and launched a robo-advisor service in 2013.
With the new platform, it has appointed The Rask Group as the external investment manager. Under the arrangement, clients will have their funds professionally managed by Rask Invest in one of three Rask investment portfolios within the InvestSMART professionally managed accounts (PMA).
InvestSMART will then provide the back-end administrative, compliance and technology platform.
The services will allow its partners to offer clients access to professionally managed investment portfolios without the high cost of obtaining financial advice.
In an ASX statement, the firm said: “The partnership with Rask Invest introduces InvestSMART’s PMA as a white label online investment platform and furthers InvestSMART’s position as a leading Australian digital wealth and advice platform which is primarily focused on growth in funds under management.
“The launch proves InvestSMART can extend its services to other like-minded businesses including wealth managers, advice firms, financial media businesses and brokers.”
Commenting, chairman of InvestSMART, Paul Clitheroe, said: “We believe this flexible white label solution has massive growth potential and we’ve launched this product due to a number of market factors. Financial advice costs are often out of reach, most advisers can only help those who have accumulated a significant net worth.
“Additionally, traditional wealth creation avenues, like property, are inaccessible for many, especially younger Australians. Finally, online investing is the new normal, more Australians will be turning to investing as an option to help them secure their financial futures.”
Owen Rask, founder and chief investment officer at Rask, said: “The natural progression for the business was to create investment portfolios that are professional, transparent, offer competitive fees and designed to help Australians build long-term wealth.
“The ability to white label InvestSMART’s professionally managed portfolio and sign a long-term licence for the sophisticated technology allows us to empower more Australians to build wealth with confidence.”
AUTHOR
Laura Dew
Recommended for you
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
