Legacy free: B&A Bank builds new platform
Bendigo and Adelaide Bank has announced it will launch a new low-cost, legacy-free investment platform, Trinity³, later this month.
Wealth and third party banking executive at Bendigo and Adelaide Bank, John Billington, said the new platform had been developed from the ground up using the latest technology and that there were “no legacy issues”.
“Legacies are created when platforms seek to reduce costs by increasing scale. Mergers and acquisitions are meant to reduce costs, however bigger is not always better — it’s often more complicated, operational expenses are increased and the client and adviser experience is affected,” said Billington.
Trinity³ will provide low-cost access to model portfolios through a separately-managed account structure, cash products, and access to discretionary investments — such as shares and managed funds, Billington said. He added that further details of the Trinity³ business support structure would be available in the coming weeks.
Bendigo and Adelaide Bank said the launch of Trinity³ was part of its strategy to expand its wealth business. The bank declared itself ready last week to take the next step in developing its wealth management business on the back of acquiring a 24 per cent stake in Linear Asset Management.
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