Macquarie ‘Baby Wrap’ goes live
Macquarie Wrap Solutions’ new low cost ‘Baby Wrap’ went live today, offering investors with as little as $2,000 entry to an administration platform that claims lower fees and a simpler fee structure.
The wrap is to work off the back of the full service Macquarie Investment Manager wrap platform, which has a minimum entry level of $50,000, and will offer investors a scaled-back choice of only 100 products.
Macquarie originally flagged the launch of the streamlined wrap, officially called the ‘Accumulator’, in May this year.
It joins offerings such asBT’s Wrap Essentials,Colonial First State’s FirstChoice,ING’s OneAnswer andTower’s Arc on the low cost platform market.
Macquarie Adviser Services head Neil Roderick says consultation with advisers indicated they needed a service for clients just starting a portfolio.
“Many advisers said they recognised that clients with smaller balances would grow their portfolios and would later graduate to the larger wrap product,” Roderick says.
“Advisers said these typically younger clients were the future of their businesses and that they needed back-office support to provide them with an affordable platform,” he says.
Included in the product choices are a number of pre-constructed multi-manager investment funds, including thevan EykBlueprint series of funds.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
