Macquarie steps up platform growth
A bumper month in June which saw Macquarie Wrap Solutions grow by $500 million has pushed the platform’s total funds under advice over the milestone figure of $15 billion.
Macquarie adviser services division director Giulio Russo said that over the course of its life, the platform had grown by $3 billion every 12 months on average to reach the benchmark.
He said the growth represented a strong endorsement from financial advisers, but warned that Macquarie would have to work hard to stave off competitors.
“Advisers sent a strong message to us this year that our competitors are starting to catch us in terms of service provision. We take this feedback very seriously and we believe there is no room for complacency,” he said.
Russo said Macquarie had spent time talking to advisers to identify areas for improvement.
He said rapid growth always put pressure on service levels and the company was concentrating on service provided by back office operations and support staff, and was working to make systems and processes more efficient by eliminating manual tasks and improving hardware.
“We are focussed on meeting advisers’ priorities and designing systems around their needs and requirements to help them run their businesses more efficiently,” he said.
Recommended for you
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.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
