Macquarie Wrap adds FDS capability

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Macquarie Wrap has joined other large-scale platform providers in providing its users with fee disclosure statement (FDS) functionality in the lead-up to the start date of the Future of Financial Advice (FOFA) reforms. 

While Macquarie Wrap users will be able to use the built-in FDS functions of the platform, they will also be able to export data feeds if they prefer to use financial planning software or their own inhouse solutions to meet their FDS requirements. 

Advisers who use the FDS functions within the wrap will be offered several FDS templates to match the different levels of services that may be offered via the Wrap, and can include extra adviser-specific dates or exclude certain information. 

Macquarie Adviser Services head of sales - platforms, Cameron Spittle, said the platform upgrade is the result of a consultation with planners that aimed to produce a simple solution in the lead-up to the introduction of FOFA. 

“We have taken a collaborative approach and engaged our clients throughout this journey, closely consulting with them to understand their needs and how we can respond to them. It is off the back of their feedback that we are launching the fee disclosure statement functionality and providing advisers with the tools they require to help them hit the ground running post-1 July,” Spittle said. 

“The fee disclosure statements will hopefully help to streamline some of the administrative responsibilities that advisers are now required to complete, and allow them to spend more time advising their clients.”  

BT Financial Group has recently announced FDS updates for its Asgard and BT Wrap platforms as has Colonial First State for its FirstChoice and FirstWrap platforms.




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