Macquarie Wrap launches new model portfolios
Macquarie Wrap has launched its new model portfolio capability, following a seven-week trial including 10 dealer groups.
Head of insurance and platforms for Macquarie Adviser Services Justin Delaney (pictured) said the new portfolios were developed based on adviser feedback, and aimed to achieve greater efficiencies. The pilot exceeded expectations in terms of breadth and depth of usage among the advisers who participated, he said.
Each model can include up to 30 investments, selected from Macquarie Wrap’s managed investments menus, listed securities, and/or cash.
Sean Harrison from HN Financial Partners, one of the dealer groups involved in the trial, said the model portfolios delivered tangible benefits to his practice in terms of time and cost savings.
“Previously when moving out of one product into another, we had to make a withdrawal, go into cash, then buy into the new product. Transactions are now structured so we can move straight into the new product. Overall, our transaction costs have decreased by 80 per cent,” he said.
The new portfolios were intuitive and required minimal training, he added.
Macquarie Wrap is now moving to make the model portfolios available to all advisers using the platform, and is in the process of rolling out adviser registration and training on the model portfolio functionality, Macquarie stated.
Recommended for you
Financial advisers are reminded to ensure their CPD is up to date with the Financial Services and Credit Panel making its second determination in a week after an adviser failed to meet the requirements.
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
While efficiency remains a top priority for Australian advisers, State Street has revealed the profession is now juggling this desire with the need to maintain personalisation of its service offering.
A possible acquisition of data provider Iress is becoming a greater likelihood after the firm announced it is engaging with multiple interested parties.
