MDA service picks up two new clients
Boutique advisory firms Affinity Wealth Services and Redgum Wealth Group have signed up with managed discretionary account platform managedaccounts.com.au.
The recruitment of the two new businesses will see managedaccounts’ assets under administration surpass $1 billion.
Affinity plans to move around $180 million into the MDA platform over a 12-18 month period in an effort to reduce its administrative burden.
“We looked at a number of different administration systems as well as virtual platforms and we chose the managedaccounts.com.au structure because it suits how we manage money and delivers greater transparency, accuracy and flexibility,” Affinity Wealth Services principal Keith Jones said.
David Heather, CEO of managedaccounts.com.au, added: ““The arrangements with Affinity and Redgum are significant in that both firms have previously administered client portfolios off-platform but have seen the need to migrate to a MDA structure for advice efficiency as well as administration efficiency”.
AUTHOR
Kate Cowling
Recommended for you
Minister for Financial Services, Stephen Jones, has said he did not expect backlash to changes around advice fee deduction and believes the second tranche will have greater impact, committing to enact it by May 2025.
Financial adviser numbers are “back in black” for the year to date, thanks to 50 new entrants joining the industry over the last four weeks.
An equity partner firm of Count has purchased a Brisbane-based accounting business for nearly $1 million, as Count drives forward its inorganic growth momentum.
Australia’s looming intergenerational wealth transfer remains a crucial opportunity for financial advisers, with 14 per cent of consumers looking to transfer $1 million or more.
