Netwealth adds to offering and numbers
Independent wrap provider Netwealth Investments has expanded its market presence by adding to its online adviser offerings as well as signing up a number of new dealer groups.
Netwealth Investments director, distribution and marketing, Matt Heine said the group has added three new client portfolio reports to its reporting suite, while three existing reports have been significantly upgraded. Heine said the upgrades are in response to adviser demand.
“[The ideas] came from our annual conference last year, and a number of these ideas have been raised and addressed. We are actively out there talking to planners,” Heine said.
“A number of advisers requested a number of functions and features. As well as adviser feedback, we also got feedback from the BDM [business development manager] team and feedback on the likes of invesment trends.”
Heine said in the last six months the group has signed seven new dealer groups for Netwealth’s ‘white label’ website offering, growing the number of dealer groups to 45. He said a number of other dealers have also come on in the last two months as a result of Credit Suisse closing down its wrap offering.
“Credit Suisse closed down its wraps about two months ago, so we picked up a number of new advisers and dealer groups then,” Heine said.
As well as refining its platform business, Netwealth has reduced its dependence on outsourcing.
“Since we re-launched the Netwealth website late last year with significantly improved user access and functionality, we have had very positive feedback from advisers,” Heine said
“We are rolling out new features virtually on a weekly basis now in direct response to adviser feedback on their preferred enhancements, which makes it easier for them to manage their business. It is an exciting time for Netwealth, with many new dealer groups and advisers constantly joining, ensuring a steady and strong increase of funds under management.”
Netwealth has funds under administration of more than $1 billion. The group provides a comprehensive range of financial services to advisers and their clients through individually badged adviser websites.
Netwealth is privately owned by the Heine family.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
