Netwealth has launched its first private label managed account with GPS Wealth.
Available exclusively to advisers and clients of GPS Wealth, the new offer provides access to a range of nine different models which collectively make up the CARE investment program.
Joint Managing Director at netwealth, Matt Heine said that leveraging GPS’ investment solutions will help netwealth be more agile in its planning as well as enhance its rapid development of platform functionality.
“We are excited to be working with GPS who have shown great leadership and foresight in the development of their investment solution,” Heine said.
“We believe the addition of our new Private Label facility will significantly add to our ongoing growth in FUM and bottom line.”
Heine affirmed that in addition to leveraging strong infrastructure, instilling a clear client service culture has enabled the company to “grow rapidly” while maintaining a high standard for its customers.
GPS Wealth’s Managing Director Grahame Evans said the partnership affirmed GPS’ goal to align itself with like-minded businesses that are “at the forefront” of innovation and change.
“netwealth has impressed us with their state-of-the-art platform technology, flexibility and ability to support our key managed account range across both superannuation and investment,” Evans said.
“Our group continues to develop and it is paramount to support practices with the best possible tools and investments to enable delivery of quality and consistent advice to our clients.”
The announcement comes on the back of netwealth’s largest year of growth, recording an increase on Funds Under Management (FUM) by $1.96 billion for the 2014-15 financial year, with current FUM at $7.6 billion.
Heine attributed the growth of FUM to the successful launch of new market initiatives such as the launch of netwealth’s Managed Account in April this year and the provision of low cost access to trade across 10 global exchanges.
“We certainly think that we are tracking very consistently at the moment. We are really pleased with the growth of FUM which we believe is a reflection of our clear focus on delivering great technology which is supported by great service and at a competitive price,” he said.
In a bid to expand its managed account offerings, netwealth is expected to announce another significant private label in the next 2-4 weeks, according to Heine.
“We have a strong pipeline [and] we are expanding our main managed account menu,” Heine said.
“We are also looking at launching our first global managed account in September this year.”
