Norwich signs first badging deal
Navigatorhas signed its first master trust rebadging deal with Melbourne-based planning group Bongiorno Associates.
The new badging service is to be called PlatinumChoice and will be offered to other groups, according to Navigator managing director Marc Mengler.
“We recognised an increasing demand for badging services. PlatinumChoice is the new badged master trust issued to Bongiorno with Navigator providing a premium investment service,” Mengler says.
The new badging service will operate alongside Navigator, but will have its own trust deed, investment fund list, which will be similar to the Navigator list, a separate client services number and offer documents.
Mengler says the move into rebadging was inevitable as the company pushes for growth.
“We recognised a significant part of platform inflows will come through badged deals in the future,” he says.
“We have increased our market share, it’s now at 10.5 per cent (according to Assirt December quarter figures), and badging will help maintain the inflows.”
The move is also seen as locking in adviser groups to using Navigator, while providing them with the latest platform technology developments. Bongiorno will promote the administration service as its own, but it will use the Navigator Star software, which was launched last year.
Mengler says Navigator will be looking at offering the PlatinumChoice rebadging service to other dealer groups, but only the full service will be available.
“We are not going to compromise the Navigator service. Any badged service will not be a tailored Navigator service.”
The new deal with Bongiorno became operational last week.
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