Money Managementasked a number of wrap account/master trust players what they would like to see if they had unlimited funds, unlimited staff and were free from regulatory restraint.
Most of those questioned immediately said their own product was perfect, however,Money Managementdid not take that as an answer.
Avanteos chief executive officer Mark Papendieck says what the market wants is an end-to-end solution.
“What I think we should be working towards is focussing on the work flow by using more technology solutions such as imaging,” he says.
“The adviser wants everything automated and that results in developing true workflow and imaging systems for the dealer group.”
AMP national manager PortfolioCare John Pascoe says the perfect wrap is one that offers a complete online service that will include consolidated reporting on all of a client’s investments. That includes direct property and any other investments outside the traditional direct equities and managed funds.
“It would be good to produce little online reports for clients showing them their wealth on a day-to-day basis,” he says.
“Technology spend is the limiting factor, but wraps should still remember there is a continuing role for good planner support to client.”
Norwich Union Navigator managing director Marc Mengler says if he could develop a new platform without financial constraints, it would become a personal financial manager.
“There would be one cash account where salaries were paid into and from that regular payments could be deducted,” he says.
“Commodity financial services products, such as house insurance and health fund, would be selected each year based on the platform seeking the best price.”
Mengler says all transactions would be handled electronically, however, the platform would be linked to an adviser to provide advice on investments and assist on dealing with commodity products.
“The problem is the platform would be too expensive to develop today due to the technology costs, but I could see something being available in the next 10 years,” he says. “That is certainly our vision at Navigator for the future.”
Summit general manager Annette King says the perfect platform would have flexible reporting and consolidating of investments.
“Nobody really covers mortgage and direct property investments in their platforms,” she says. “I would also like to see total integration of the administration so that an adviser can input the data once and it is used to update all investments held in the platform.”
King wants real-time reporting and items such as confirmations of investments sent by return. Again technology costs are delaying this next step for platform systems; however, there are some other factors that are affecting progress.
“We need the industry to come up with a standard architecture to ensure this can happen and that means the industry working together,” she says.
