Perpetual rolls out portfolio wrap service
Perpetual Limited has completed the roll-out of its enhanced portfolio wrap service within in its Perpetual Private personal advisory business.
Completion of the project was announced this week by Perpetual chief executive Geoff Lloyd, who said it marked an important step in the company's so-called Transformation 2015 program.
He claimed it would fundamentally modernise Perpetual Private's service offering via the third party provision of portfolio and fiduciary administration services for clients.
"The decision to appoint an external administration partner and have instant access to increased scale, rather than incur significant and continued maintenance and development spend ourselves, is entirely in line with our ‘simplify' objective," Lloyd said.
He said Perpetual also gained an advantage by discontinuing commoditised administration activities so that it could refocus on the provision of advice to its target client segments.
Recommended for you
The shift in scale and consolidation has led to substantial growth in large privately owned licensees, which have tipped past 20 per cent of advisers for the first time to make up 28.3 per cent of the industry.
ETF providers Betashares and BlackRock are reporting increased flows for currency hedged vehicles, but an adviser has warned on the potential tax implications of changing currency.
Bravura chair Matthew Quinn is to step down later this year, following the exit of CEO Andrew Russell, while its future priority is digital advice in Australia.
Financial advice has an important role to play in navigating family discussions around inheritance, according to CFS, with younger generations expecting a windfall of more than $500,000 while older ones try to meet their retirement needs.
