Investment administration services provider Powerwrap has passed $1 billion in funds on the platform, with its broker concierge service contributing a significant portion of the funds.
Powerwrap chief executive Cormac Heffernan said the private client business model which kicked off at the start of this year had been instrumental in reaching the $1 billion milestone – and it continued to grow at a rapid rate.
The service is pitched at planners who wish to offer private client advice, assisting planners in creating broker accounts and structures while offering compliance, accounting and auditing through the Powerwrap platform.
Heffernan said this sector was traditionally small and dominated by global banks but Powerwrap was able to provide the same services to planners and to access the global and local counterparties to provide private client services.
Powerwrap recently also launched an execution-only service for planners who wish to use their own platform tools, which Heffernan said had generated a high level of interest from planners looking at trading managed funds.
According to Heffernan, passing the $1 billion mark meant that planners interested in using Powerwrap could be certain about its longevity and stability.
"Powerwrap has deep admiration for those independent financial advisers who were early adopters of Powerwrap. They recognised the possibilities from the very early days and have collaborated with us to shape the Powerwrap of today," he said.
"Advisers are able to use as little or as much of us as they need, from a full service offering to execution only. This strategy has proved a successful one; we are starting to see some real momentum and it is satisfying to see growth in all areas of our business."
