Wealthtrac adjusts pricing to attract financial advisers
Independent superannuation and investment platform provider Wealthtrac has announced a new pricing model aimed at attracting financial adviser interest.
The company announced that it had imposed a cap of $350,000 and is allowing financial advisers greater control in setting their Adviser Service Fees.
Commenting on the move, Wealthtrac chief executive Matthew Johnson said the new pricing model was designed to give advisers greater flexibility and was better suited to fee-for-service models.
"We understand the pressures advisers and clients are under in the current environment,” he said.
“Platform services such as ours should be about assisting advisers to do what they do best - and that is implementing excellent advice strategies for their clients.”
Johnson said that previously administration fees were capped for accounts in excess of $500,000 or $2,770 maximum for superannuation, but this had been to $350,000 capped with a new maximum of $2,460 and $2,385 per annum for investor directed portfolio services.
“We believe this makes Wealthtrac the lowest capped traditional platform in the marketplace,” Johnson said.
Recommended for you
A quarter of advisers who commenced on the FAR within the last two years have already switched licensees or practices, adding validity to practice owners’ professional year (PY) concerns.
Integrated wealth and financial services group Rethink has launched a financial planning arm called Rethink Wealth to expand beyond property investing and into holistic wealth management.
While adviser numbers continue to slowly creep back up, the latest Wealth Data analysis reveals they would actually be in the green for the calendar year if it weren’t for so many losses in the limited advice space.
Iress has appointed a chief AI officer to spearhead the fintech’s strategic focus on AI, with chief executive Marcus Price describing how the technology opens the doors to a “new frontier for wealth advice”.
