Macquarie responds to FOFA with new products
Macquarie Wrap says it has responded to the changing industry environment and shift to fee-for-service with the launch of a new range of investment, superannuation and pension accounts.
The Consolidator Series will be completely free of adviser rebates and commissions, and will offer administration fees based on the total value of a client’s account, irrespective of the number of holdings within a portfolio.
Justin Delaney (pictured), head of insurance and platforms for Macquarie Adviser Services, said the addition was designed to help advisers respond to the shifting expectations of clients and regulators.
“The Consolidator Series is our response to the changing industry environment, offering a more flexible and competitive pricing model, which includes fee capping for transparency,” he said.
The new series will allow clients to consolidate their managed investments and direct shares in one place, without any automated transaction of transfer-in fees.
Through its portfolio pricing structure, the new products also support Macquarie Wrap’s model portfolio functionality launched last year.
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.