These managed accounts invest in defensive and growth asset classes, including international and Australian equities, and have DNR Capital and Morningstar as the investment managers.
The Brisbane firm recently set up its own Australian financial services licence (AFSL) and managing director, Bruce Gorry, said streamlining the investment and research process has been a key priority in a bid to reduce administrative burden.
“It’s been a great journey, and now watching the plans come together is immensely satisfying. The transition proved to be swift – we obtained our AFSL in September 2023 and the managed accounts launched in December 2023. It’s exciting to embrace technology which is tailored to our business needs, and the productivity increase we are seeing now is pleasing.”
Investment director, Matthew Malhi, added the benefits of managed portfolios for the firm include meeting the diverse needs of its client base and more efficient intergenerational planning.
“The evolution of technology in the advice profession has transformed how financial advice is delivered. We can be more attentive to clients, especially families where the client base spans multiple generations, each with distinct and varying needs.”
More advisers than ever are using managed accounts nowadays, with Adviser Ratings finding that 54 per cent of advisers are using them for all or a portion of their clients, a 50 per cent rise from 2019 when the figure stood at 36 per cent.
According to data from the Institute of Managed Account Professionals (IMAP), there is now more than $161 billion in managed accounts, as of 30 June 2023.
On BT Panorama’s platform, it holds over 375 managed portfolios and funds under administration in the vehicles have increased by 33 per cent in the past year to account for 14 per cent of the total $108.9 billion on the platform.
Jason Brown, head of distribution at BT, said: “Managed accounts continue to be in high demand because they can drive business efficiencies, resulting in time savings, and freeing up advisers so they can spend more time with clients.
“We are pleased that Provident Advisory have chosen BT Panorama for their managed accounts suite.”
