Sealcorp is to ramp up its wrap account service and add screen scraping facilities to the adviserNet online service for advisers.
Sealcorp chief executive Ian Knox says the move will see the Asgard Trustee Fund Account, designed for superannuation trustees, developed into a fully featured wrap account for use by planners.
“We plan to promote the wrap account that is behind the adviserNet online service and the Asgard master trust with advisers having access to both through the online service,” Knox says.
The transition of the partial wrap is proceeding under the conditions of Policy Statement 148 which states that existing products moving to wrap status have till February next year to complete the process.
Marketing director Kate Mulligan says the reason for the transition to a full wrap vehicle was driven by demand from advisers.
“We are going through the process of making this a more widely accessible product because there are two separate product needs,” Mulligan says.
“The wrap will be more open to investors and cheaper, as it will have bare bones features and administration, given this advisers can pick the best suited product on functionality.”
Knox says that while Sealcorp regards screen scraping as just an imprint of a clients affairs and not a complete aggregation service, he expects it will also become part of the adviserNet system.
At the same time Knox says the group is also looking at boosting its delivery of life insurance products to advisers with the current supply arrangement under review.
Currently the group rebadges a number of Colonial products and the supplier remains on a shortlist of providers with a decision expected early next year.
“We have not pushed risk very hard as some advisers see it as secondary to what they do but we are keen to have an offering in this area,” Knox says.
“We are aware we have been weak in this area in the past and would like to offer a different edge to a insurance offering so advisers can be comfortable that this area of expertise is covered.”
