SFG Australia (SFG) has today launched what it is describing as a mainstream managed discretionary account (MDA) service alongside a traditional wrap offering.
The company launched what it is calling the "enhanced Managed Portfolio Service (MPS) and Dynamic Portfolio Update (DPU)" to financial advisers and clients of its financial advice businesses – Shadforth Financial Group, Outlook Financial Solutions, Western Pacific Financial Group and its business-to-business advice partners.
Commenting on the move, SFG Australia managing director Tony Fenning said it represented the launch of innovative, transparent, strictly fee-based portfolio solutions to the group's advisers.
He said both services had been born in the Snowball business prior to its merger with Shadforth, and had been upgraded with the help of Colonial First State Custom Solutions.
Fenning said the two services had been specifically developed with the Future of Financial Advice and related reforms in mind.
"There have been many attempts across the industry to deliver a mainstream managed discretionary account service alongside traditional wrap offerings, and we are very pleased that Colonial has worked so hard with us to achieve this," he said.
Fenning said both the MPS and DPU were directly supported by the group's investment research and portfolio construction team, which is encapsulated in the Mosaic Portfolio Advisers business.
The solutions would be administered by the wrap portfolio administration solution, Symetry Endeavour Portfolio Service, managed by Colonial First State Custom Solutions.
Fenning said SFG had also recently renewed its administration agreement with BT Financial Group as a result of the platform review completed in the merger integration.
He said the company was "keenly monitoring" the development of BT's "next generation" wrap platform.
