Boutique financial planning group Tynan Mackenzie has expanded its offering to private clients by rolling out a wrap service and access to a range of diversified wholesale funds.
The wrap is a badged BT Portfolio Services product and will carry the label of the Personal Financial Service and provide clients with access via the Internet to a range of listed securities and wholesale managed funds as well as supplying consolidated valuation and reporting, and research.
Chief executive officer Tony Fenning says the process of building the wrap service took one and a half years and the service now draws upon a number of financial services providers.
“We spent 18 months looking at the best configuration of other groups providing services for the wrap service and decided, for the time being, that these were the best providers for what we wanted to achieve,” Fenning says.
“We also decided to outsource these services because our role is to be in front of clients with advice and not involved in adminsitration.”
Apart from BT, Tynan Mackenzie will use the Trust Company of Australia as the trustees for the superannuation element of the wrap and Visyplan will supply a number of front end software features.
The wrap will offer an investment menu of more than 300 funds, including the funds created for the group, known as the Classic Portfolios.
These funds are diversified, multi-manager wholesale funds and will only be offered to the group’s private clients and have been put together in conjunction with iPac Securities and W M Mercers and rated for the wrap service by Van Eyk Research.
The rollout of the wrap service and the wholesale funds investments have come at a time of continued growth. The group recently opened an office in Wollongong to service its growing south coast client base and has recruited senior former BHP executive Hans Koch to the firm as a senior financial consultant.
Tynan Mackenzie has also recruited a number of senior industry professionals with Jennifer Wilson and Catherine Dwyer having joined the firm as senior financial consultants in Brisbane and Sydney respectively. Both were formerly with National Australia Private Bank and are highly experienced in estate planning.
Fenning says since its formation in the mid 1990’s Tynan Mackenzie has achieved significant growth, primarily through referrals from its existing client base, and has assets under management approaching $1 billion. Of this number nearly $200 million has come through the wrap account in just over two months since it began operating.
