How many advisers are happy with their platform?
How many advisers are happy with their platform?
Despite competition in the space heating up, new research has revealed that adviser satisfaction with platform providers has drifted down in recent years, and less than a third now give their provider top marks.
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The latest Investment Trends
Adviser Technology Needs Report – released on Tuesday – revealed that out of more than 700 advisers surveyed, just 28 per cent rated their main platform as “very good”.
This was down from 30 per cent last year and 40 per cent in 2014, indicating a continuing trend of dissatisfaction that was exacerbated by the pressures of the COVID crisis, Investment Trends senior analyst Bailey Hao said.
Platform satisfaction continues to decline moneymanagement.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneymanagement.com.au Daily Mail and Mail on Sunday newspapers.
“We’re proud of this growth as it demonstrates the significant value advisers and clients are seeing in our platform and our broader wealth management offering.
“We’re seeing that Macquarie’s strong brand in this space, our leading platform, and the access to the deep expertise of our people and the broader insights of Macquarie is an offering that is really resonating with advisers.”
The platform had a 21% market share and had seen growth in the superannuation space with half of funds on the platform attributable to super and pension.
Its Separately Managed Accounts (SMA) had also seen strong growth with FUM surpassing $5 billion.
ASX to rise, Dow lifts in broad rally
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Australian shares are poised to open higher, lifted by overseas gains and on expectations that the RBA will not announce any changes after a policy meeting on Tuesday.
ASX futures were up 11 points or 0.2 per cent to 7015 near 6.15am AEST. The currency was 0.6 per cent higher.
The yield on the US 10-year note slid 2 basis points to 1.60 per cent near 4.30pm in New York.
On Wall Street, stocks were mixed with the Dow and S&P 500 higher, while techs dragged down the Nasdaq. The NYSE Fang + Index was 1.2 per cent lower.
Macquarie picks up $20b as big banks exit wealth
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Macquarie Group has been a quiet winner of the power vacuum in wealth management, adding $21 billion in assets to its veteran investment platform since March last year as the major banks flee the troubled sector.
It is understood the global investment banking powerhouse has just surpassed $100 billion in funds under administration (FUA) on its Macquarie Wrap platform and will unveil the milestone in its annual report on Friday.
The platform has surged by 26 per cent since March 31, 2020, when it held $79.1 billion in assets, with $8 billion in inflows in the fourth quarter of last year alone and an additional $4 billion-plus in the first three months of 2021.