23 July 2021
Zenith managed portfolio clients have been added to the MyNorth platform and Macquarie Wrap as adviser demand grows for managed accounts.
Interest in the products had been growing in the last 12 months thanks to their flexibility, transparency and convenience plus the reduction in administration, Zenith said.
Steven Tang, head of consulting at Zenith, said: “Advisers are increasingly becoming more nuanced in terms of what they’re looking to offer clients – be it a focus on environmental, social and governance (ESG) or other bespoke client needs in portfolio construction – and managed accounts are very good at providing this flexibility.”
The Zenith Essentials and premium Elite Blend portfolios were available on the MyNorth, BT Panorama, HUB24 platforms while Essentials was available also on Netwealth.
NAB tips $20m into private wealth renovation afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.
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.