Wrap market’s rising star
Avanteosappears to have nosed in front of its competitors on its wrap platform development.
At the end of October, Deakin Financial Services announced it would launch a new wrap account service built around a platform provided by Avanteos. The move followed Beacon Investment Management Services Group’s lead — it made a similar announcement in August.
Beacon managing director Kevin Wyld claims Avanteos has been the industry’s sleeping giant for some time due to its superior technology and efficiency.
“As far as we are concerned it’s far ahead in the technology stakes.”
Wyld claims the platform takes work off the adviser’s desk through features such as reporting the asset allocation of both superannuation and retail funds together.
Avanteos chief executive Mark Papendieck says the company aims at providing business model flexibility for wrap providers, enabling clients to choose a set of products and services from an Avanteos platform that suits their individual businesses.
Papendieck claims Avanteos is set apart by being one of the few organisations that has developed its own technology, allowing it to integrate all parts of its platform.
“With our technology there is no issue about sharing data between systems, as everything is seamlessly integrated on the same straight-through system,” he says.
Another factor Papendieck believes sets the business apart is its appeal to business as a pure wholesaler.
“The thing that our target market finds attractive is that we are a pure wholesaler, with no retail arm, so our customers know we aren’t giving a better product or price in our own retail office. Everything is for their [benefit] and their customers’ benefit,” he says.
—Ben Abbott
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