AFS picks up Praemium SMARTwrap
Australian Financial Services Group (AFS) has signed an agreement with Praemium to use the software provider’s SMARTwrap platform.
AFS Group is the first national dealer group to approve the SMARTwrap platform following its launch last month, according to Praemium.
SMARTwrap is based on Praemium’s proprietary V-Wrap technology and was designed as a low cost platform with the key feature of helping practices transition to a fee for service remuneration structure.
Praemium Group chief executive Arthur Naoumidis said the approval of Praemium SMARTwrap by AFS Group has wide implications for the advisory market place.
“AFS Group will clearly become the dealer group of choice for those financial advisers who wish to future proof their business as they prepare for the Future of Financial Advice regime”, Naoumidis said.
AFS Group chief executive and managing director Peter Daly said the SMARTwrap platform would provide the group’s advisers with more streamlined business processes and an enhanced client offering, with access to a comprehensive choice of wholesale-managed funds and Australian Securities Exchange listed securities.
“A lot of our practices use Praemium in a variety of ways. This added another level of service and another dimension that they could use in the marketplace,” he said.
The deal would not affect any current agreements AFS currently had in place, with Daly describing the deal as a new addition to the arsenal.
Recommended for you
The FAAA has secured CSLR-related documents under the FOI process, after an extended four-month wait, which show little analysis was done on how the scheme’s cost would affect financial advisers.
Nearly seven in 10 HNW-focused advisers view alternatives as the asset class that will be fundamental to meeting client demands in the future, according to Praemium.
The Perth-based advice practice has welcomed a private wealth adviser and senior paraplanner to its ranks amid its strategic shift towards wealth transfer strategies.
The number of members expelled from the Australian Financial Complaints Authority almost doubled between 2023 and 2024, according to internal data.
