AFS takes Praemium on board
Australian Financial Services (AFS) has signed a deal with Praemium Portfolio Service that will see its network of 50 member firms have access to the virtual wrap system.
Six member firms from Brisbane, Sydney, Melbourne and Adelaide have already joined the service boosting Praemium's total wholesale subscriber base to over 110 firms with more than $2.5 billion in assets under administration.
AFS chief executive, Peter Daley says the deal will allow the dealer group’s planning network to better manage client listed investments, although planners will retain access to Visiplan and Xplan for the broader suite of services they require.
He adds that advisers will also be able to access Praemium's new separately managed account technology when it is launched over the next few months.
The alliance with Praemium according to Daly, demonstrates the group’s commitment of providing member firms with access to services in order to support their businesses and clients.
Meanwhile Praemium managing director Arthur Naoumidis says his group is continuing to benefit from a market that is now characterised by lower cost offerings and improved reporting for clients.
Since January this year Praemium has signed deals with CARM for data storage and analysis, Paritech for market data and InvestmentLink for consolidated reporting, online transactions and portfolio management services.
The online service consolidates listed securities, managed funds and other assets such as property and syndications, and also takes data feeds from existing wrap accounts.
AUTHOR
Craig Phillips
Recommended for you
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
WIth only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AFSL's collapse.
