Asgard announces segmented platform offering
Asgard has announced the release of its Infinity eWRAP platform that will allow users to select and pay for only the particular features they want to use.
The basic core package will start from a cost of 30 basis points, which includes 11 managed funds - then clients can choose to add individual segments such as the select menu with a further 70 managed funds, equities, term deposits and insurance.
The product has been in development since 2009, as Asgard worked with advisers building and testing the product. The fee structure is loosely based on how Foxtel structures its packages, where customers choose which parts of the service they wish to use and only pay for those, according to Asgard's national product manager Kelly Power.
The development was driven by the growth of the self-managed super fund sector, growth in industry super funds, and recognising the need for a new product for clients with lower balances or specific needs, she said.
"We think this will have particularly strong appeal to the fast-growing self-managed super fund market as it's suited to the way they invest, and also addresses their higher sensitivity to fees. It will also help advisers grow their client base by tapping into other important and growing client segments - such as younger Australians and industry super fund clients," Power said.
Financial planners need to be able to tap into the needs of the younger generation of new clients and the new product can be tailored to suit clients that are just starting out; the low cost core base suits clients that are either fee sensitive or just starting out with financial planning and don't need a full blown wrap, she said.
Infinity eWRAP will be available to advisers as early as next month, Power said.
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