Australian Skandia launches new bundled product
Australian Skandiahas launched a new product, Skandia One, which it hopes will further establish Skandia’s position as a major provider in the Australian marketplace.
Skandia One is a bundled product offering one pricing structure, which comprises Skandia One Investment Solutions, a managed investment, and Skandia One Retirement Solutions for personal superannuation and allocated pensions.
Each product offers a choice of seven diversified and 42 discretionary investment options sourced from 21 specialist investment managers.
Australian Skandia chief executive Ross Laidlaw believes the company’s independent profile gives it a strong platform on which to launch Skandia One.
“As a new provider in the market, we offer an alternative to other providers. While many others are bank-owned, we’re global and independent and have scale,” Laidlaw says.
“We also differentiate our service by offering a greater range in terms of international opportunities.”
The pricing structure is also expected to prove attractive to advisers, Laidlaw says.
“Our information would indicate that advisers are at different stages in their own business, so they need a range of pricing structures, he says.
Advisers can dial up entry fees of up to four per cent or a flat fee on the initial investment and up to four per cent on top-ups and contributions, providing greater flexibility to negotiate fees with their clients.
An all-inclusive management fee includes administration, the investment management fee and an adviser’s ongoing trail commission of 55 basis points.
Skandia One will operate from Australian Skandia’s existing platform, which is already used by over 160 boutique and medium-sized dealer groups, with Skandia receiving positive feedback on its operation, particularly on the ease of managing and accessing client documentation through the platform’s internet capability.
A contract with Count Wealth Accountants, who last month signed up to use the new product, has shown Skandia One also carries appeal for larger groups, Laidlaw says.
“We can offer not only the fund options but also the technology that sits around the fund options, because we’re a global operation, and we’re able to leverage off the scale that Skandia has to provide a more price competitive product,” he says.
Recommended for you
ASIC has cancelled a Sydney AFSL for failing to pay a $64,000 AFCA determination related to inappropriate advice, which then had to be paid by the CSLR.
A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments for investments.
Inefficient data processes and systems mean advisers are spending over half of their time on product implementation and administration at the expense of clients, according to research.
With the regulator announcing its enforcement focus for 2025 last week, law firm Hall & Wilcox examines the areas which have dropped down the list in priority for the regulator.
