Avanteos tops platform inflows survey
A plan for Life inflows survey confirms the success of Avanteos’ strategic alliance with Goldman Sachs JBWere to provide administration services to its Private Wealth Management platform and portfolio service business.
The wholesale wrap platform administrator, wholly owned by the Commonwealth Bank of Australia (CBA), has topped the current Plan for Life survey table with nearly $4.6 billion in net inflows for the March 2006 quarter.
In addition, the CBA’s flagship retail platform, ColonialFirstState’s FirstChoice, posted the second highest net inflows for the quarter, and remains top of the table for net inflows for the year to March 2006.
Combined, Avanteos and FirstChoice captured 84 per cent and 41 per cent respectively of all net inflows for the March 2006 quarter, and for the year ended March 2006. This success follows the finding earlier this month by an Assirt/Wealth Insights Service Level Survey of 855 planners that the FirstChoice platform is being used by 50 per cent of all advisers.
It represented the first time in the history of the survey, now in its 14th year, that any platform has managed to achieve such a dominant position in a market boasting more than 40 players.
Commenting on the Plan for Life result, Avanteos chief executive Chris Stevens said strong Goldman Sachs JBWere inflows “were anticipated following our strategic alliance”.
“However, we’re also continuing to see strong inflows from our existing customers and have broken through $9 billion in funds under administration, which we believe is a validation of our feature-rich, high-net-worth service model,” he said.
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