Berkley launches platform for high net investors

Boutique financial planning outfit, the Berkley Group, has launched Wraport Portfolio Services, a new administration tool exclusively for use of high-net-worth investors.

Commonwealth Bank-ownedAvanteoswill provide the back-office functions for the new service in the form of administration.

According to Berkley Group managing director Glen Castensen, despite standard wrap offerings being around for nearly a decade, high-net-worth investors are not being adequately serviced.

“In developing Wraport, we have been able to elevate our offering to another level with all key components of pricing, portability, menus, flexibility, systems and protections focused directly on our target market and their advisers,” he says.

“Wraport aims to not only meet the requirements of our investors today, but also adapt as their administration needs change over time,” Castensen says.

Avanteos chief executive officer Mark Papendieck says the decision by Berkley to offer the niche product is a confirmation of the place of outsourcing specialist tasks in the market.

“As a wholesaler of wrap platforms, Avanteos believes in the need to offer a flexible solution to our customers rather than take a one-size-fits-all approach,” Papendieck says.

“Berkley Group’s decision to power Wraport Portfolio Services with the Avanteos platform affirms the fact that dealer groups are increasingly recognising the benefits of partnering with a specialist wholesale wrap platform provider,” he says.