Centrepoint Alliance targets self-licensed advisers with Adviser Cloud
Centrepoint Alliance is to launch a new partnership early next year to provide a portfolio administration service for advisers, as it provides more detail on its acquisition of Queensland firm Financial Advice Matters (FAM).
In its annual general meeting, chief executive John Shuttleworth discussed the firm’s growth strategy.
In the self-licensed space, it plans to develop key adviser infrastructure known as the “Adviser Cloud”. He said Centrepoint Alliance currently has around 11 per cent market share in the self-licensed space, working with 196 firms out of 1,850 self-licensed AFSLs and 797 advisers.
More than 100 new licensees have commenced this year with the vast majority having less than 10 advisers, according to Wealth Data.
“In an industry where services are highly fragmented, our future plans include the development of key adviser infrastructure or ‘everything you need to run an advice business in the cloud’ which we refer to as the ‘Adviser Cloud’ initiative.
“We are also focused on developing and partnering with fintech providers to provide new digital tools to streamline the advice process and improve engagement with end clients.”
Part of this includes a partnership with a portfolio administration service.
“Early next year, we will announce the details of a new partnership to provide a leading portfolio administration solution that will help advisers lower the cost of administration for clients.”
He also discussed the acquisition of Queensland advice firm Financial Advice Matters (FAM), which was announced last week. FAM has over $1 billion in funds under advice and eight offices around Queensland, servicing over 1,400 clients.
“The acquisition will boost our salaried advice network to 19 advisers and provide a platform with scale allowing for further expansion. There is a strong strategic and cultural fit between FAM and Centrepoint Alliance.
“The acquisition of Financial Advice Matters will accelerate our plans to build scale in the profitable employed advice channel, as well as provide further benefits with the growth of our managed account offering and lending as a service.”
It currently has $295 million in its Ventura Managed Accounts Portfolios and 37 firms participating in its lending-as-a-service offering. It is also finalising distribution agreements with partner platforms for distribution of a new range of separately managed account portfolios.
Further updates on these will be given in the first half of 2024, he said.
“We have several in-flight strategic initiatives that are gaining traction and we’ll be making future announcements at the H12024 earnings update regarding a new portfolio administration service and progress with the Adviser Cloud initiative.”
AUTHOR
Laura Dew
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