Centrepoint launches managed account offering
Centrepoint Alliance will join the ranks of financial services groups operating their own managed account offering after receiving approval last week to operate a scheme and offer it to clients of financial planners.
The offering — named Vmap — would be an enhanced separately managed account (SMA) and would provide investors with access to Australian and international equities, exchange traded funds, listed investment companies and managed funds according to Centrepoint Alliance managing director John deZwart.
He said the scheme to operate the SMA was approved on Wednesday of last week with Centrepoint staff and management likely to be the source for the initial flow of funds with clients of the group's financial advice businesses able to place funds in the SMA from September.
De Zwart said the Vmap SMA would not replace those platforms and wrap accounts that are already in use by the planners within the Centrepoint group but would be run side by side with the inhouse wrap Mentor and the white label solutions offered by third parties.
The rollout of Vmap follows the recent launch of a salaried advice licensee —Alliance Wealth - and the announcement on Friday of a return to profit for the group. It also bolsters the group's offering to planners which also includes a technology platform — Investment Exchange and fund manager - Ventura Investment Management.
AUTHOR
Jason Spits
Recommended for you
The big four bank is set to see $40 million per annum in cost savings as it continues to migrate customers from its Asgard wealth platform to BT Panorama by FY26.
Advice licensee WT Financial has announced a 50/50 joint venture with the Australian subsidiary of a US financial advice investor.
Wealth managers will need to reach aggressive short-term goals to grow their assets under management, according to Natixis Investment Managers, but Asia-Pacific has the lowest expectations on their future growth.
With a rising number of licensees opting for bespoke managed accounts, a panel of experts has shared what firms need to know before going down the custom route.
