DKN wraps it up with BT
DKN Financial Group has linked up with BT Financial Group to offer a new investment platform to its network of advisers.
The listed financial services group announced today the new platform, which is a re-badged version of the BT wrap, would be available to its own authorised representatives, as well as the independent dealer groups who use its range of services.
DKN has 130 advisers under its own Australian Financial Services Licence. A further 300 advisers use the group’s range of platforms and other financial planning products.
While the details are considered commercially sensitive, DKN’s general manager of distribution, Andrew Rutter, said it had negotiated a competitive fee-structure with BT.
He said the group already had commitments from some advisers to transition “$100 million from other well known platforms” to the new wrap.
“What we have done is add a comprehensive full service wrap to our products at an extremely competitive price, which is what we wanted to do in the market,” Rutter said.
“It also goes to show the leverage buying power of the group.”
DKN has a number of existing platforms, including a master trust it took on as part of its merger with AustChoice.
AustChoice, a company collectively owned by a network of independent advisers, merged with Deakin in January this year.
Recommended for you
The Financial Services and Credit Panel has made a written direction after advice regarding non-concessional contributions meant an individual was forced to withdraw over $330,000 from their super.
With Insignia Financial suffering a cyber attack on its Expand platform, this can potentially have a negative impact on the two private equity bids currently in play for the firm.
State Street Global Advisors has made an equity investment in Ethic, a platform helping financial advisers to produce bespoke portfolios, reflecting the greater client demand for customised portfolios.
WT Financial’s new entity with Merchant, Investco, has entered into a heads of agreement to merge three financial advice firms.
