Five advisory firms move to MDA
Five boutique financial advisory firms will collectively transition around $500 million from wrap platforms to managed discretionary account (MDA) services in partnership with Managed Accounts Holdings Limited (MGP).
Shine Financial Services, Array Financial Services, Mayneline Financial Services, and Renouf and Partners Financial Planning, which are licensed by Victoria-based firm, Cumulus Financial Group, and another Melbourne-based financial planning firm, have launched new MDA services with MGP.
The move would see the MGP's funds under administration surpass $2 billion.
Cumulus' MDA investment program, which is called Fore Invest, is managed in partnership with investment manager and stockbroker, Joseph Palmer and Sons.
Cumulus director and Shine Financial Services principal, Damian Dunell, said clients could now access customised, diversified portfolios.
"From an adviser perspective, portfolio management and administration is infinitely more efficient, allowing us to spend more time seeing clients and providing strategic advice rather than dealing with multiple platforms and getting bogged down in administration," Dunell said.
MGP also announced the appointment of consultant, Rodney Lay, as the new head of product. Lay was previously at research house, Independent Investment Research (IIR), and held senior roles at Standard and Poor's and Aegis Equities Research.
AUTHOR
Malavika Santhebennur
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
