Flexibility and transparency prompts managed account uptake
Zenith managed portfolio clients have been added to the MyNorth platform and Macquarie Wrap as adviser demand grows for managed accounts.
Interest in the products had been growing in the last 12 months thanks to their flexibility, transparency and convenience plus the reduction in administration, Zenith said.
Steven Tang, head of consulting at Zenith, said: “Advisers are increasingly becoming more nuanced in terms of what they’re looking to offer clients – be it a focus on environmental, social and governance (ESG) or other bespoke client needs in portfolio construction – and managed accounts are very good at providing this flexibility.”
The Zenith Essentials and premium Elite Blend portfolios were available on the MyNorth, BT Panorama, HUB24 platforms while Essentials was available also on Netwealth.
As with many areas in the last 12 months, COVID-19 had been a factor as managed portfolios allowed advisers to rebalance multiple clients at once during the market drawdown which would not have been achievable with the model portfolio structure.
“Over the next 12 months, the expectation is for even greater uptake in managed accounts, particularly as responsible investing continues to attract such a large volume of enquiries,” Tang said.
Greg Major, general manager at Blueprint Wealth, which had portfolios on the MyNorth platform, said its portfolios were constructed for a range of client risk profiles.
“Zenith is able to leverage its proprietary research knowledge to construct portfolios, and has a dedicated portfolio implementation team that monitors and executes the agreed portfolio changes efficiently. This attention to detail ensures our client’s best interests are looked after.”
AUTHOR
Laura Dew
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
