Fortnum adds netwealth’s SMA service
Non-institutionally aligned groups, netwealth and Fortnum Financial Advisers, have further solidified their ties, with netwealth providing a new private label managed account service.
The platform provider's service will give Fortnum advisers access to a diversified range of separately managed accounts (SMAs), managed by Innova Asset Management.
Joint managing director netwealth, Matt Heine said: "We are really pleased to further strengthen our relationship with Fortnum, which already includes platform, financial planning software and compliance services to the broader Fortnum Group of 54 principal practices and 130 advisers servicing approximately $3.4 billion in funds under advice".
netwealth also said it would formally announce details of at least five new private labels by the end of Q1 2016 in a bid to support different business models in the post-Future of Financial Advice environment.
Innova Asset Management managing director, Dan Miles, said the combination of the biggest independent financial adviser platform and its own investment capability aligned with their goals for advisers and clients.
Fortnum managing director, Joel Taylor, said the deal was a powerful proposition for clients and advisers as netwealth was profitable, debt free, and had substantial cash deposits.
AUTHOR
Malavika Santhebennur
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
